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Bush Signs Foreclosure Rescue Bill
In the last ditch effort to address the foreclosure rise as well as the decline in home prices, US President George W. Bush finally signed the very controversial housing bill that basically involve a foreclosure rescue package. It actually took a long time for this bill to be approved as never-ending debates waged on between legislators.
The said package includes the granting of $4 billion to states so that they could buy and then repair foreclosure properties. In addition, Freddie Mac and Fannie Mae are set to be rehabilitated in order for these federal institutions to be managed better. They will be prepared for the accommodation of the $300 million provision that will help distressed homeowners shift to government-backed loans in order to avoid foreclosure.
Although this law has been opposed by the Bush Administration in the beginning, the decision to do was reversed since the new legislation included several key housing reforms that the Administration has been supporting. It also included offering of tax breaks for buyers, setting up of national licensing system for loan officers and mortgage brokers and increasing the ceiling of mortgage amount that the federal agencies Freddie Mac and Fannie Mae can guarantee.
The signing of the law coincided with the record decline of home prices from last year and the drop in the Standard & Poor’s / Case Shiller composite index for 20 metro areas. The index fell by 15.8 percent compared to May 2007.
It was signed in the Oval Office at 7 am this morning by the President together with the economic team, headed by Treasury Secretary Henry Paulson, who played a major role in the negotiation between the Democrats and Republicans.
Every American is hoping that the signing of the foreclosure rescue legislation will be a big step toward the end of the foreclosure crisis and recovery of the nation.
July 30, 2008 at 09:09 am by cassy82, 731 views, 4 comments
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cassy82
Los Angeles, ifornia, United States Minor Outlying Islands





Most RecentMost Recommended Comments (4)
at 09:13 on July 30th, 2008
cassy82, I like this story. It's good stuff.
at 13:00 on July 30th, 2008
Even if this bandaid could work to restart the failing economy, which it won't, there is another interesting aspect to all of this.
In a country that reviles the terms 'Socialism' and 'Communism' what do we have here? Government assisting people who cannot pay their mortgages, and bailing out unprofitable banks and mortgage lenders, businesses and individuals that failed to conduct their affairs in a way that would be considered in keeping with prudent business practices?
In a 'Capitalist' system shouldn't these people and banks be responsible for their own failures and go bankrupt? Why should the state and the taxpayers have to cover them for their bad judgment and mistakes made in the marketplace?
Socialism pure and simple!
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shelli516 (not verified)at 04:20 on August 1st, 2008
Well this is rewarding people who get over their heads again. I want a big house with expensive taxes. And then its the banks fault. And, If I have a baby I want Uncle Sam to pay for it? And I want to give the World a big hug by giving them NAFTA. I really don't want good paying jobs in the USA do you? Now get out there and buy your grand kids those tainted toys.
at 07:37 on August 25th, 2008
Everybody makes bad decision whether its with picking and marring the wrong man or woman or making a financial mistake, I bet you never knew Donald Trump the so called Billionaire filed BANKRUPTCY over four times!!! people don't always make the proper decision and need help sometimes. Stop passing judgement and help people, you will find that you all have made horrible mistakes in your life with other things. That you are not proud of...so give people a break so what we all screw up this self righteous crap about Capitlist and Socialist is a bunch of garbage people make mistakes and need help if you haven't made the same mistake or if you had better credit and was not screwed like most of these people be happy for yourself and them I applaud the government and BUSH for helping people. The government spends Billions of out tax dollars on dumb PORK BARREL projects that are clearly a waste of all our money.