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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Geoff Altman who wrote (33721)	7/7/2008 11:28:00 PM
From: puborectalis	Read Replies (1) \| Respond to of 224888

WASHINGTON - A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections. The Senate voted 76-10 to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home loan giants Fannie Mae and Freddie Mac. Its centerpiece is a new $300 billion FHA program to allow debt-ridden homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages. The measure is on track for passage by an overwhelming margin, possibly by week's end. It has survived several test votes in the Senate, repeatedly demonstrating that there's enough support for it to override President Bush's promised veto.