Housing bill clears hurdle, vote seen Saturday

[cal04]

Source: Reuters

The U.S. Senate voted on Friday to limit debate on a bill aimed at shoring up both the housing market and mortgage finance companies Fannie Mae and Freddie Mac, paving the way for a final vote expected on Saturday.

Earlier this week, the White House lifted a threat to veto the measure, which has already passed the U.S. House of Representatives. The bill includes provisions for the Treasury Department to offer Fannie and Freddie a bigger line of credit and buy stakes in the companies, if needed.

Lawmakers have moved with uncommon speed since Treasury Secretary Henry Paulson asked for the emergency measures to bolster confidence in the two biggest sources of U.S. housing finance on July 13. The Senate's 80-13 vote to limit debate starts the clock ticking toward a final vote.

In addition to the throwing a lifeline to Fannie and Freddie, the sweeping legislation would authorize the Federal Housing Administration to refinance $300 billion of failing mortgages and provide communities hard-hit by home foreclosures with about $4 billion in federal aid.

Read more: http://www.reuters.com/article/politicsNews/idUSWAT00984720080725

[lib2DaBone]

1. Is it true..?

Can anyone comment... I heard that hidden in this bill is a provision that will require that all credit card transactions now be reported directly to the IRS. Is this true or is this rumor? Don't they already have access to all credit card data? Wondering what they are up to? (Whatever it is you can bet it is no good for anyone other than the Bankster/Gangsters) :think:

[Juneboarder]

2. I haven't heard of that...

but I'm definitely interested to find out what how the bill reads.