House Approves Housing Rescue Bill
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Posted: 3:09 PM Jul 23, 2008
House Approves Housing Rescue Bill
The 272-152 vote on Wednesday reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.
Reporter: Associated Press
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** FILE ** In this May 9, 2008 file photo. a foreclosure sign stands outside a home in Denver.
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The House has passed legislation that aims to help 400,000 strapped homeowners who are facing foreclosure and prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing.

The 272-152 vote on Wednesday reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

The measure is on track to pass the Senate and become law within days. President Bush dropped his opposition earlier in the day.

The White House swallowed its distaste for $3.9 billion in grants the bill would provide for devastated neighborhoods.
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