Members of the Senate have reached a bipartisan agreement on a bill
  designed to prevent foreclosures. Both sides made concessions, and it appears that the White House may be happier with the new version as well. The New York Times reports on the Bush Administration response:

Tony Fratto, a spokesman for the White House, said the administration
still needed to review the specific language in the bill. But, he said:
“We appreciate and encourage the efforts to create a strong,
independent regulator” for the government-sponsored mortgage finance
companies. “We’ll look forward to seeing the details of the bill,” he
added, “especially provisions to expand programs of the Federal Housing
Administration.”

The House has already passed a housing relief bill that may need to be tweaked now, in order to bring it in line with the new version that is heading to the floor of the Senate.