The Senate has passed the $300-billion housing bill aimed at helping to shore up the struggling housing market. The landmark bill, which passed by a 72 to 13 margin, contains measures to help establish a government rescue of mortgage finance giants Fannie Mae and Freddie Mac. It also offers a $7500 tax credit for first-time home buyers,establishes higher conforming loan limits for Fannie Mae and Freddie Mac and creates an affordable housing trust fund to be funded by proceeds from Fannie and Freddie.
President Bush, who until recently had vowed to veto the bill, is expected to sign it soon.
For more details about the bill and it's provisions, go to CNN.com
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