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« Proof That People Have to Much Time on Their Hands | Main | Trulia's Listing of the Week » May 01, 2008Everything is Fine NowHouse panel approves $300 billion rescue package in response to housing slump By Julie Hirschfeld Davis WASHINGTON - The House Financial Services Committee, seeking to respond to the housing crunch, has approved a $300 billion rescue package. The vote was 46-21 to advance the bill, which would permit the government to insure new, cheaper mortgages for hundreds of thousands of struggling homeowners now facing foreclosure. Ten Republicans joined all the Democrats on the committee to support the bill, which the Bush administration opposes. Most of them are from areas hit hard by the mortgage meltdown. Democratic leaders plan a vote in the full House next week on a broad housing package that also includes $15 billion for states to buy and fix up foreclosed properties and an array of tax breaks. Thanks to the Associated Press Posted by Jeff Brooks on May 1, 2008 04:33 PM | Permalink TrackBackTrackBack URL for this entry: |