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.
The plan creates a new regulator and tighter controls on the government-sponsored mortgage firms and starts a permanent affordable housing program to be financed by their profits. That fund would be tapped to cover any government losses from the foreclosure rescue.
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