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"The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto..."
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“The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate. In a 266-154 vote - with 39 Republicans voting in favor - lawmakers approved a proposal, sponsored by House Financial Services Chairman Barney Frank, D-Mass., to let the Federal Housing Administration (FHA) insure up to $300 billion in new loans over four years if lenders agree to reduce the mortgage principal. To qualify, the lender would have to cut the debt to no more than 85% of a home’s current appraised value.
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