The Fannie and Freddie Show Latest

(MarketWatch) -- The quick rescue for Fannie Mae and Freddie Mac hammered out on Sunday doesn't look like it'll be quite that quick.

Shares of Fannie and Freddie rose dramatically on Wednesday after five straight days of losses. But while shares of each company climbed by a whopping 31%, the rescue plan still appeared to have some political distance to go as of Wednesday.

"It's looking slower today than it did yesterday," said David John, an expert on financial institutions at the Heritage Foundation.

The plan got support from House Financial Services Committee Chairman Barney Frank, D-Mass., on Wednesday but Republicans in both the House and Senate have voiced skepticism about the plan, which would extend an unlimited line of credit for both companies for 18 months and give the Treasury the authority for 18 months to buy stock in both companies.

House and Senate lawmakers are aiming to pass a bill including the plan by the end of next week. That's not a moment too soon, says John.

"Some indication needs to be made and made quickly that Fannie and Freddie will not be allowed to fail," John said in an interview on Wednesday.

Concern about what one Republican senator called a "blank check" is one obstacle to congressional blessing of the plan to help the struggling companies. The other is the means by which to approve it.

Democrats are aiming to attach the measure to a housing bill that includes a $300 billion program to head off foreclosures, as well as long-debated regulatory reforms for Fannie and Freddie But Republicans are throwing cold water on that idea. House Minority Leader John Boehner, R-Ohio, has called for hearings about the aid plan and said it shouldn't be linked to the foreclosure program.

To be sure, Congress isn't known for its lightning-fast movements. But at the same time, analysts say, it'd behoove lawmakers to get their acts together to help the companies and help shore up confidence in the mortgage market.

"I think it will go through. I think there's a sense of urgency about this," said Peter Morici, a business professor at the University of Maryland. "Because it has to go," he said, citing the $5.2 trillion of home mortgages owned or guaranteed by both companies.

Not everyone is optimistic about passage, though.

"I think it's going to get slowed down," said Bob Moulton, president of the Americana Mortgage Group. "I think it's going to cost taxpayers a fortune," said Moulton, echoing concerns raised by some senators on Tuesday.