The Senate has passed a housing rescue plan by a vote of 72-13 aimed at stemming the tide of foreclosures and shoring up Fannie Mae and Freddie Mac.

Senate passage of the bill comes only a few days after the House passed similar legislation (see House Approves Mortgage Rescue Plan). The bill contains various tax provisions that have received a mixed reaction. "Some homebuyers and current homeowners stand to benefit from the bill, but others will help pay for it with higher taxes down the line," predicted CCH principal tax analyst Mark Luscombe.

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