Congress Passes Housing Bill

Congress Passes Housing Bill (Added: July 26, 2008)

President Bush is expected to sign the bill that would let some homeowners refinance their mortgages. (more)

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President Bush is expected to sign the bill that would let some homeowners refinance their mortgages.

By: Michael Snowden | WKRG-TV
Published: July 26, 2008

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WASHINGTON (AP) - Congress has passed a housing rescue bill
aimed at sparing 400,000 struggling homeowners from foreclosure.
President Bush is expected to sign the measure quickly.
The Senate passed the legislation by a 72-13 vote in a rate
Saturday session.
The measure lets homeowners who cannot afford their monthly
payments to refinance into more affordable government-backed loans
rather than losing their homes. The bill also offers a temporary
financial lifeline to the troubled mortgage companies Fannie Mae
and Freddie Mac, and tightens controls over them.
There would be higher limits on loans that Fannie Mae and
Freddie Mac can buy and the Federal Housing Administration can
insure. The loans would be capped at $625,000.

(Copyright 2008 by The Associated Press. All Rights Reserved.)