Bloomberg (09/30/08); Fitzgerald, Alison; Benjamin, Matthew
The Senate may try to revive the financial rescue bill as early as Oct. 1 following the House's rejection of its version on Sept. 29, according to Sen. Christopher Dodd, D-Conn. Twelve votes are needed to pass the bill in the House, and there is not much room for negotiation. Conservative Republicans in the House still want a mandatory insurance program for mortgage-backed securities, while some Democrats want more assistance for homeowners facing foreclosure and a revamp of bankruptcy law to allow judges to alter the terms of mortgages. Senators will "hopefully come back Wednesday and get a different result," says Dodd, chairman of the Banking Committee.
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