U.S. Senate approves $300 billion housing bill

Egypt News.Net
Saturday 26th July, 2008

The U.S. Senate has passed a major bill to provide government support for financially troubled homeowners and two of the country's largest mortgage lenders.

Senators voted 76-13 in favor of the measure Saturday during a rare Saturday session.

The House of Representatives passed the bill Wednesday. President Bush says he will sign it into law when it reaches his desk.

The legislation establishes a $300 billion fund to provide more affordable loans to homeowners who are struggling to pay their mortgages.

It also will allow the Treasury Department to expand government support for two of the nation's biggest lenders, Fannie Mae and Freddie Mac.

The two government-sponsored companies have lost billions of dollars due to a wave of mortgage defaults.

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