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US lawmakers pass housing rescue | |
(about 1 hour later) | |
The House of Representatives has passed a housing rescue bill that could allow the government to help struggling homeowners get cheaper loans. | |
The vote came after the White House announced that President George W Bush had dropped his threat to veto it. | |
His change of heart came despite his objection to a provision for $3.9bn (£1.95bn) in community grants to buy up and repair foreclosed homes. | |
The bill will be considered by the Senate either this week or early next. | |
Tax breaks | |
It would set up the first national licensing system for mortgage brokers and other loan officers. | |
It would also allow tax breaks to encourage home buying and would also allow the government to propose cash injections for troubled mortgage finance providers Fannie Mae and Freddie Mac. | |
But many congressional Republicans are angry about the legislation, which they say bails out irresponsible homeowners and unscrupulous lenders. | |
Nonetheless, the White House is now in favour of it. | |
"The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets," White House spokeswoman Dana Perino said. | "The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets," White House spokeswoman Dana Perino said. |
The bill passed in the House by a vote of 272 to 152. |