Good news on the AP wire from DC (emphasis added):

WASHINGTON, May 19 (Reuters) - Leaders of the U.S. Senate Banking Committee said on Monday they had reached a deal on legislation to create a multibillion dollar mortgage rescue fund and a new regulator for housing finance companies Fannie Mae and Freddie Mac.

The plan would enable the Federal Housing Administration to guarantee billions of dollars in refinanced mortgages for homeowners whose properties have fallen in value since they took out their loan.

“The bill addresses the root of our current economic problems — the foreclosure crisis — by creating a voluntary initiative at no estimated cost to taxpayers which will help Americans keep their homes,” Democratic Sen. Christopher Dodd, the committee’s chairman, said in a statement…

“This is a victory for the taxpayers. As far as the housing component is concerned, we’re not funding this… with taxpayers’ money,” Alabama Sen. Richard Shelby, the panel’s top Republican, said on CNBC.

A quick google news search brings up another source with even more info on the planned bill.

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