From Inman News:
$300 billion FHA expansion clears Senate hurdle
A plan to expand FHA loan guarantee programs by $300 billion to help troubled borrowers refinance into more affordable loans cleared a procedural hurdle Tuesday, as the Senate voted 83-9 to move forward on a debate. The “Housing and Economic Recovery Act of 2008” would also create a new regulator for mortgage financers Fannie Mae and Freddie Mac and assess them more than $700 million a year to cover the cost of expanding Federal Housing Administration loan guarantee programs.
The Congressional Budget Office has estimated the program would help 400,000 borrowers at a cost of $680 million over 10 years.
Nine Republicans voted against moving forward on the bill Tuesday, and presidential candidates John McCain, R-Ariz., and Barack Obama, D-Ill., were among eight who did not cast votes. The bill could be approved by the Senate today, but faces a veto threat by President Bush.
What’s that again?
… presidential candidates John McCain, R-Ariz., and Barack Obama, D-Ill., were among eight who did not cast votes …
This was arguably the most important legislation of the year, in regard to housing, and both candidates didn’t vote?
What were they doing instead??? They already have their parties’ nominations nailed down.