Bush quietly signs mortgage measure
by Magdalena Rosova
President Bush signed a housing bill on Wednesday planning to save 15 percent of the poor homeowners who are afraid of foreclosure in the next year.
The bill was signed early in the morning and out of public view. The legislation is considered as the most important housing bill in decades. It was approved by lawmakers trying to answer to the growing housing crisis.
"By expanding homeownership opportunities and protecting families against foreclosure, we are helping keep the American Dream alive," said House Speaker Nancy Pelosi.
The layout includes $300 billion in new loan authority for the government to back cheaper mortgage, $3.9 billion for communities to fix up foreclosed properties and $15 billion in tax cuts, estimating low-income housing tax and credit $7,500 for first-time home buyers.
Forecasts says around 2.8 million homeowners could lose their homes by the end of 2009. About 400,000 having trouble with payments could avoid it by trading their loans for new, more convenient.
The White House tried to calm markets. It offers temporary but unlimited credit for troubled government-sponsored mortgage companies Fannie Mae and Freddie Mac.
The House passed the bill a week ago. Senators voted on Saturday and sent it to the president. Many Republicans supported the bill. Bush signed the bill even though he emerged he would veto it.
Bush withdrew his veto threat last week, reasoning that homeowners cannot wait any more. Bush's quiet signing seemed as he wanted to avoid being seen as not helping Americans in crisis and avoid association with a bill that many in the GOP opposed.
related story: http://news.yahoo.com/s/ap/20080730/ap_on_go_pr_wh/housing_bill;_ylt=AjdoVqFjWncDF3Wd2QoK_x2s0NUE
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
The bill was signed early in the morning and out of public view. The legislation is considered as the most important housing bill in decades. It was approved by lawmakers trying to answer to the growing housing crisis.
"By expanding homeownership opportunities and protecting families against foreclosure, we are helping keep the American Dream alive," said House Speaker Nancy Pelosi.
The layout includes $300 billion in new loan authority for the government to back cheaper mortgage, $3.9 billion for communities to fix up foreclosed properties and $15 billion in tax cuts, estimating low-income housing tax and credit $7,500 for first-time home buyers.
Forecasts says around 2.8 million homeowners could lose their homes by the end of 2009. About 400,000 having trouble with payments could avoid it by trading their loans for new, more convenient.
The White House tried to calm markets. It offers temporary but unlimited credit for troubled government-sponsored mortgage companies Fannie Mae and Freddie Mac.
The House passed the bill a week ago. Senators voted on Saturday and sent it to the president. Many Republicans supported the bill. Bush signed the bill even though he emerged he would veto it.
Bush withdrew his veto threat last week, reasoning that homeowners cannot wait any more. Bush's quiet signing seemed as he wanted to avoid being seen as not helping Americans in crisis and avoid association with a bill that many in the GOP opposed.
related story: http://news.yahoo.com/s/ap/20080730/ap_on_go_pr_wh/housing_bill;_ylt=AjdoVqFjWncDF3Wd2QoK_x2s0NUE
| by Magdalena Rosova for PocketNews (http://pocketnews.tv) |
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>
edited by Beata Biskova
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