Housing Rescue Plan Passes Major Hurdle -- Mortgage Aid Measure Faces Bush Veto Threat

Summary

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WASHINGTON - A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

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Housing Rescue Plan Passes Major Hurdle -- Mortgage Aid Measure Faces Bush Veto Threat

An 83-9 vote put the plan on track for Senate passage as early as today, but President Bush is threatenin...

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