Democrats, Bush Square Off Over Housing Relief

Washington Post (03/20/08) P. D1; Birnbaum, Jeffrey H.; Montgomery, Lori
The White House is working closely with Capitol Hill legislators on proposals that would help new home buyers and small investors nationwide by toughening up rules that govern mortgage lending. Meanwhile, House lawmakers reportedly are on the verge of approving a multibillion-dollar program to prevent hundreds of thousands of home foreclosures. The outlook for the plan is uncertain, though, as President Bush continues to balk at broad legislation to bail out strapped homeowners. Democratic congressional leaders believe the president will compromise eventually, at the urging of Treasury Secretary Henry Paulson Jr. and other senior members of his Cabinet. Francis Creighton, a senior lobbyist for the Mortgage Bankers Association, concurs, "There's real fear about where this crisis is going to end up. This administration appears to be ready to do what it needs to address this crisis."