In Switch, Bush Will Sign Bill Overhauling Fannie, Freddie

Measure that would allow feds to insure $300B in mortgages expected soon
By Nick McMaster,  Newser Staff
Posted Jul 23, 2008 11:54 AM CDT
From left, Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke, center, Securities and Exchange Commission Chairman Christopher Cox testify on Capitol Hill on July 15.   (AP Photo)
camera-icon View 2 more images

(Newser) – President Bush will support a housing package being considered in the Senate, the Wall Street Journal reports. Bush threatened to veto the bill, which includes as much as $300 billion of insurance for Fannie Mae and Freddie Mac, but decided, given market turmoil, that now “is not the time for a prolonged veto fight” press secretary Dana Perino said today.

"I am, as you can imagine, pleased the House and Senate reached an agreement on GSE reform," Treasury Secretary Henry Paulson said today. "This legislation very important to the capital markets broadly and to confidence in these institutions."