Senate Passes $150 Billion Stimulus Plan

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Senate Passes $150 Billion Stimulus Plan
Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies, will be allowed to buy loans worth as much as $729,750 for loans made between July 31, 2007 and Dec. 31, 2008, an increase over the current $417,000 loan limit, a move that could help struggling homeowners to refinance large mortgages at a lower interest rate. It will also allow the Federal Housing Administration to insure loans as high as $729,750 in expensive markets.  

Additionally, Congress on late Thursday approved a $168 billion stimulus bill designed to boost the sagging economy through tax rebates and business tax breaks.

The bill calls for individuals earning up to $75,000 and couples earning up to $150,000 to earn rebates of as much as $600 and $1,200, respectively. Taxpayers receiving the rebates additionally will receive $300 per child.

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