Wednesday, July 30, 2008

Housing Relief Bill Update

President Bush signed the housing relief bill that would help 400,000 homeowners who have defaulted on mortgage payments. The bill is intended to help those suffering from the mortgage crisis, this includes homeowners but all large companies like Freddie Mae and Fannie Mae.  The hope is that the bill will stabilize the financial markets. 

President Bush had threatened not to approve the bill, but pressure from Republicans and Democrats alike prevailed. Bush also citied the need to provide homeowners relief sooner rather than later. 

(Originally reported by the Associated Press.)

3 comments:

Siobhan said...

Love you kim. But I am not happy about my tax dollars bailing out irresponsible home owners. I want to afford my own place soon and now I an paying for people that naively got 5 year arms.

Kimberly Gengler said...

I respect not wanting your money going toward people who didn't have finical foresight, but I think it will be good for the economy in the long run. If the government doesn't help people out the consumer market will suffer more. I guess it's the socialist in me that agrees with this bill.

jane doe said...

Well it's like this , if our tax dollars don't help to bail out your grand dad or mine, or grand mom after ill health took over their retirement plans they so carefully planned on using, then what next, do away with them? The insurance system has robbed the middle man, helps the one in poverty and lets the rich go on as if nothing was ever a problem. Watch out missy, yo haven't gotten there yet. It's pretty shocking on us older ones.