Senators Dodd (D-CT) and Shelby (R-AL), senior members of the Senate Banking Committee, agreed to a housing bill (NYT) that Bush might approve. An affordable housing fund would be financed by Fannie (FNM) and Freddie (FRE) and provide $500 million in aid to those facing foreclosure. Compared to the House bill that was essentially a government bailout, this one might just strike the right balance. $500 million is peanuts, however, so the bill won’t likely have a big impact on the economy or housing sector.
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