Fifteen Billion Bill for Foreclosure Fix-Ups
Hot news from Washington -The House has reportedly approved
sending housing-crisis-crippled states a whopping $15 billion to buy and fix up foreclosed properties. News reports reveal that today's 239-188 vote to approve the bill was opposed by most Republicans. This controversial mercy bill would provide loans and grants to areas hit hardest by the national wave of foreclosures.
Democrats claim that the legislation will prevent neighborhoods around foreclosed homes from slipping into blight.
This
measure is in addition to a broader housing package which aims to provide $300
billion in refinanced mortgages for desperate homeowners. The House
is expected to vote on that bill later today.
It has been widely reported that President Bush is threatening to veto both measures, claiming that Democrats' radical housing proposals would reward lenders and speculators and not help homeowners themselves.
