Republicans push for vote on Countrywide amendment

Republican Sens. Jim DeMint (S.C.) and Jim Bunning (Ky.) say they will force a vote on an amendment to require a review of how Countrywide Financial would benefit from a housing bill now being debated on the Senate floor.

Critics of the bill are trying to capitalize on special low-interest, “VIP” loans Countrywide gave to Banking Committee Chairman Chris Dodd (D-Conn.) and Budget Committee Chairman Kent Conrad (D-N.D.) as they attempt to bring down the popular rescue package.

{mosads}DeMint asked for a vote Thursday morning on a motion to recommit the housing bill to the Banking Committee so it can investigate how much Countrywide would stand to gain. DeMint’s office says that some estimates project a $25 billion windfall for the sub-prime lender.

But Senate Majority Leader Harry Reid (D-Nev.) declined to schedule such a vote.

“I can’t give you assurance that there will be a vote, but I do give you an assurance that we will sit down and talk to you and do what we can to pacify your interest,” Reid said.

“I don’t feel qualified, as an individual member, to make the judgment that the committee would,” DeMint said.

DeMint and Bunning later issued a press release saying they would attempt to force that vote, which could put lawmakers in a tough spot in choosing to side with a sub-prime lender or the Republican plan, which could derail the entire housing measure. They have not laid out their tactics to force a vote, but Senate procedures give any individual member significant leverage.

The bill would overhaul mortgage giants Fannie Mae and Freddie Mac and create a $300 billion expansion of the Federal Housing Administration’s programs to help struggling borrowers. The White House on Thursday threatened to veto the underlying measure.

“I have serious concerns about moving forward with a bill that was crafted behind closed doors,” Bunning said.

Reid later told reporters, “We’re going to make sure there are no special provisions for anyone,” but he would not say whether he would support the GOP amendment.

He defended Dodd and Conrad, both of whom are participating in a preliminary Ethics Committee inquiry into the matter.

“They have said more than once, anybody wants to look at anything they’ve done, they’re welcome to do it,” Reid said. “They’ve got nothing to hide.”

The Senate later soundly rejected the amendment, 11-70, with five members of the Ethics Committee voting "present."

Republican supporters of the bill said the vote shows strong support for the underlying bill, and said they eventually expect the White House to withdraw its veto threat.

"I'm convinced he's not going to veto this bill," said Sen. Mel Martinez (R-Fla.), adding that  he has spoken with White House officials about the measure.