Events Calendar
In This Section
National news briefs: Fort Hood shooter's email probed
Senators admonish Burris for conduct
Oprah's end creates void in daytime television
4 cases of H1N1 resistant to Tamiflu
After year of repairs, scientists fire up collider again
Diocese: Pedophile priests should get benefits
Indianapolis man convicted of killing 7 gets life sentence
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Man found dead in North Akron home is identified
Dad accused of forcing son into field, killing him
NFL star Chris Spielman's wife loses cancer battle
Coventry man killed in crash at I-77 ramp
College student mistaken for deer, shot to death
Man allegedly paid teens to spit in his face
Retired firefighter who broke color barrier among those being honored
Angel Food Ministries helps stretch grocery dollars
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Friday Night Notebook
Patrick McManamon:
For your Saturday entertainment …
Akron Zips:
Two blowouts, one night
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Holmgren expresses interest in Browns position
Kent State Sports:
Singletary update
Cleveland Cavaliers:
Gameblog: Cavs at Indiana Pacers – Here’s to LBJ and Free Throws
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Bowling season starts today
All Da King's Men:
Headed For Disaster
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Federal Judge Declares DOMA Unconstitutional
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Colloquium at University of Akron
Akron Gamer:
Nintendo's Mario endures even as games come and go
Democrats say measures to stop foreclosures, help with fallout from crisis
By Julie Hirschfeld Davis
Associated Press
Published on Friday, May 09, 2008
WASHINGTON: The House on Thursday passed a massive homeowner rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis.
Defying veto threats from President Bush, the House approved the measure by a vote of 266-154, with 39 Republicans — mostly from areas suffering worst from housing woes — supporting it. Rep. Steven LaTourette, R-Concord Twp., was among that group. Reps. Betty Sutton, D-Copley Twp., and Tim Ryan, D-Niles, also voted for the bill. Rep. Ralph Regula, R-Navarre, voted against it.
The bill would let the Federal Housing Administration take on up to $300 billion in new mortgages so that financially strapped borrowers facing foreclosure could refinance.
The plan by Rep. Barney Frank, D-Mass., is the centerpiece of a broader package of bills approved Thursday that Democrats say will prevent more foreclosures and help homeowners and communities deal with the fallout from the mortgage meltdown.
''We are in a recession, and the major cause of that is the subprime crisis,'' said Frank, the House Financial Services Committee chairman. ''Diminishing the number of foreclosures is in the interest not simply of those who will avoid foreclosure, but people in their neighborhood . . . and the whole economy.''
The measure is targeted at homeowners facing default, including many who owe more than their houses are worth.
For instance, a homeowner who owes $290,000 on a house now worth $225,000 could refinance into an FHA-backed loan if the mortgage holder was willing to take a loss of about 36 percent. The borrower's monthly mortgage payments would fall from $2,200 to about $1,200.
Loan holders would have an incentive to participate, proponents believe, since the alternative would be costly foreclosures, which can involve losses of 50 percent or more.
Supporters hope the package — which awaits action in the Senate — will serve as the basis for a broad bipartisan housing compromise that could satisfy both parties' keen appetite for delivering election-year aid to anxious constituents.
But Bush's veto warnings, bolstered by staunch GOP opposition, are clouding its prospects.
''House Democrats passed bills that they know will never become law. Most Americans understand that we shouldn't create a taxpayer-funded bailout for lenders and speculators,'' said Tony Fratto, a White House spokesman.
Also Thursday, House and Senate negotiators worked out the details of a five-year, $300 billion farm bill compromise that would boost the Agriculture Department's food and farm programs.
And the House unanimously voted to require the U.S. Mint to switch to cheaper metals to produced pennies and nickels. The legislation now goes to the Senate, but its prospects are muddled by objections from the Bush administration and some lawmakers.
WASHINGTON: The House on Thursday passed a massive homeowner rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis.
Get the full article here.
Comments
Click here to post your comments
