Defazio Only Dem. to Oppose Housing Bill

Oregon Rep. Peter DeFazio is one of just three Democrats to oppose rescue legislation aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing.

The House approved the bill as Congress moved to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

DeFazio said it is absurd that the government would spend people's hard-earned dollars to bail out corporate giants Fannie Mae and Freddie Mac without proper regulation.

All six Republican House members from Oregon, Washington and Idaho also opposed the bill.

The region's nine other Democratic House members voted yes.