Housing Rescue Package Would Insure up to $300 Billion in New Mor


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Jan 16, 2003
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"WASHINGTON — President Bush threatened Wednesday to veto Democrats' broad housing rescue package, saying it won't help struggling homeowners."

"We are committed to a good housing bill that will help folks stay in their house, as opposed to a housing bill that will reward speculators and lenders," Bush said at the White House after meeting with House Republican leaders."

"The measure, aimed at preventing foreclosures, would have the government step in to insure up to $300 billion in new mortgages for struggling homeowners. A House vote could come later Wednesday."

"The bill by Rep. Barney Frank, D-Mass., would relax standards at the Federal Housing Administration so it could back more affordable, fixed-rate loans for borrowers currently too financially strapped to qualify."

And just imagine what's going to happen if either dem gets elected...

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