Reid asked to delay housing bill

Nine Senate Republicans on Wednesday asked Senate Majority Leader Harry Reid (D-Nev.) to delay consideration of a sweeping housing rescue package because of the Countrywide Financial controversy.  

The letter to Reid cited concerns about favorable mortgage terms Countrywide Financial reportedly gave to a group of prominent people, including Sen. Chris Dodd (D-Conn.), who chairs the Senate Banking Committee and helped write the housing bill.

The senators said they needed more time to digest the allegations and ascertain how much the legislation, which would have the government guarantee up to $300 billion in refinanced mortgages, would help the subprime lender.

“We request that you delay consideration until we have adequate time to read the bill and better understand the allegations and how much Countrywide will benefit from the bill,” they wrote.

The chairman of the National Republican Senatorial Committee, Sen. John Ensign (Nev.), signed on to the letter. The other signatories were Sens. Jim DeMint (S.C.), Tom Coburn (Okla.), James Inhofe (Okla.), Saxby Chambliss (Ga.), Jim Bunning (Ky.), David Vitter (La.), Roger Wicker (Miss.), Mike Enzi (Wyo.).