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House signs off on sweeping housing bill

Bush administration opposes FHA refi plan
Published on May 9, 2008

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by CareyBot

House lawmakers Thursday approved a sweeping housing bill that includes a controversial plan to expand FHA loan guarantee programs to help as many as 2 million troubled borrowers refinance into more affordable loans.

But the 266-154 vote to approve the package of bills, dubbed the American Housing Rescue and Foreclosure Prevention Act, fell short of the margin that would be needed to override President Bush's threat to veto the bill.

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