Republicans Halt Housing Bill in Senate

Washington, D.C.–Claiming it would hurt mortgage lenders and prolong the housing slump, Senate Republicans blocked a Democrat-sponsored bill to assist the troubled housing industry Thursday, the Washington Post reports.The Senate failed to gain the necessary 60 votes to end a proposed housing bill filibuster. The bill earmarks billions of dollars for local communities to purchase subprime mortgages and would allow a revision of bankruptcy laws to let judges cut interest rates for low-income homeowners.The mortgage industry has expressed disapproval of the bill; President Bush Thursday said that he wanted to give the $168 billion stimulus bill a chance to “kick in first.”