Replies to post #2199 on °¿°

[Myself °¿°]

60m xlf

[Myself °¿°]

xlf 1m effort before the 10:00 New Home Sales

[Myself °¿°]

amazing huh?!...
http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm


New home sales down but better than expected... "feakin analyst and government revisions"

[Myself °¿°]

hmmm... Senate Agrees To Limit Debate On Housing Bill, Paving Way For Vote
7/25/2008 10:12 AM ET
http://www.rttnews.com/Content/Policy.aspx?Id=664971

(RTTNews) - A massive housing relief bill, including provisions to help struggling homeowners and backstop mortgage giants Fannie Mae (FNM: News, Chart, Quote ) and Freddie Mac (FRE: News, Chart, Quote ), passed a crucial test vote in the Senate Friday.

The cloture vote, which passed overwhelmingly by a vote of 80 to 13, limits debate on the bill and prevents a filibuster, which could have bottled up the bill indefinitely.

The vote paves the way for the Senate to pass the bill, which President Bush has said he will sign, as early as Saturday morning.

The measure was passed by the House Wednesday over the fiery rhetorical objections of a number of Congressional Republicans who were concerned that the provisions to shore up faltering mortgage giants Fannie Mae and Freddie Mac could be seen as bailing out bad investment decisions and putting taxpayers at risk of having to cover the $5 trillion in mortgages the two companies own or back.

But Democrats, lead by Rep. Barney Frank, D-Mass., denounced those claims as wildly inaccurate. He cited a Congressional Research Service report that estimated a better than 50 percent chance that no federal money would be needed to support Fannie and Freddie.

The report also estimated that if federal funds were needed it would likely cost no more than $25 billion over two years.

The president had initially threatened to veto the measure because it includes $4 billion in community development block grants to help cities and towns buy and rehabilitate foreclosed properties.

But White House Press Secretary Dana Perino said Wednesday that Treasury Secretary Henry Paulson had persuaded President Bush that the measures to support Fannie and Freddie were too urgent to risk a prolonged veto battle.

by RTT Staff Writer

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