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President to sign legislation, despite having concerns over some provisions
Published on Sunday, Jul 27, 2008
Associated Press
WASHINGTON: Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.
The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing homes.
It offers a temporary financial lifeline to mortgage companies Fannie Mae and Freddie Mac — pillars of the home loan market whose losses have sparked investor fears — and tightens controls over the two government-sponsored businesses.
What began as a showdown between the White House and the Democratic-led Congress over how far the government should go in rescuing homeowners evolved into a bipartisan effort that could be the last such compromise before Bush leaves office in January.
In a rare Saturday session, the Senate voted 72-13 to send the bill to the president, with both Ohio senators voting with the majority. The House passed the bill Wednesday.
Bush had withdrawn his veto threat earlier in the week over $3.9 billion in neighborhood grants. He contended the money would benefit lenders who helped cause the mortgage meltdown, encouraging them to foreclose rather than work with borrowers.
''Because of the Democratic Congress' delays and the need for action now, President Bush will sign this bill when he receives it, despite our concerns with some provisions, including nearly $4 billion to help lenders, not the homeowners this legislation is intended to serve,'' said Tony Fratto, deputy White House press secretary.
Many Republicans, particularly those from areas hit hardest by housing woes, were eager to back a housing rescue as they looked ahead to tough re-election contests. Treasury Secretary Henry Paulson's request for the emergency power to rescue Fannie Mae and Freddie Mac helped push through the measure.
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