WASHINGTON – After months of partisan wrangling that included some key disagreements between Congress and the White House, the Senate is scheduled to vote tomorrow on the housing relief bill.
The House approved the measure (H.E. 3221) on Wednesday, mostly along party lines. Most House Republicans opposed it, complaining about the cost and the provisions to give the Treasury Department to buy shares of Fannie Mae and Freddie Mac.
The bill sets up a fund, financed by Fannie Mae and Freddie Mae, to provide government loans to help some of the victims of the subprime mortgage crisis refinance their mortgages. It also strengthens regulatory oversight of Fannie and Freddie.
The credit union trade associations support the measure, citing the importance of having a strong Fannie and Freddie to purchase mortgages from credit unions.
Although the Senate is often less partisan than the House, Senate Majority Leader Harry Reid (D-Nevada) on Friday criticized the GOP for delaying passage of the measure, which he predicted the chamber would approve.
If the Senate passes the bill, it would be sent to President Bush who has said he will sign it, even though he had previously expressed reservations about it.
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