White House Plans To Veto Two Key Foreclosure Proposals, Says Frank

By Victoria McGrane

(The Politico)  Have breakfast with Barney Frank (D-Mass.) and you know there'll be news.

Among the many golden nuggets he gave reporters this morning: Frank said he expects the Bush administration to threaten to veto two foreclosure assistance bills the House Financial Services Committee, which Frank chairs, is expected to send to the floor.

Frank said they've known for some time that the Bush administration would issue a veto threat on the $15 billion loan-and-grant package for local governments to buy foreclosed properties. The committee approved that bill yesterday.

But Frank indicated he was a bit surprised to hear yesterday that the White House plans to issue the same threat for his plan to spur the refinancing of distressed mortgages.

"The administration, we thought, was moving towards it. … But I was told yesterday now they're strongly against it," Frank said, speaking to reporters at a breakfast hosted by the Christian Science Monitor.
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