U.S. Senate Passes Housing Bill

The U.S. Senate passed a housing bill on Saturday designed to provide struggling homeowners with access to cheaper loans that will in turn bail out mortgage giants Freddie Mac and Fannie Mae.

The rare weekend session saw the housing bill pass 72-13 and the measure will now go before President George Bush who has already indicated he would sign it into law.

With the law in effect homeowners who are now struggling to meet mortgage payments would be able to refinance their loans to avoid foreclosure.

Republicans have criticized the measure declaring it was a bailout of irresponsible homeowners and manipulative lenders.

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