Container Top
Homes   Jobs   Cars   Shopping
Search

Events Calendar

EVENT SEARCH:

In This Section


Most Read Stories


Blogs:


Pets:
First Person: Inside St. Louis Pit Bull Shelter

The Heldenfiles:
Tuesday Notebook

Patrick McManamon:
An interesting thought from a reader

Akron Zips:
Akron vs. Mount Union — Liveblog

Tribe Matters:
Indians announce spring dates

Cleveland Browns:
Quinn tabbed to start against Ravens Monday night

Kent State Sports:
KSU Notes – November 11

Cleveland Cavaliers:
Cavs: Yeah, on That Issue of Privacy

Buckeye Blogging:
Buckeyes Roll 100-60 / Season Outlook

Varsity Letters:
Twinsburg likes chances, but warns offense needs to deliver

All Da King's Men:
More On The Fort Hood Jihadist

Blog of Mass Destruction:
Simply Incapable of Telling The Truth

Akron Law Café:
Study says 2,200 uninsured veterans died in 2008 due to lack of health insurance.

See Jane Style:
Muffle Your Muffler

Car Chase:
Clock Tender- Extending the Life of Collector Car Clocks

Let's Talk Real Estate:
Rumors: Akron Starbucks Closing

Ohio Travels with Betty:
Kimberly requests information on living in Columbus, Ohio.

Sound Check:
Aeromsith looking for new singer as Steven Tyler contemplates solo career

HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio

Akron Gamer:
Video: 'Modern Warfare 2' hits the streets

House approves bill to help homeowners

Deal bolsters support of Freddie and Fannie. Bush drops opposition


Associated Press
WASHINGTON: Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

The 272-152 vote was part of an election-year push to help struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

Reps. Steven LaTourette, R-Concord Twp.; Tim Ryan, D-Niles and Betty Sutton, D-Copley Twp., voted in favor of the bill. Rep. Ralph Regula, R-Navarre, voted against it.

Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days.

The White House swallowed its distaste for $3.9 billion in grants for devastated neighborhoods. In return, the administration got both the power to throw Fannie Mae and Freddie Mac a lifeline and the legislation Republicans long have advocated to rein in the government-sponsored mortgage companies.

Treasury Secretary Henry M. Paulson and lawmakers in both parties negotiated the final deal. It accomplishes several Democratic priorities, including aid for homeowners, a permanent affordable housing fund financed by the two mortgage companies and the money for hard-hit neighborhoods. The grants are for buying and fixing up foreclosed properties.

''It is the product of a very significant set of compromises,'' said Rep. Barney Frank, chairman of the House Financial Services Committee. ''We are dealing with the consequences of bad decisions and inaction and malfeasance from years before,'' said Frank, D-Mass.

Paulson said he would push for enactment of the bill by week's end. Despite disappointment with some items rejected, he said ''portions of this bill are orders of magnitude more important to turning the corner on the housing correction and supporting . . . our economy.''


Get the full article here.


Story tools

Email  Email   Print  Print   Save  Save   Reprint  Reprint   Popular  Most Popular   Reprint  Subscribe

Share this story

AddThis Social Bookmark Button
















Most Commented Stories