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Senate Okays Fannie Mae, Freddie Mac Rescue

Published Friday, August 01, 2008

President Bush was expected to sign into law by early August a controversial bill to rescue government-sponsored enterprises Fannie Mae and Freddie Mac. The bill would allow the Treasury Department to extend unlimited credit to the mortgage firms. The Senate overwhelmingly approved the measure in a 72-13 vote on July 26. The multifamily industry has voiced concern for weeks about the troubled agencies' lending plans. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Mortgage Corp. (Freddie Mac) hold or guarantee more than $5 trillion in mortgages, mainly for single-family residences. The agencies, with the Government ...

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