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| Version 2 | Version 3 |
|---|---|
| US Senate approves housing bill | US Senate approves housing bill |
| (about 23 hours later) | |
| The US Senate has approved a rescue bill designed to prop up America's battered housing market. | The US Senate has approved a rescue bill designed to prop up America's battered housing market. |
| The new law creates a $300bn (£150bn) rescue fund to help thousands of homeowners get cheaper loans. | The new law creates a $300bn (£150bn) rescue fund to help thousands of homeowners get cheaper loans. |
| It may also be used to bail out the struggling mortgage giants Freddie Mac and Fannie Mae, which own or guarantee around half the nation's mortgage debt. | It may also be used to bail out the struggling mortgage giants Freddie Mac and Fannie Mae, which own or guarantee around half the nation's mortgage debt. |
| The bill has been approved in a very short time. President George W Bush is expected to sign it into law next week. | |
| The BBC's Jack Izzard in Washington says the bill will help hundreds of thousands of Americans trapped by mortgages they can no longer afford. | The BBC's Jack Izzard in Washington says the bill will help hundreds of thousands of Americans trapped by mortgages they can no longer afford. |
| They will be offered the chance to refinance with state-backed, fixed rate loans. | They will be offered the chance to refinance with state-backed, fixed rate loans. |
| Boom and bust | Boom and bust |
| The housing crisis is causing serious problems for the wider US economy. | The housing crisis is causing serious problems for the wider US economy. |
| Almost 740,000 US homes entered the foreclosure process in the second quarter of 2008, according to research firm RealtyTrac. | Almost 740,000 US homes entered the foreclosure process in the second quarter of 2008, according to research firm RealtyTrac. |
| The worst-hit areas were Nevada, California, Florida and Arizona, which had seen the biggest house price rises during the boom years, and the largest volume of sub-prime lending. | The worst-hit areas were Nevada, California, Florida and Arizona, which had seen the biggest house price rises during the boom years, and the largest volume of sub-prime lending. |
| The bill's Republican critics say it will cost US taxpayers billions, and query the wisdom of bailing out irresponsible homeowners or unscrupulous lenders. | The bill's Republican critics say it will cost US taxpayers billions, and query the wisdom of bailing out irresponsible homeowners or unscrupulous lenders. |
| President Bush had initially threatened to veto the bill over a provision for $3.9bn (£1.95bn) in community grants to buy up and repair repossessed homes. | President Bush had initially threatened to veto the bill over a provision for $3.9bn (£1.95bn) in community grants to buy up and repair repossessed homes. |