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Housing rescue on track to pass Senate by Saturday

Posted by kim carpenter on July 25, 2008
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By JULIE HIRSCHFELD DAVIS, Associated Press Writer

WASHINGTON – The Senate has cleared the last hurdle to passing a massive housing rescue bill.

An 80-13 test vote showed broad support for the package and put it on track to pass the Senate by Saturday. The White House says President Bush will sign it.

The bill is designed to spare an estimated 400,000 homeowners from foreclosure and bolster troubled mortgage giants Fannie Mae and Freddie Mac. It’s regarded as the most significant housing legislation in a generation.


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