Senate to Vote on Housing Market Rescue Bill

[flip_it_fast]

The US Senate is expected to vote on the Housing Market Rescue Bill as early as today. This bill allows refinancing on distressed mortgages and will create a new regulator for Fannie Mae and Freddie Mac. This legislation is similar to the one passed in May by the Senate Banking Committee.

"Democratic leaders still believe they can send the bill to the president by the Independence Day recess, though this task gets harder as each day ticks by," said Jaret Seiberg, financial services policy analyst at Stanford Group Co, an investment firm.

By Patrick Rucker and Kevin Drawbaugh

I hope they can get this done before the Independence Day recess. Too many families are being forced out of their homes and cannot afford to wait any longer on something to be done for them.

Senate to Vote on Housing Market Rescue Bill