Senate Passes Housing Bill

It already passed the house, so it will go to Bush, who says that he will sign it.

My guess on the total effect, very little, since there is no mechanism to encourage lenders to actually cut a deal.

The single thing that would help the most, and it would cost the government nothing would be to allow bankruptcy judges to modify mortgages for primary residences, as they can for investment and vacation property.

Maybe after January 21.