House poised for vote on housing rescue bill

WASHINGTON — President Bush has threatened to veto a wide-ranging housing rescue bill that the House is expected to vote on this week. But House Speaker Nancy Pelosi thinks Bush will blink, even though Democrats plan to attach almost four billion dollars in grants the president opposes. The money would be used by state and local governments to buy and fix up foreclosed properties in areas hit hardest by the housing crisis. The bill was originally designed to help people caught in the credit crunch get into new, more affordable mortgages. But a provision has been added to the bill — to throw a lifeline to mortgage giants Fannie Mae and Freddie Mac. House action is expected... [read full story]