The U.S. Senate has passed a major bill to provide government support
for financially troubled homeowners and two of the country's largest
mortgage lenders.
Senators voted 76-13 in favor of the measure Saturday during a rare Saturday session.
The
House of Representatives passed the bill Wednesday. President Bush says he will sign it into law when it reaches his desk.
The
legislation establishes a $300 billion fund to provide more affordable
loans to homeowners who are struggling to pay their mortgages.
It
also will allow the Treasury Department to expand government support
for two of the nation's biggest lenders, Fannie Mae and Freddie Mac.
The two government-sponsored companies have lost billions of dollars due to a wave of mortgage defaults.
Some information for this report was provided by AP.
