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.)