H.R. 634, The Federal Housing Finance Regulatory Reform Act of 2008, was passed by the U.S. Senate Committee on Banking, Housing and Urban Affairs by a vote of 19-2. The bill includes foreclosure prevention initiatives and reform to the regulation of the government-sponsored enterprises that will improve their role in the housing finance system. "The bill addresses the root of our current economic problems -- the foreclosure crisis -- by creating a voluntary initiative at no estimated cost to taxpayers which will help Americans keep their homes," an announcement from the committee stated.
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