House OKs Rescue for Homeowners, Freddie, Fannie

Help for strapped homeowners, mortgage giants sails through House after Bush drops opposition By JULIE HIRSCHFELD DAVIS Associated Press Writer WASHINGTON July 23, 2008 (AP) Treasury Secretary Henry Paulson addresses a morning gathering at the the main branch of the New... Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac. The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market. Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days. The White... [read full story]