Follow up to July 23, 2008 posting on the House passage of H.R. 3221, on July 26 the Senate passed the bill, which now goes to the President for signature.
CBS/AP: “Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.”
The bill “establishes the Federal Housing Finance Agency (FHFA), an independent agency, to oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Empowers FHFA with broad supervisory and regulatory powers over the operations, activities, corporate governance, safety and soundness, and mission of the GSEs [government-sponsored enterprises]. Provides new and more flexible authority to establish minimum and risk-based capital requirements.”
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