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Sep 03 2008

Bush signs housing rescue plan into law

Posted by: in News

Source: Reuters

As home foreclosures rise and property values slump, U.S. President George W. Bush on Wednesday signed into law a rescue package that includes emergency backstops for mortgage financing companies Fannie Mae and Freddie Mac.

Despite opposition to a provision that offers $4 billion in grants to states to buy and repair foreclosed homes, Bush reversed his opposition to the overall legislation because it included numerous other key housing reforms.

The new law boosts oversight of Fannie Mae and Freddie Mac, which own or guarantee almost half the country’s $12 trillion in home mortgage debt. It also expands a temporary line of U.S. Treasury credit and gives the government the option to buy shares in them if they ran into trouble.

“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.

Bush signed the measure in the Oval Office shortly after 7 a.m. EDT with his economic team on hand, including Treasury Secretary Henry Paulson who helped negotiate the package with the Democratic-controlled Congress….

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  1. Bush signs housing rescue plan into law Source: Reuters As home foreclosures rise and property values slump,...
  2. Bush signs housing rescue plan into law Source: Reuters As home foreclosures rise and property values slump,...
  3. Bush signs housing rescue plan into law Source: Reuters As home foreclosures rise and property values slump,...
  4. UPDATE: Bush quashes Fannie and Freddie bailout talk Via: FT.com The Bush administration on Friday attempted to quash...
  5. Bush Signs Spy Bill, ACLU Sues Via: Wired.com The American Civil Liberties Union filed suit Thursday...

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