Yesterday was a busy day in our nation's capital. The Senate overwhelmingly passed a housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for Fannie Mae and Freddie Mac.
In an effort to offset the rising rate of foreclosures, The Housing and Economic Recovery Act of 2008 was passed by the House of Representatives. This bill would avail up to a $7,500 tax credit for first time home buyers through June 2009. Hopefully the Senate will quickly act upon this bill and President Bush will pass it into law to further stimulate the stagnating housing market.