The housing bill Congress plans to send President Bush would: --Give the Federal Housing Administration $300 billion in new lending authority and relax standards to provide affordable, fixed-rate mortgages to an estimated 400,000 debt-ridden homeowners. Any losses would be covered by an affordable housing fund financed by Fannie Mae and Freddie Mac , the government-sponsored companies that finance mortgages.
Homeowners struggling to make their house payments could get government mortgage relief under a rescue plan that seeks to revive the chaotic housing market and help reverse the economic downturn.
Sens. John Sununu and Judd Gregg were on the winning side Saturday as the Senate approved a plan to help homeowners facing foreclosure and to save mortgage companies Fannie Mae and Freddie Mac .
WASHINGTON (Reuters) - The Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.
WASHINGTON (Reuters) - Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300-billion fund to help troubled homeowners.
