Senate

House Passes Mortgage, GSE Aid Bill 

As expected, the House of Representatives on Wednesday passed legislation that will expand the FHA’s mortgage reach for troubled borrowers, and establish a Treasury backstop for Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock]. The Housing and Economic Recovery Act of 2008 passed the House by a 272 to 152 margin, and now heads to the Senate, where it is expected to pass muster by Friday before heading to President Bush for signing.