Housing Bill Passes House

iht.com — The House approved far-reaching government assistance for the housing market, including broad authority for the Treasury Department to protect the nation's two largest mortgage finance companies and an aggressive plan to help troubled borrowers avoid foreclosure by refinancing their mortgages. The White House said President Bush would sign the measure despite his opposition to $4 billion in grants included in the bill for local governments to buy and refurbish foreclosed properties.

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