Congress has approved the housing bill [yep, they work on Saturday..]
Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae (FNM) and Freddie Mac (FRE), creating a new regulator for the mortgage titans and setting up a $300-billion fund to help troubled homeowners.
The bill was approved by the Senate in a 72-13 vote. It was passed by the House of Representatives on Wednesday. President George W. Bush was expected to sign it promptly.
With foreclosures rising, home sales sluggish and property values down, America is in its deepest housing slump since the Great Depression. The crisis will be eased, but not ended by this election-year bill, said housing activists and scholars.
Here is the interesting bit, the CBO puts the expected cost of bailing out the enterprises at $25bn but just in case…
SEC. 3083. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $10,615,000,000,000.