Saturday, May 09, 2009

Legislative Update XIII

The U.S. House of Representatives on Thursday approved a measure that would force mortgage lenders to retain a 5 percent stake in home loans that are sold to investors. Meanwhile, the Senate voted 91-5 to make it easier for homeowners with risky credit to switch to a lower-cost mortgage backed by the government.

The Senate also defeated new TARP restrictions and clamped down on Pentagon purchasing practices that have led to billions in cost overruns and delays in getting weapons to people at war.

Lastly, Gil Kerlikowske was confirmed as President Obama's "drug czar" by a 91-1 vote.

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