White House May Veto Foreclosure Bill
The White House is considering to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the struggling housing market and reduce foreclosures. Senate Democrats had hoped to begin debate on the housing bill but their action’s have been put as Republicans kept the subject on Iraq.
The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes but the White House said the $4 billion for purchases of foreclosed homes is too expensive and “would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners.”
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