A massive housing rescue package passed the Senate on Saturday after President Bush reluctantly dropped his opposition last week. The measure, which provides 300 billion dollars to help save 400,000 homeowners from foreclosure nationwide, is widely regarded as the single most important housing legislation in a generation. Upon closer examination, it appears Congress is actually tossing two lifelines – one to distressed homeowners and one to our best friends, Fannie and Freddie.

The panic over the mortgage collapse and its wide-ranging consequences for the national and global economy led to Congress passing a $300 billion bailout plan for lending giants Fannie Mae and Freddie Mac this week just as newspapers were putting the finishing touches on their sans-serif "Apocalypse" typesettings. How nice for Fannie and Freddie that help was forthcoming in the form of a taxpayer-financed buy-out. Guess those millions they've poured into lobbying and campaign contributions through the years have paid off.