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Bush drops veto to housing bill US lawmakers pass housing rescue
(about 1 hour later)
The White House says President George W Bush has ended opposition to a housing bill, which could boost the US economy. The House of Representatives has passed a housing rescue bill that could allow the government to help struggling homeowners get cheaper loans.
The change of heart comes despite his objection to a provision for $3.9bn (£1.95bn) in community grants to buy up and repair foreclosed homes. The vote came after the White House announced that President George W Bush had dropped his threat to veto it.
The bill means the government could help struggling homeowners get new, cheaper loans. 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.
It would also be allowed to propose cash injections for troubled mortgage giants Fannie Mae and Freddie Mac. The bill will be considered by the Senate either this week or early next.
Many congressional Republicans are angry about the housing legislation, which they say bails out irresponsible homeowners and unscrupulous lenders. 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.
Later on Wednesday, the House of Representatives approved the legislation, which will now go before the Senate. The bill passed in the House by a vote of 272 to 152.