Bush Clears Way For Housing Bill, Financials Rally Again (FNM, FRE, BAC, C, WFC)

Financial stocks are higher again today, helped by news President Bush will drop his opposition to the housing bill, clearing the way for House approval on Wednesday.

The bill will help struggling homeowners get new, cheaper loans and will provide backing to large mortgage players Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), which guarantee $5.2 trillion in U.S. mortgages.

Financial on the move:
Fannie Mae (NYSE: FNM) 20% HIGHER
Freddie Mac (NYSE: FRE) 15% HIGHER
Bank of America Corporation (NYSE: BAC) 4.7% HIGHER
Citigroup Inc. (NYSE: C) 4.3% HIGHER
Lehman Brothers Holdings Inc. (NYSE: LEH) 5% HIGHER
Wells Fargo (NYSE: WFC) 4% HIGHER
Wachovia (NYSE: WB) 12.7% HIGHER

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