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A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support, inching toward passage despite Republican objections.
The Senate voted 76-10 Monday to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home loan giants Fannie Mae and Freddie Mac.
Its centerpiece is a new $300 billion FHA program to allow debt-ridden homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages.
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