WASHINGTON (AP) - A key House Republican plans to introduce a
much narrower housing rescue bill than the $300 billion program
Democrats are pushing.
The GOP bill, backed by party leaders, expands a Bush
administration program that allows some struggling homeowners to
refinance into more affordable government-backed mortgages.
Alabama Rep. Spencer Bachus, the senior Republican on the
Financial Services Committee, is introducing it Tuesday.
It reaches far fewer homeowners than an overhaul by
Massachusetts Democrat Barney Frank, the panel chairman. Frank's
bill is aimed at heading off as many as 1 million foreclosures.
Frank wants a committee vote Thursday on his bill, which is
expected to move through the House in early May.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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