East Coast storm postpones House mortgage vote

A jogger makes his way along a snowy path on the National Mall in Washington March 2, 2009. The nation's capital was hit with an overnight snowstorm that dumped up to ten inches of snow in the area.

WASHINGTON (Reuters) - A blanket of snow across much of the Washington area prompted the Democratic-led U.S. House of Representatives to push back its schedule, including a possible vote on Tuesday on a home mortgage bill.

The vote could come later in the week, however, after a previously scheduled meeting between House Democrats and Housing and Urban Development Secretary Shaun Donovan, aides said. That meeting, which had been set for Monday, was reset for Tuesday.

A snowfall of several inches caused delays across much of the Washington area. The snow made it tough for many lawmakers to get to the capital after a weekend back home, prompting a postponement of House votes that had been set for Monday.

House Democratic leaders had initially hoped to have a vote on the mortgage bill last Thursday, but abruptly postponed it to give sponsors more time to build support.

Some conservative House Democrats had expressed concerns about the measure, which would let bankruptcy judges reduce mortgage debt.

House Speaker Nancy Pelosi said Democrats wanted more time to understand the bill, which has been attacked by the banking and lending industries.

Congressional and industry sources said Pelosi aims to win passage with a strong vote that will give the measure some momentum when the Senate considers its version of the legislation.

Officials at the Federal Reserve and the Federal Housing Finance Agency fret that giving bankruptcy judges sweeping power to modify home loans could discourage fresh investment in the sector. Many lawmakers share that view.

(Reporting by Thomas Ferraro; Editing by Jonathan Oatis)