Senate readies housing bill for passage

WASHINGTON, July 25 (UPI) -- The U.S. Senate Friday pushed along a broad housing package that sponsors say would help mortgage holders and communities hit by the mortgage crisis.

The 80-13 cloture vote means the bill likely will be up for final passage Saturday, The Hill reported.

Senate Majority Whip Dick Durbin, D-Ill., said the urgency of the housing crisis and the reversal of a threatened veto by President George Bush kept the measure alive.

"The White House has finally conceded to the bill," Durbin said. "That's key to getting it done."

On Wednesday, the House passed the measure by a vote of 272-152 with 45 Republicans supporting it

Among other things the bill would help prop up the financially troubled government-sponsored enterprises Fannie Mae and Freddie Mac. It would give the Treasury secretary the authority to offer the programs an unlimited line of credit and buy stock in the companies for 18 months. It also would tighten oversight of Fannie Mae and Freddie Mac.

The measure also would allow refinancing of up to $300 billion in distressed mortgages and enact provide tax breaks to help the housing market.