The New York Times reports today on a massive housing bill that overcame a number of hurdles in the Senate yesterday. The Times points out that this housing legislation is "the most sweeping government overhaul of mortgage financing since the New Deal."
Read more from the NY Times:
With sinking home values continuing to drag down the economy, Congress is poised to approve a huge package of housing legislation, including a refinancing program aimed at rescuing hundreds of thousands of homeowners in danger of foreclosure and the most sweeping government overhaul of mortgage financing since the New Deal.
Lawmakers moved with increasing urgency on Tuesday after a closely watched housing index showed prices nationally had declined in April by more than 15 percent from a year earlier. Senator Harry Reid of Nevada, the majority leader, threatened to keep the Senate in session through the Fourth of July holiday to finish the housing measure, if needed. The House has already approved similar legislation.