Bush will sign the law to rescue homeowners
by Livia Cseresova
George Bush said he would sign the bill approved by the Congress in spite of some reservation. The bill is going to help 400,000 homeowners.
The bill, which is said to be the most significant housing legislation in decades lets homeowners, who aren’t able to afford their payment refinance into more affordable government-backed loans, so they won’t lose their homes.
The measure also offers a financial lifeline to mortgage companies Freddie Mac and Fannie Mae and tightens controls over the two businesses.
The House passed the bill on Wednesday and in a rare Saturday session, the Senate voted 72-13 to send it to president.
Tony Fratto, deputy White House press secretary said: "Because of the Democratic Congress' delays and the need for action now, President Bush will sign this bill when he receives it, despite our concerns with some provisions, including nearly $4 billion to help lenders, not the homeowners this legislation is intended to serve."
A lot of Republicans really wanted to get behind a housing rescue. But a request for emergency power of Treasury Secretary Henry M. Paulson to rescue Mac and Mae helped to push the measure through, just as a creation of regulator with stronger reins on the government-sponsored companies.
Sen. Christopher J. Dodd said that “the Congress of the United States can actually get things done, and can work together to achieve a good result."
But Republicans weren’t willing to celebrate. Even in the House, more than three-quarters of them voted against the bill.
Its goal is to spare 400,000 troubled homeowners and to increase to $625,000 the size of home loans that Freddie Mac and Fannie Mae can insure. The mortgage giants may also buy and back mortgages 125 percent higher that the median home price in some areas.
And the Treasury Department –until the end of 2009- gains unlimited power to lend money to Fannie Mae and Freddie Mac or buy their stock if they need it.
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, which is said to be the most significant housing legislation in decades lets homeowners, who aren’t able to afford their payment refinance into more affordable government-backed loans, so they won’t lose their homes.
The measure also offers a financial lifeline to mortgage companies Freddie Mac and Fannie Mae and tightens controls over the two businesses.
The House passed the bill on Wednesday and in a rare Saturday session, the Senate voted 72-13 to send it to president.
Tony Fratto, deputy White House press secretary said: "Because of the Democratic Congress' delays and the need for action now, President Bush will sign this bill when he receives it, despite our concerns with some provisions, including nearly $4 billion to help lenders, not the homeowners this legislation is intended to serve."
A lot of Republicans really wanted to get behind a housing rescue. But a request for emergency power of Treasury Secretary Henry M. Paulson to rescue Mac and Mae helped to push the measure through, just as a creation of regulator with stronger reins on the government-sponsored companies.
Sen. Christopher J. Dodd said that “the Congress of the United States can actually get things done, and can work together to achieve a good result."
But Republicans weren’t willing to celebrate. Even in the House, more than three-quarters of them voted against the bill.
Its goal is to spare 400,000 troubled homeowners and to increase to $625,000 the size of home loans that Freddie Mac and Fannie Mae can insure. The mortgage giants may also buy and back mortgages 125 percent higher that the median home price in some areas.
And the Treasury Department –until the end of 2009- gains unlimited power to lend money to Fannie Mae and Freddie Mac or buy their stock if they need it.
| by Livia Cseresova 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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