Senate Landmark Housing Bill

By a vote of 72-13, the U.S. Senate passed a massive housing bill on July 26, 2008. The bill provides up to $300 billion in loans to homeowners unable to pay their mortgages, and sets up a rescue plan for Fannie Mae and Freddie Mac.¹

Fast Facts

1. Allows the U.S. Treasury Department to lend money to or buy stock in Fannie Mae and Freddie Mac²
2. Fannie Mae and Freddie Mac guarantee half of nation's mortgages¹
3. Provides up to $300 billion to insure refinanced mortgages¹
4. Congressional Budget Office expects to use only $100 billion of money provided for insuring homeowners' mortgages¹
5. Final vote: 72-13¹
6. Bill raises national debt ceiling to $10.6 trillion¹

Bush Approves

On July 30, 2008 President George W. Bush signed the bill into law. In addition to providing mortgage relief to an estimated 400,000 homeowners, it provides $15 million in housing tax breaks and affords $180 million for legal assistance to those facing foreclosure. ^{3 2}

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