House approves housing bill
July, 24, 2008
The House approved a housing bill that will give the Treasury Department the authority to bail out Fannie Mae and Freddie Mac, the struggling government-backed mortgage giants. The bill will also help borrowers avoid foreclosure by refinancing their mortgages with more affordable government-insured loans. The Senate is expected to pass it this weekend. President Bush has given his support, despite his opposition to nearly $4 billion for local governments to buy and renovate foreclosed properties.