House Passes Housing Bill with Foreclosure Relief, GSE Reform; White House Drops Veto Threat

摘要

The House passed a mammoth housing bill (H.R. 3221) July 23, 272-152, after adding provisions to facilitate a possible government rescue of Fannie Mae and Freddie Mac, sending the measure back to the Senate for what could be the last step in the legislative process. President Bush has also dropped his threat to veto the bill, virtually assuring that it will become law. The centerpiece of the 694-page measure is a $300 billion FHA refinancing program for troubled homeowners, which goes into effect on October 1.