Mortgage Rescue Plan Voted on by the House

Has everyone seen this new bill about to pass and article shown here:

http://money.cnn.com/2008/07/23/news/economy/housing_bill/index.htm?postversion=2008072318

Up to $300 billion in mortgages to back Fannie Mae and Freddie Mac.  They are saying senate approval is likely and that President Bush may sign it.  272-152 vote in favor.  Some don’t like the idea because they think it’s putting out a presedent of being able to have a blank check just to solve any problem. I suppose because in the end the tax payers pay for most things.  I am sure Fannie Mae and Freddie Mac could use some help right about now.

This article says  “More than 340,000 have had their homes repossessed by banks during the first six months of the year, up 136% from the same period in 2007. The number delinquent mortgage holders during the same period has risen to 1.4 million, up 56% from a year earlier.”

I am sure this measure came at a much needed time as we have watched Fannie Mae and Freddie Mac’s stocks take a very big dip just last week.   Fannie and Freddie guarantee the purchase and trade of mortgages and own or back $5.2 trillion in mortgages.  This bill would allow the Treasury over a period of the next 18 months to offer Fannie and Freddie an unlimited line of credit and authority to buy stock in the companies if necessary.

It would give states grants to buy foreclosure properties, there are a lot of great things in this article, please read it to find out more.

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