Bill Would Help States Fix Up Foreclosed Homes

Washington, DC, May 9, 2008--The House has approved sending states $15 billion to buy and fix up foreclosed properties despite a veto threat from President Bush.

The vote Thursday was 239-188 to approve the bill, mostly along party lines. It would provide loans and grants to areas hit hardest by the housing crisis.

Supporters say the legislation will prevent neighborhoods around foreclosed homes from sliding into blight.

Bush says Democrats' housing proposals reward lenders and speculators instead of helping homeowners.