How did U.S. Sen. Elizabeth Dole vote on housing reform?
Earlier this year, Congress considered a comprehensive bill reforming housing and mortgage regulations in order to address the rising number of foreclosures.
One version of the bill would have allowed bankruptcy judges to reduce the amount owed or changed the interest rate on a mortgage as part of a debt restructuring.
According to a Feb. 29 story in The New York Times, the Bush administration and Republican senators, including Dole, blocked the bill in a party-line vote to eliminate that and other provisions.
"That provision, supported by a wide range of consumer and civil rights groups, drew intense opposition from the mortgage industry, whose lobbyists argued that it would increase risks for lenders and drive up mortgage rates in the future," the Times wrote.
A recent TV ad by the Democratic Senatorial Campaign Committee says that Dole "voted against helping families keep their homes," citing the vote.
Dole spokesman Dan McLagan said that the measure would have caused more problems than it solved.
"In a tight credit market, it would have tightened the market further," he said. "It would have been counterproductive."
He said that Dole worked closely on the bill and voted for the final version.
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