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N.H. Reps. Vote For Housing Bailout
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WASHINGTON (AP) - New Hampshire Reps. Carol Shea-Porter and Paul Hodes are backing a housing bailout plan that President Bush is threatening to veto.
The two Democrats voted for the plan Thursday to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers.
The plan would let the Federal Housing Administration take on up to $300 billion in new mortgages so that financially strapped borrowers facing foreclosure could refinance.
The measure is targeted at homeowners facing default, including many who owe more than their houses are worth.
Opponents say more prudent homebuyers and renters shouldn't be called upon to bail out borrowers who gambled on ever-rising housing prices and lost. |
Story Associated Press 2008.
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