WASHINGTON (AP) — The White House promised on Tuesday to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the struggling housing market and reduce foreclosures.
Senate Democrats had hoped to begin debate on the housing bill on Tuesday but action has been put off until later in the week, if not later, as Republicans kept the subject on Iraq.
The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes, and improve disclosure of subprime mortgage loans in hopes that …
