Senate Housing Bill Moves Closer to Being Passed
- Jun 25, 2008
Washington, D.C.–A bill designed to prevent U.S. foreclosures made it through a crucial test vote in the Senate Tuesday, increasing the chance that the bill could be passed by mid-summer, the New York Times said.The Senate agreed by a vote of 83 to 9 to end debate on the plan–which would establish an affordable housing fund financed by Fannie Mae and Freddie Mac to provide $500 million to prevent foreclosures–and move to a final vote, which could come quickly. The legislation still has other obstacles to overcome–including making it through the White House, which has said it may veto the bill. In addition, differences between the Senate and the House–which approved another housing bill last month–will have to be negotiated, and senators will have to settle on several amendments to their version of the bill.But the White House said this week that it wouldn’t necessarily veto the bill, as many had previously thought. “We do think that there are some really good aspects of that Senate bill,” President Bush’s chief spokeswoman, Dana Perino, told the Times. “And we have been working closely with them to try to change the bill in a way that, we think, it could be something that the president could sign.”The changes would most likely affect a section of the bill that would give states $4 billion to purchase foreclosed homes.