Omnibus housing legislation poised for vote

A sweeping housing bill that would aid ailing mortgage giants Fannie Mae of Washington and Freddie Mac of McLean, Va., and help struggling mortgage holders is one step closer to becoming law today after the Senate voted 80-13 to limit debate on the legislation.

The Senate is now poised to approve the American Housing Rescue and Foreclosure Prevention Act and send it to President Bush, who has vowed to sign the bill into law.

The Senate is expected to vote on the measure Saturday.

House Financial Services Committee chairman Barney Frank, D-Mass., and Housing and Community Opportunity Subcommittee chairwoman Maxine Waters, D-Calif., today called on the mortgage industry to delay or cancel foreclosures until the prospective legislation goes into effect Oct. 1.

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