Key provisions of the bill

July 27, 2008

Creates an agency with a director appointed by the president to oversee mortgage giants Fannie Mae and Freddie Mac, and authorizes the US Department of Treasury to extend an unlimited line of credit to keep them afloat.

Authorizes government-backed mortgages for borrowers at risk of foreclosure; provides new tax credits to first-time homebuyers as well as property tax deductions; imposes new standards for licensed brokers and mortgage contracts.

Provides $4 billion to redevelop abandoned and foreclosed properties; creates a permanent affordable housing trust fund; creates tax-exempt bonds to refinance bad mortgages.