Senate Agrees Housing Package Deal
- By:
- MortgageLoan.com | July 23, 2008
Senate leaders have agreed upon a rescue plan for the two largest mortgage finance companies Fannie Mae and Freddie Mac. The deal would allow the government to insure up to $300 billion in refinanced mortgages.
The rescue could end up costing taxpayers around $25 billion.
"The package we have got is fully acceptable to Treasury," along with lawmakers in the Senate, said Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee. "Nobody is for everything that's in it or got everything in it he wanted, but we negotiated a lot with the Treasury and the Senate."
The House is expected to vote later today on a housing measure that would give the Treasury Department authority to throw the companies a temporary lifeline.
Henry Paulson, Treasury Secretary said on Tuesday that the stability of both Fannie Mae and Freddie Mac was key to erasing uncertainty within the U.S financial markets.
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