Emergency mortgage aid bogged down

Veto threat, congressional maneuvering delay bill to avert foreclosures

In May, 261,255 homes went into foreclosure nationally, up 48 percent from May 2007. (Justin Sullivan/Getty Images)

By Alan Wirzbicki

Globe Correspondent / July 8, 2008

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WASHINGTON - Emergency legislation intended to help as many as 500,000 homeowners on the brink of foreclosure to renegotiate their mortgages, which congressional leaders had predicted they would approve by Independence Day, has been delayed and may now be weeks away from passage, lawmakers said. (Full article: 1103 words)