The US Senate Saturday passed a multi-billion- dollar bill to address the ongoing crisis in the American housing market, paving the way for US President George W Bush to sign the long-waited rescue package next week. The legislation will allow some 400,000 struggling homeowners to refinance into government-backed, low-interest loans and approves a contingency plan in the event that mortgage giants Fannie Mae and Freddie Mac are threatened with collapse. The 72-13 Senate vote came after the House of Representatives approved the measure and Bush dropped his opposition to the bill earlier this week. US Treasury Secretary Henry Paulson reportedly urged the White House to support the measure because of the added rescue plan for Fannie Mae and Freddie Mac, which together manage nearly half of the 12-trillion-dollar US mortgage market.
