Bush signs housing bill

WASHINGTON, July 30 (UPI) -- U.S. President George Bush signed a housing bill Wednesday that provides relief for homeowners and sets up a rescue plan for federal mortgage guarantors.

The measure will offer up to $300 billion in loans for troubled homeowners and provides oversight for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

"We look forward to put in place new authorities to improve confidence and stability in markets and to provide better oversight for Fannie Mae and Freddie Mac," White House spokesman Tony Fratto said.

"The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes," Fratto said.

The U.S. House of Representatives and U.S. Senate overwhelmingly passed the measure last week.