House passes broad housing rescue despite veto threat

By JULIE HIRSCHFELD DAVIS, Associated Press Writer 

WASHINGTON – The House has passed a housing aid plan to provide $300 billion in refinanced mortgages for struggling homeowners. President Bush says he’ll veto the bill. It passed 266-154 with support from 39 Republicans.

The measure would let debt-ridden homeowners refinance into fixed-rate, government-backed mortgages they could afford.

Congressional analysts say it could help as many as 500,000 borrowers and cost $2.7 billion over the next five years.

The White House calls it a burdensome bailout that would open taxpayers to inappropriate risk and reward those who helped cause the housing crisis.

Lee ADDS: The Democrats in Congress insist on wasting money for the benefit of their Contributors!