Mortgage bill faces tough road in Congress

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Associated Press

Posted on February 17, 2013 at 7:00 AM

Updated Sunday, Feb 17 at 10:02 AM

WASHINGTON (AP) — A sharply divided Congress isn't likely to jump at President Barack Obama's challenge for quick passage of a mortgage refinancing bill that supporters say could help millions of homeowners save thousands of dollars each year and boost the economy.

During his State of the Union speech, the president praised a proposal to help more homeowners with mortgages backed by Fannie Mae and Freddie Mac take advantage of low interest rates and refinance their loans.

The bill could gain backing in the Democratic-controlled Senate. But it faces a rough road in the GOP-run House, where many Republicans favor scaling back the government's role in the housing market to aid the economy.

Similar versions of the measure died in the House and Senate's lame-duck sessions last year.

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