Mortgage bill may face presidential veto

Zambia News.Net
Friday 9th May, 2008

The US House of Representatives has approved a bill designed to stem the tide of home foreclosures due to the subprime mortgage crisis.

The Democratic-controlled chamber passed by a vote of 266 to 154 the bill which would create a 300-billion-dollar federal guarantee for new mortgages for people who may be at risk of losing their homes.

But the bill now faces a presidential veto with
some Republicans arguing that the bail-out approach would harm the US economy by forcing responsible homeowners and taxpayers to pick up a 300-billion-dollar tab to bail out 'scam artists, speculators and reckless borrowers.'

President George W. Bush said on Wednesday he intended to veto the measure.

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