Yesterday the US House of Representatives passed the bill which will now move on to the Senate for approval before it is signed into law.
The bill would also set up the first national licensing system for mortgage brokers and other loan officers.
The rescue bill includes a tax break of as much as $7,500 for first time buyers.
The National Association of Estate Agents in the UK has called on the government to heed the US Government’s late activity on their housing market and to take preventative action.
Chief executive Peter Bolton King says it is worrying to see that it has taken more than a million people losing their homes for the US administration to take action by introducing the housing rescue bill.
“The housing market is a pillar of our economy and whilst we are not in the same position as the US and it will require different solutions there are things that that our government can do to ease the pressure and ensure our situation does not worsen.”
He says the Bank of England needs to pump more liquidity into the mortgage markets to ensure people are able to find funding for mortgages.
King believes the government should also support more pro-active initiatives such as the blueprint recently drawn up by the Council of Mortgage Lenders.
“These are just some measures that will really help people and restore much needed belief in the market.”