Comments: FHA Bailout Bill Passed House But Will Be Vetoed by White House

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The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners. It still faces challenges, however, with the House planning to rewrite key details and the White House threatening a veto without major changes.

NEW YORK (CNNMoney.com) — The House on Thursday passed a contentious foreclosure-prevention package, which still faces a veto threat from the White House and an uncertain fate in the Senate. In a.

"We believe we would win a prolonged veto fight on this bill, because we think there’s enough support, especially with House Republicans, to have rejected this $4 billion in bailout for lenders.

The house today passed H.R. 5818, the Neighborhood Stabilization Act of 2008, by a vote of 239-188.This is one of two housing-related bills scheduled for a vote today. The legislation, introduced by Rep. Maxine Waters (D-CA), will provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.

Senate passes mortgage relief bill. that already passed the House. The White House applauded the vote and said it would work with House and Senate lawmakers to help craft a final package and.

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The White House has indicated it would veto a bill that goes as far as the House version. But a slimmer version from the Senate could win the White House over, or potentially earn enough.

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The White House announced on Wednesday that President Obama will veto the bill because he believes that "continuation of the FHA refinancing programs is vital to the nation’s sustained economic recovery." The obama administration established the FHA Refinance Program a year ago and directed $8.12 billion in TARP funds to finance it.

White House threatens veto of FHA-rescue bill The House takes up a housing bill with sweeteners meant to reel in Republicans who have called its main provision a bailout. The White House isn’t biting.

If the bill is a bailout for anyone, they say, it’s a bailout for communities across the country, which suffer when home values and property taxes go down because of foreclosures. Earlier on Thursday, the House passed a bill that would send states $15 billion to buy and fix up foreclosed properties – a measure the White House also opposes.