House Passes Mortgage Bill

washingtonpost.com — Bucking a White House veto threat, 39 Republicans joined Democrats in supporting an ambitious plan to rescue hundreds of thousands of homeowners at risk of foreclosure. The measure aims to unfreeze mortgage markets by expanding the Federal Housing Administration's reach and strengthening mortgage giants Fannie Mae and Freddie Mac. It also would create a $7,500 tax credit for first-time home buyers to try to boost sales and slow plummeting home prices.

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