Is The Government Mortgage Loan Bail out a Good Idea?
At 7am today President Bush signed the new program into existence. The bill, the biggest overhaul of housing law in decades, provides a lifeline for an estimated 400,000 homeowners facing foreclosure, and provides assurances to the mortgage giants Fannie Mae and Freddie Mac, whose books are loaded with bad mortgages.
House republicans were very against the bail out. Initially President Bush said he would veto the bill because it was very socialistic but later changed his mind saying some relief was better than no relief at all.
What do you think? Was the bail out a good idea? What are the up side and the down side of this new bill?