White House awaits housing legislation

WASHINGTON, July 16 (UPI) -- The U.S. Congress should approve legislation aimed at shoring up mortgage lenders Fannie Mae and Freddie Mac by next week, the White House said Wednesday.

The Bush administration is "hopeful" that President George W. Bush will get the legislation next week, White House spokeswoman Dana Perino told reporters.

"I would just say that the feedback that we're getting from Capitol Hill from members of Congress is that they do believe that they'll be able to get something done and to the president," Perino said.

The Bush administration has called on lawmakers to approve help for the two mortgage lenders, including lines of credit and access to the Fed's discount borrowing window.

Perino said Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Steve Preston continue to work with lawmakers on the legislation.

"We have a lot of hope that we'll be able to get this done -- get this bill to the president's desk in a form that he could sign before the end of the month," Perino said.