Mortgage Deal Close in Senate

A Senate committee is close to agreeing on expansion of a government insurance program for refinanced mortgages, the Wall Street Journal reports. Though ridden with partisan conflict as recently as a week ago, staff for Democrat Chris Dodd and Republican Richard Shelby said today the sides were nearing a compromise, and a vote to move the measure along could come in the next few hours.

In addition to the mortgage insurance, the deal would also revamp oversight of government-sponsored lenders Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks. Dodd has said that he has enough support from Democrats to narrowly pass the bill, but is seeking a greater consensus. (More Chris Dodd stories.)