05-19-08

The top members of the US Senate Banking Committee have just come to an agreement over a new housing aid package, the agreement also includes enhanced Fannie Mae and Freddie Mac regulation.

Both Committee Chairman Christopher Dodd (Democrat Connecticut) and Richard Shelby (Republican Alabama) have agreed to the bill and the proposed legislation will be up for a vote Tuesday morning.

One of the compromises listed was that the earning from Fannie Mae and Freddie Mac would be used in part to help fund the new aid package. There are further considerations and compromises but those have not yet been revealed.

Eyes will be on capital hill tomorrow as this aid package goes up for a vote. It is hopped that with some of the compromises that most Republicans would be willing to support the measure that could provide real housing and foreclosure relief to hundreds of thousands of Americans.

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