Senate Passes Foreclosure Rescue
WASHINGTON — The Senate has passed a massive housing aid package to save hundreds of thousands of homeowners from foreclosure.
The $300 billion plan was approved on 63-5 vote that reflected broad bipartisan support despite a White House veto threat.
Homeowners buckling under mortgage payments they can’t afford could refinance instead of losing their homes through the new Federal Housing Administration program.
Final action on the legislation is weeks off. The House wants to rewrite some details, and lawmakers are negotiating with the White House in efforts to avoid a veto.
