House passes sweeping mortgage rescue

NEW YORK (CNNMoney.com) -- The House on Wednesday voted 272-152 to pass sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae and Freddie Mac. The nearly 700-page measure will now go back to the Senate, where final passage is expected. But it's not clear when the vote will occur because of a Republican filibuster threat. The legislation has won the support from key senators in both parties and on Wednesday President Bush withdrew his long-standing veto threat. "The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets," White House spokeswoman Dana Perino said. The legislation is the centerpiece of Washington's efforts to address the nation's housing... [read full story]