| Date: 06/23/2008 |
President Bush's time is limited in office and he is checking off his to do list. After coming to an agreement on terrorist surveillance and Iraq war money, President Bush and Congress are on to the next item of business; a prospective housing rescue. With elections on the horizon this could be their last ditch effort in getting anything passed before campaign season.
There have been reports of President Bush threatening to veto the measure even though it has met some of his well known demands such as ''modernizing the Depression-era Federal Housing Administration and creating a new regulator for the government-sponsored mortgage companies Fannie Mae and Freddie Mac'' as reported by Time. Both Democrats and Republicans alike agree that the housing legislation is crucial and hope to come to an agreement with the President soon.
The Senate will vote Tuesday on the proposed bill. If the bill were to pass it would allow the Federal Housing Administration to insure $300 billion in new loans. In doing this, home owners that are currently unable to afford their house payments could possibly refinance into lower fixed rate mortgages.
CNN Money reports Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking, Housing and Urban Committee, as saying "the American people expect us to provide effective and timely solutions the best we can". Team Bush and Team Congress are attempting to do just that.
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For more mortgage news and market updates visit www.piffinancial.com/mortgagenews.php.
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