Rescue Package Awaits Bush Signature

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President Bush is set to approve an historic housing rescue package.

The bill, approved by the Senate in a rare weekend session, includes help for 400,000 people at risk of foreclosure.

If homeowners can not afford their current mortgage payments, they will be eligible to refinance into fixed-rate loans backed by the government.

Once it is signed, the new law will also give first-time home buyers a tax credit of up to $7,500.

It also offers a temporary financial lifeline to mortgage giants Fannie Mae and Freddie Mac.

Sen. Christopher J. Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, said, "This is far more than sending a bill to the president's desk for his signature. It's sending a message to the American people that the Congress of the United States - despite an alternative reputation - can actually get things done, and can work together to achieve a good result."

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