Mortgage Plan Gets Senate Support

hosted.ap.org — A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support, inching toward passage despite Republican objections. The Senate voted 76-10 to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration and government-sponsored home loan giants Fannie Mae and Freddie Mac. Its centerpiece is a new $300 billion FHA program to allow debt-ridden homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages. The measure is on track for passage by an overwhelming margin. It has survived several test votes in the Senate, indicating enough support to override President Bush's promised veto.

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