WASHINGTON -- Emergency legislation intended to help as many as 500,000 homeowners on the brink of foreclosure to renegotiate their mortgages, which congressional leaders had predicted they would approve by Independence Day, has been delayed and may now be weeks away from passage, legislators said yesterday.
The sweeping housing bill has been slowed by an unexpected veto threat from the White House, legislative maneuvering in the Senate, and differences between the House and Senate versions of the bill.
In addition, some House Republicans have demanded that the legislation be delayed so that legislators can investigate a loan by a major subprime lender to one of the mortgage bill's authors, Sen. Chris Dodd, D-Conn. The lender, Countrywide Financial Corp., would be a big beneficiary of the bill.
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