Despite concerns from U.S. Sen. Mike Crapo (R-Idaho), a bill aimed at helping hundreds of thousands of homeowners in danger of foreclosure cleared an important test vote in the Senate on Tuesday, raising the prospects for final passage of an aid bill by mid-summer.

By 83 to 9, the Senate agreed to end debate on the assistance package and move to a final vote, which could come very soon. The centerpiece of the package is a foreclosure rescue program in which the Federal Housing Administration would provide $300 billion in new, cheaper mortgages for distressed homeowners who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

All nine votes against closing debate on the bill were cast by Republicans, including Sen. Crapo.

US Senator Mike Crapo (R-Idaho) comments

The measure faces a veto threat from President Bush and disputes among Democrats about key details. Those challenges will probably delay any final deal until mid-July. (NY Times)