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Bush threatens veto of sweeping housing bill

Dems continue push for $300 billion FHA expansion

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The White House today threatened to veto a sweeping housing bill that would package measures long sought by the Bush administration together with a $300 billion expansion of FHA loan guarantee programs the administration views as a bailout. At a press conference with Republican House leaders, Bush rejected a gambit by Democrats to bundle expansion of Federal Housing Administration loan guarantees programs with action on housing issues the administration has been stymied on for years -- including increased oversight of Fannie Mae and Freddie Mac and "modernization" of FHA loan programs through risk-based premium pricing. "We are committed to a good housing bill that will help folks stay in their house, as opposed to a housing bill that will reward speculators and lenders," Bush said. "I will veto the bill that's moving through the House today if it makes it to my desk, and I urge members on both sides of the aisle to focus on a good piece of legisl...