WASHINGTON — At press time, the House was close to passing a measure that would make government mortgages more widely available, though President Bush has threatened to veto the measure because it is too expensive.
Under the measure, sponsored by House Financial Services Committee Chairman Barney Frank (D-Mass.), borrowers with loans worth more than the value of their home would be able receive a newer, more affordable government-backed loan.
The Congressional Budget Office has estimated the measure, which Bush said rewards speculators and lenders more than homeowners, would finance about 500,000 mortgages at a cost of $2.7 billion.
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