Tax News

CCH (cch.taxgroup.com) reports:

House Democratic leaders said they are considering reworking the Senate-passed housing bill (HR 3221) to include provisions that address the financial problems facing Fannie Mae and Freddie Mac. House Majority Leader Steny Hoyer, D-Md., said that Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass., are working with the administration to produce legislation that would be added to the housing bill. Hoyer said the measure could come before the House during the week of July 21.
The Senate completed work on July 11 on HR 3221, passing the housing bill by a margin of 63 to 5 (TAXDAY, 2008/07/14, C.1). The measure, which includes nearly $14.5 billion in tax relief, was expected to generate a swift conference agreement between the House and Senate lawmakers. However, continued weakness in the nation's housing market combined with concern over the financial stability of the two government sponsored housing enterprises have prompted lawmakers and the administration to consider broadening the scope of the housing bill. The Bush administration has spoken in favor of stronger oversight of Fannie Mae and Freddie Mac.
By Stephen K. Cooper, CCH News Staff.