U.S. Congress OKs housing rescue bill

WASHINGTON, July 26 (Xinhua) -- The U.S. Congress approved on Saturday a wide-ranging housing rescue bill that will offer up to 300 billion U.S. dollars in assistance to troubled mortgage giants and homeowners. The bill, passed by 72 votes to 13 during a rare weekend session in the Senate, now will go to President George W. Bush, who is expected to sign the measure quickly. The bill won approval in the House on Wednesday by 272 votes to152. Under a provision put into the bill, Fannie and Freddie could draw on a temporary line of U.S. Treasury credit or the government could buy shares in them if necessary. The bill also contains a tax break of as much as 7,500 dollars for first-time home buyers, creates a new regulator to oversee Fannie and Freddie. It will also establish a 300-billion dollar fund under the Federal Housing... [read full story]