House Passes Housing Fixes, Veto Likely

Lawmakers have been busy with legislation designed to fix the mortgage and housing mess. Today they passed the Barney Frank proposal that would allow some homeowners to refinance with a government guarantee. They also approved the Maxine Waters plan, which would provide funding to rehabilitate foreclosed properties.

Neither of the proposals got enough votes to avoid a veto, and President Bush is not a fan of either approach. As a result, you should expect to hear about a veto, and lawmakers will go back to the drawing board. For additional details, see coverage of the House mortgage bills in the New York Times.

How would you fix the mortgage mess? Tell us about it in the comments.