US approves housing market rescue bill

The US Congress has approved a multi-billion pound housing market rescue bill amid fears over mortgage titans Fannie Mae and Freddie Mac. The bill establishes offers emergency financing to the beleaguered lenders as well as a £150 billion fund to help hundreds of thousands of homeowners to get more affordable, government-backed mortgages and get out from ones they cannot afford. The US is currently in its deepest property slump since the Great Depression The US is currently in its deepest property slump since the Great Depression and the bill has been approved by the Senate in a 72-13 vote having been passed by the House of Representatives on Wednesday. Fannie Mae and Freddie Mac, the largest US mortgage companies, own or guarantee almost half the country's $12 trillion in outstanding home mortgage debt and rattled global... [read full story]