WASHINGTON - The Congress approved a massive housing market rescue bill Saturday, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.
The bill was approved by the Senate in a 72-13 vote. It was passed by the House of Representatives Wednesday. President Bush was expected to sign it promptly.
Sen. Carl Levin, D-Mich., said the legislation will "help keep struggling families in their homes" and help keep "declining property values stable."
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