Bush Signs Wide-ranging Housing Rescue Bill

President George W. Bush Wednesday signed a wide-ranging housing rescue bill that will offer up to 300 billion U.S. dollars in assistance to troubled mortgage giants and homeowners.

We look forward to put in place new authorities to improve confidence and stability in markets, White House spokesman Tony Fratto said in a statement after the signing.

The Federal Housing Administration would begin right away to implement new policies intended to keep more deserving American families in their homes, he noted.

The legislation, passed by 72 votes to 13 during a rare weekend session in the Senate, also won approval in the House last week by 272 votes to 152.