Source: Maura Reynolds, LA Times ( Free Registration )

President Bush declared Wednesday that he would veto the foreclosure relief legislation under consideration in Congress, surprising Democrats who believed that they had administration support for key portions of the bills.

In brief remarks after meeting with congressional Republicans, Bush issued his veto threat, complaining that the legislation would “reward speculators and lenders.”

“I will veto the bill that’s moving through the House today if it makes it to my desk, and I urge members on both sides of the aisle to focus on a good piece of legislation that is being sponsored by Republican members,” Bush said.

Democrats said the package of legislation to provide federal support for foreclosure prevention and to speed mortgage refinancing had been drafted largely in consultation with the Bush administration.

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