The Senate has come together on a Saturday, and after hours of discussion they have passed the new housing bill that will offer up to $300 billion dollars in loans for troubled homeowners, and come to the rescue of Fannie and Freddie.

“This legislation won’t perform miracles. But as others have said, it’s a step - and I hope an important step - to putting our nation on the road to economic recovery,” said Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee and a principal author of the bill.

These are the benefits that this bill will provide:

• Increase the Federal Housing Administration’s role
• Establish a stronger regulator for the GSEs
• Permanently increase “conforming loan” limits
• Create home-buyer credit
• Bar down-payment assistance for FHA loans
• Create an affordable housing trust fund
• Give grants to states to buy foreclosed properties

The nation is still shaken up from its financial crisis, but this week, it seemed like the Senate is prepared to pass a new housing bill to mainly prevent foreclosures. This measure is to strengthen Fannie and Freddie Mac to allow these two companies to come back up, along with giving homeowners a good mortgage to carry. If this new bill passes, expect to see these implemented changes.

• FHA Role Expansion
• Create a New Regulator for Fannie and Freddie
• Raise Conforming Loans
• Update FHA Rules
• Provide Housing-Related Tax Credits
• Help States Buy Foreclosed Properties

Whatever the case, the Senate knows that this bill is long overdue; no longer can the government hope to see this crisis taking care of itself. Changes need to be made, and all that’s needed now is for the House to accept this bill also.