The U.S. Senate, approved H.R. 3221 Saturday on a vote of 72-13. The House of Representatives passed the bill 272-152 on Thursday. President Bush, who had originally threatened to veto the bill, has now promised to sign the legislation. The legislation is designed to help as many as 400,000 borrowers by allowing them to re-finance high-cost adjustable-rate mortgages with 30-year-fixed loans. Under the bill, the Federal Housing Administration is permitted to insure $300 billion in new loans for the massive refinance program.
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