Bush Administration Won’t OK Housing Bill, Sources Say

Washington, D.C.–The Bush administration indicated it would veto the housing bill House Democrats are sponsoring that would give $15 billion to states to buy and revamp vacant homes, Bloomberg said Wednesday.”The principal beneficiaries of this type of plan would be private lenders–who are now the owners of the vacant and foreclosed properties–instead of struggling homeowners who are working hard to stay in their homes,” the White House said in a statement. The White House’s Office of Management and Budget said that President George W. Bush’s “senior advisers would recommend he veto the bill” if the legislation reached him.States would fix foreclosed homes and help fill them with residents in the plan. Funds would be divided based on each state’s percentage of foreclosures.House Democrats plan to move ahead with the measure Wednesday.