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PRESIDENT BUSH DROPS OPPOSITION TO HOUSING BILL EXPECTED FOR A FULL VOTE TODAYThe White House today said President Bush has dropped his opposition to a sweeping housing bill aimed at shoring up the nation's troubled mortgage companies and assisting homeowners facing foreclosure.The measure, which includes a federal assistance plan for the ailing mortgage giants Fannie Mae and Freddie Mac, also calls for $3.9 billion to pay for grants to help local governments purchase and refurbish foreclosed properties, the component of the measure Bush opposed. Foreclosed properties are becoming a significant financial drain on local municipalities, driving down home values in nearby neighborhoods, creating blight, and impacting the cities' property tax reservoirs.The measure also would permanently increase the cap on mortgage loans guaranteed by Fannie and Freddie to a maximum of $625,000 from $417,000.
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