My Way News - Housing aid bill clears key Senate hurdle: "WASHINGTON (AP) - A massive foreclosure rescue bill overwhelmingly cleared a key Senate test Tuesday, drawing broad support from Democrats and Republicans alike. The Senate voted 83-9 to speed up work on the $300 billion mortgage aid plan, putting it on track for a final vote as early as the end of the day. The resounding vote reflected a keen interest in both parties in claiming election-year credit for helping homeowners amid tough economic times. Still, the measure faces a veto threat from President Bush and disputes among Democrats about key details. Those challenges will probably delay any final deal until mid-July."
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I have some serious reservations about the federal government in effect insuring people against the risk that they bought too much house. I also have doubts about bailing out the mortgage industry and using the FHA to be the mortgage company of last resort. This bill stinks as far as I can see, and I hope Bush vetoes it.