Major housing bill nears passage by ProQuest

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Following weeks of debate and threat of a veto from Pres Bush, the Foreclosure Prevention Act of 2008 passed the Senate by a vote of 63 to 5, shepherded by Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) and ranking member Sen Richard Shelby (R-Alabama). The bill creates a new government-sponsored enterprises regulator, appointed by the president and confirmed by the Senate to a five-year term, with oversight authority similar to that of other bank regulators. The bill also establishes a new affordable-housing fund and capital-magnet fund to be funded by a 4.2 basis point fee on all new loans while raising the conforming loan limit to the local median home price, not to exceed $625,500, effective Jan 1, 2009.

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