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Rare earthquake rattles northern Ill.; no damage
N.Y. senator who dragged girlfriend fights expulsion
Space shuttle Endeavour pulls in at space station
Round 2: Blizzards hit Mid-Atlantic to New York
Appeals for cooperation fall on deaf ears in D.C.
First lady unveils plan for fitter, leaner kids
National news briefs - Feb. 10
Police debate use of relatives' DNA
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Man robbed at Tallmadge Avenue eatery
Four teens restrain man, take items from his Akron home
Another winter punch heading toward Ohio
Police: Ohio girl dies after fall into snow bank
Complaints against officer keep coming
Cuyahoga Falls residents come home to find burning couch on balcony
Cleveland named worst U.S. city for winter weather; Columbus is No. 8
Blogs:
First Bell - On Education:
No City of Akron basketball tonight
Pets:
Pet telethon re-airs
The Heldenfiles:
Chipmunks "Squeakquel" on DVD/BD March 30
Akron Zips:
Late surge gives Zips ugly road win
Tribe Matters:
Blogmail response on Hafner
Cleveland Browns:
Stallworth's contract terminated
Balanced Ledger:
QB in Browns future: another mock draft
Kent State Sports:
KSU Notes – February 9
Cleveland Cavaliers:
NBA Power Rankings from Around the Internet
Buckeye Blogging:
Buckeyes grab 18 players on signing day
Varsity Letters:
Garfield at Buchtel basketball
All Da King's Men:
Palin At The Tea Party Convention
Blog of Mass Destruction:
Republican Pre-Conditions
Akron Law Café:
Citizens United v. F.E.C. (Part 4): Kennedy's and O'Connor's Basic Approaches to Constitutional Decisionmaking – Top Down and Bottom Up
Car Chase:
Collector Car Hobby Loses One of the Best—Jim Roll
Let's Talk Real Estate:
Decisions Decisions: Credit Cards or Your Mortgage?
Ohio Travels with Betty:
Loucile is looking for a Lake Erie getaway in June for three kids, ages 1, 3, and 5.
Sound Check:
Talk of the Town – Top entertainment picks for the weekend
HRLite House:
Track HR Research
Akron Gamer:
'Tecmo Bowl' recreation of Super Bowl XLIV
See Jane Style:
Do IT this week: Layering
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.
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