More Republicans back Democrats' housing rescue "This has the ability to keep people in their houses" By JULIE HIRSCHFELD DAVIS The Associated Press Tuesday, April 29, 2008; 3:43 PM WASHINGTON -- The Democrats' housing rescue
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“What about the person who has been patiently sitting on the sidelines over the last several years, saving up and waiting for these unsustainable prices to come down and paying rent every month while getting no equity?”
Democrats turned back a slew of Republican challenges to their housing rescue package Wednesday as they moved toward committee approval of the plan.
Republicans, targeting virtually every element of a measure they characterized as an unfair and risky taxpayer-funded bailout, failed to win adoption of any major changes. A final vote of the Financial Services Committee on the bill is scheduled Thursday, and the House is expected to consider the package next week.
The bill would allow the Federal Housing Administration to back up to $300 billion in new mortgages for distressed homeowners now too financially strapped to qualify for such loans. Read more
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