House committee vote approves housing rescue plan

The House Financial Services Committee approved a bill 46 to 21 on Thursday that would help distressed homeowners as well as new homebuyers. The housing package includes an overhaul of the Federal Housing Administration, stronger regulation of mortgage giants Fannie Mae and Freddie Mac, and a $7,500 tax credit for first-time homebuyers. Republicans oppose portions of the bill that would bail out troubled homeowners who signed up for risky loans.

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