House expected to vote on the bill today; could become law this week



WASHINGTON - President Bush dropped his opposition Wednesday to legislation aiming to calm the chaotic housing market despite his objections to a $3.9 billion provision. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.Under the bill, the government would help struggling homeowners get new, cheaper loans and would be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion.

The Bush administration and lawmakers in both parties teamed to negotiate the measure, which pairs Democrats’ top priorities — federal help for homeowners facing foreclosure and $3.9 billion for neighborhoods hit hardest by the housing crisis — with Republicans’ goal of reining in mortgage giants Fannie Mae and Freddie Mac while reassuring financial markets of their stability. Bush had objected to the $3.9 billion provision in the measure, saying that it was aimed at helping bankers and lenders, not homeowners who are in trouble.

Complete Story from MSNBC:
White House drops opposition to housing bill - Mortgage Mess - MSNBC.com

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Formerly known as El Subestimado
Mi ma'i, mi amor de mi vida: SpicedSugar
Mis hijos: Butterfingered (missing)
Mi hermanita: Dancesintheran, my brother-in-law: Edge_Of_Insanity
Mi Primita: Keena