Source: Kenneth Harney, Washington Post ( Free Registration )

After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval.

Although it has hundreds of pages and contains dozens of initiatives, including revamping federal oversight of the mortgage giants Fannie Mae and Freddie Mac, the centerpiece is a $300 billion program, called Hope for Homeowners, designed to provide refinancing lifelines to as many as 400,000 homeowners in deep trouble on their loans.

But what are the specifics? Who would be able to qualify for help? How quickly would Hope be up and running, and how long would it run? Are there any key drawbacks or limitations?

Read Full Article: Congress’ long delayed mortgage legislation