House Passes $300B Foreclosure Rescue
The House approved a major housing aid plan despite Bush's veto threat.
ByABC News
May 8, 2008, 5:17 PM
May 8, 2008— -- WASHINGTON (AP) -- The House has passed a housing aid plan to provide $300 billion in refinanced mortgages for struggling homeowners.
President Bush says he'll veto the bill. It passed 266-154 with support from 39 Republicans.
The measure would let debt-ridden homeowners refinance into fixed-rate, government-backed mortgages they could afford.
Congressional analysts say it could help as many as 500,000 borrowers and cost $2.7 billion over the next five years.
The White House calls it a burdensome bailout that would open taxpayers to inappropriate risk and reward those who helped cause the housing crisis.
Related Stories
ABC News Live