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BREAKING 7-30-08 President Bush Signs Housing Bailout Bill: Freddie Mac & Fannie Mae Saved
Wednesday, Jul 30, 2008 8:22am
WASHINGTON, D.C. From CNN (By: Tom Pace, Talk of the Town) BREAKING ECONOMIC NEWS: 10:30am 7-30-08  Like the Lone Ranger, Washington is coming to the rescue of homeowners facing the plight of foreclosure.  President George Bush signed the measure into law this morning, after it was passed by the Senate and the House.

The new law, one of the most far-reaching on housing in decades, marks the centerpiece of Washington's efforts to address the nation's housing meltdown, says CNN.

The legislation has two principal objectives: to offer affordable government-backed mortgages to homeowners at risk of foreclosure, and to bolster Fannie and Freddie with a temporary rescue plan and a new, more stringent regulator.

The White House last week reversed its long-standing threat to veto the bill. In fact, the administration still objects to parts of the legislation, including aid to states to buy foreclosed properties. aims to boost the struggling housing market and bolster mortgage finance giants Fannie Mae and Freddie Mac.

The Senate voted 72-13 in favor of the bill on Saturday, after the House passed it three days earlier.

"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac," said White House spokesman Tony Fratto. "The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."

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