Fred Harteis News Articles - President Bush dropped his opposition Wednesday to a broad housing package aimed at bolstering the sagging economy, despite his objections to including $3.9 billion for neighborhoods hit hardest by foreclosures. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.
Under the bill, the government would help struggling homeowners get new, cheaper loans and would be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion.
The Bush administration and lawmakers in both parties teamed to negotiate the measure, which pairs Democrats' top priorities -- federal help for homeowners facing foreclosure and $3.9 billion for devastated neighborhoods -- with Republicans' goal of reining in mortgage giants Fannie Mae and Freddie Mac while reassuring financial markets of their stability.
Bush had objected to the neighborhood grants, which would be for buying and fixing up foreclosed properties, saying that they were aimed at helping bankers and lenders, not homeowners who are in trouble.
White House press secretary Dana Perino announced Bush's switch in a telephone conference call with reporters. ''We believe this is not the time for a prolonged veto fight, but we are confident the president would prevail in one,'' she said.
It was a dramatic split for Bush and congressional Republicans, many of whom are angrily opposed to the housing legislation, which they call a handout for irresponsible homeowners and unscrupulous lenders.
At a closed-door meeting Wednesday morning, House Republicans denounced the plan, although it's clear they don't have enough votes to prevent it from becoming law.
Rep. John Boehner, R-Ohio, the minority leader, told colleagues that he would ''vote against this bailout bill, and that taxpayers deserve a lot better than this,'' according to a senior GOP aide.
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Source: NyTimes.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.
