Republicans Block Controversial Mortgage Bill

Law360, New York (February 29, 2008, 12:00 AM EST) -- Senate Republicans voted Thursday to block debate on a controversial housing bill aimed at tempering subprime mortgage market woes by helping homeowners faced with foreclosure.

The vote was 48-46 in favor of taking up the bill, but it fell short of the 60 votes needed. The vote was almost entirely along party lines, with Democrats voting for the bill and Republicans voting against it, according to various news sources.

“The bankers on Wall Street and the big lenders are high-fiving tonight,” Sen. Harry Reid (D-Nev.) said...
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