May 19, 2008 / 8:49 PM / 9 years ago

U.S. senators say have deal on housing rescue bill

WASHINGTON, May 19 (Reuters) - The two top members of the U.S. Senate Banking Committee announced on Monday that they have a deal that will create a multi-billion dollar mortgage rescue fund and a new regulator for Fannie Mae FNM.N and Freddie Mac.

“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,” Christopher Dodd, Democrat chairman of the Senate Banking Committee, said in a statement.

The deal he reached with Sen. Richard Shelby, the panel’s top Republican, will also create a new regulator for the two mortgage-finance giants.

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