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U.S. Senators reach deal on housing rescue-sources

Thu May 15, 2008 3:44pm EDT

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WASHINGTON, May 15 (Reuters) - Key members of the U.S. Senate have reached a deal on a sweeping housing rescue plan that would see Fannie Mae (FNM.N) and Freddie Mac (FRE.N) backstop a government mortgage insurance fund, two industry sources said on Thursday.

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Sen. Christopher Dodd, chairman of the banking committee, said that a deal had not been finalized. But the plan outlined by the sources says the two mortgage finance giants would offer the funds to cover the costs of a $300 billion mortgage rescue fund.

Reform legislation for Fannie Mae and Freddie Mac envisioned a housing fund sponsored by the two government-sponsored enterprises and the deal will send those funds to the new mortgage refinance project. (Reporting by Patrick Rucker, Kevin Drawbaugh; Editing by Dan Grebler)

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