The Bush administration's plan to support mortgage giants Fannie Mae and Freddie Mac seems to have general support from all parties in government.

The firms hold or back $5.3 trillion in mortgage debt, accounting for about half of the nation's outstanding mortgages.

The companies are so large that their losses threaten to further destabilize the economy. Thus, the government has formed a plan to boost confidence in the mortgage houses and lend to the companies if necessary — at 2.25 percent, the same rate given to commercial banks and large Wall Street firms.

The purpose, according to the Federal Reserve, is to help the firms "promote the availability of home mortgage credit during a period of stress in financial markets."

The Treasury is seeking temporary authority to increase its line of credit to the two companies and even purchase shares of the firms if necessary. The Fed would also play a consultant's role in any new regulatory arrangements devised by Congress for Fannie and Freddie.

Both the House and the Senate have acted on the administration's plan, formed Sunday. The House is advancing a foreclosure rescue program as well that would allow struggling homeowners to obtain more affordable mortgages through the Federal Housing Administration.

The goal, said the Treasury, is to make sure the companies have "sufficient capital to continue to serve their mission" of providing money for home mortgages.

Both the White House and Congress appear to be on the same page. The intent is to stabilize the mortgage giants, calm the housing market and prevent the credit crunch from overwhelming the economy.

It is the right thing to do and should help ease the fears of consumers and investors alike, which is important.