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House Passes Huge Housing Rescue Bill

Posted Jul 23, 08 5:34 PM CDT in US,  Business,  Politics 

(Newser) – The House today approved a massive bill to provide relief for struggling homeowners, communities hit hard by the housing crisis, and mortgage giants Fannie Mae and Freddie Mac, the Hill reports. The bill passed 272-152 hours after President Bush switched course and said he would not veto it. The measure is expected to clear the Senate by the end of the week.

The centerpiece of the plan gives the Treasury Department authority to lend money to Freddie and Fannie, the two largest mortgage-finance companies in the nation, if they should need it. The measure also provides nearly $4 billion in grants to communities, which Bush initially objected to as a "bailout for lenders."

Source The Hill

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Treasury Secretary Henry Paulson addresses a morning gathering at the the main branch of the New York Public Library, Tuesday July 22, 2008.   (AP Photo/Richard Drew)
House Financial Services Chairman Rep. Barney Frank, D-Mass. questions Federal Reserve Chairman Ben Bernanke on Capitol Hill in Washington, Wednesday, July 16, 2008.   (AP Photo/Susan Walsh)
White House Press Secretary Dana Perino answers questions, Wednesday, July 23, 2008, during her daily briefing at the White House in Washington.   (AP Photo/Ron Edmonds)
In this July 2, 2008 file photo, a bank-owned home is seen for sale in Sacramento, Calif.   (AP Photo/Rich Pedroncelli, file)
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