Revision of on The Hill from July 14, 2008 - 8:57am
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The Week of July 14
Housing Help: A hefty housing rescue package is back in the House's court this week, where it could get final tweaks before landing on the president's desk. House leaders are expected to sign off on the bill's centerpieces: covering refinanced mortgages for up to 400,000 homeowners caught up in risky loans; and stiffening the oversight of Fannie Mae and Freddie Mac, the two "quasi" governmental agencies that back 40% of the nation's mortgages but which - particularly after last week's tumble - are thought to be on shaky ground. What's left to be figured out is how to pay for part of the bill's $14.5 billion in tax credits for new homeowners and the housing industry, as well as whether the final bill will include $4 billion for communities to rehabilitate defaulted homes.
- see more on the housing collapse and DC's response
- see the bill, HR 3221
