Wyo senators oppose 'bailout'

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Wyoming's two U.S. senators were among just nine senators who voted Tuesday against a massive foreclosure rescue bill.

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

The 83-9 vote put the plan on track for Senate passage as early as today.

The bill protects certain bad lenders and those who made poor financial decisions at the expense of Wyoming taxpayers, according to Sens. Mike Enzi and John Barrasso, R-Wyo.

"Some banks and speculators expect Congress to reward their irresponsible behavior with a taxpayer bailout," Enzi said. "They expect the federal government to turn their backs on responsible lenders and borrowers, and renters waiting to become first-time homeowners, and support those groups that have pushed our housing market into decline with bad loans and bad investments."

"As a matter of principle, Sen. Barrasso believes propping up reckless lenders by dumping billions in bad loans onto Wyoming taxpayers is simply unfair," said Barrasso spokesman Greg Keeley.

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