Lawmakers Agree on Outline of Big Housing Pact

Bill Includes Relief For Fannie, Freddie; Tense Negotiations

By MICHAEL R. CRITTENDEN and DAMIAN PALETTA
July 23, 2008; Page A3

WASHINGTON -- House and Senate leaders have largely hammered out a compromise deal on a mammoth housing package that would permit the government to bolster Fannie Mae and Freddie Mac in an emergency, overhaul supervision of the housing-finance giants and allow the government to insure up to $300 billion in refinanced mortgages.

The deal comes after tense negotiations and is likely to remain a source of contention when the House of Representatives votes Wednesday. The nonpartisan Congressional Budget Office said Tuesday that a temporary measure to prop up Fannie Mae and Freddie Mac could cost the government as much as $25 billion. And despite repeated White House veto threats, lawmakers plan to include a $4 billion program that would allow local governments to buy and rehabilitate foreclosed properties.

It remained unclear whether the White House would follow through on veto threats, particularly because administration officials have actively lobbied in support of major provisions.

"It's a lengthy bill and we're reviewing the language," White House spokesman Tony Fratto said. "It's clear that the Democrats chose to play politics with the legislation, and unfortunate that they're doing it with legislation that will prevent systemic risk to our financial system."

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More Home Buyers Seek Sleepover 'Test Drive'

By AMY HOAK
July 15, 2008; Page D7

In most markets, home buyers have the upper hand these days. That often means they have greater negotiating power when it comes to price or the ability to squeeze out extra perks from sellers.

But on occasion, they will ask a seller for even more, a request that will help get to know the home better. They will ask to sleep over.

As reality programs such as TLC's "Date My House" and HGTV's "Sleep On It" show buyers spending a considerable amount of time -- and sometimes an entire night -- in homes they are considering, some buyers in the real world are getting the chance to do the same.

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