Bush Administration Threatens to Veto Senate Housing Bill

Washington, D.C.–The White House said Thursday it would veto the housing bill currently under debate in the Senate, the Washington Post said.The plan–which calls for the Federal Housing Administration to assist borrowers in refinancing their loans if their lenders agree to forgive a portion of their debt–would be paid for using part of a new affordable housing fund bankrolled by Fannie Mae and Freddie Mac.Citing concern about the program’s proposed funding, administration officials said that the White House opposed both establishing the affordable housing fund and giving some of its capital to the new program.