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Sat 07 Jul 2008US Congress approves mortgage rescue plan
The US Congress approved a massive housing market rescue bill today, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.
Approved by the Senate in a 72-13 vote, the bill was passed by the House of Representatives on Wednesday and President George W. Bush is expected to sign it promptly.
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