July 24 (Bloomberg) -- The U.S. Senate plans to consider the housing legislation designed to shore up confidence in Fannie Mae and Freddie Mac and stem record mortgage foreclosures after the House of Representatives approved it yesterday.
House members voted 272-152 in favor of the measure, which lawmakers and administration officials expect will be passed in the Senate and signed into law by President George W. Bush. The bill gives Treasury Secretary Henry Paulson power to inject capital into Fannie Mae and Freddie Mac and provides for a federal agency to insure refinanced home loans.
Paulson overcame opposition within his own party after some Republicans said the bill risked taxpayer funds and fell short on overhauling the mortgage-finance firms. The Treasury chief said the measure was critical to U.S. financial-market stability and persuaded Bush to drop a veto threat.
``This is the most important piece of housing legislation in a generation,'' Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, told reporters in Washington yesterday. Paulson said he was ``pleased'' with the vote and would ``look forward to working with the Senate'' to get the bill to Bush's desk for signing this week.
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