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July 25, 2008
House Passes Landmark Housing Bill
The House has passed a landmark housing bill that includes a financial backstop for Fannie Mae and Freddie Mac, and the measure now goes to the Senate, where a few Republican stalwarts might delay final passage for a few days. The bill increases Fannie's and Freddie's line of credit at the U.S. Treasury and authorizes the Treasury secretary for the first time to purchase stock in the two government-sponsored enterprises, if necessary. The bill also strengthens regulation of Fannie and Freddie, and passage of the bill should make it easier for the mortgage giants to raise additional capital, according to James Lockhart, director of the Office of Federal Housing Enterprise Oversight.
Posted by S. Germain at July 25, 2008 08:16 AM