House Passes Housing Bill Despite Veto Threat

Law360, New York (May 8, 2008, 12:00 AM EDT) -- Despite a veto threat from the White House, Democrats in the U.S. House of Representatives pushed through a broad housing package Thursday that would temper the effects of the mortgage crisis and help borrowers stay in their homes.

The legislation was a combination of a number of different bills with measures that seek to bolster the flagging housing market, strengthen oversight and improve liquidity.

Under the housing package passed Thursday, the Federal Housing Administration would be modernized and expanded.

The administration would also provide up to...
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