Congress Passes Housing Bill; Sends Package To White House For President's Approval

The New York Times reports:

• Hoping to stretch a safety net under the nation’s tumbling housing market, the Senate on Saturday overwhelmingly approved a huge package of legislation that includes a program to save hundreds of thousands of families from losing their homes to foreclosure.

For more, see Congress Sends Housing Relief Bill to President.

For other stories that describe some of the key provisions of the bill, see:

• Wall Street Journal: Housing Bill Relies on Banks To Take Loan Losses (Lawmakers Pressure Lenders to Pitch In To Curb Foreclosures).
• NBC Nightly News: Senate approves massive housing aid bill (video only),
• ABC News: Who Does the Housing Bill Help? (Bailout Could Help 400,000 of 2.5 Million in Foreclosure),
• The Associated Press: Congress sends homeowner rescue bill to Bush (Plan considered the most significant housing legislation in decades),
• Reuters: Congress approves housing bill.

Go here for a copy of the new law, the American Housing Rescue and Foreclosure Prevention Act (go here for House Financial Services Committee press release describing some of the key provisions of the new law).