WASHINGTON - The House has passed legislation that aims to help 400,000 strapped homeowners who are facing foreclosure and prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing.
The 272-152 vote on Wednesday reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.
The measure is on track to pass the Senate and become law within days. President Bush dropped his opposition earlier in the day.
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The White House swallowed its distaste for $3.9 billion in grants the bill would provide for devastated neighborhoods. The bill could become law as early as this week.
Under the bill, the government would help struggling homeowners get new, cheaper loans and would be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion.
Nothing quite like taking it up the ass for being diligent and on time is there?