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House passes massive homeowner rescue plan, defying Bush veto threat

Yahoo! Finance reports today that the Democratic-controlled House, on Thursday, passed a homeowner rescue plan that would provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis. Opponents of the plan say more prudent home buyers and renters shouldn’t be called upon to bail out borrowers who gambled on ever-rising housing prices and lost. The plan is projected to cost $2.7 billion over the next five years.

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