It appears our current government will take action after all!
After mulling and procrastinating for more than a year, the Administration has decided to pass a bill worth passing.
Pres. Bush ok'd a bill designed to assist more than 400,000 homeowners and correct the market plunge. The Treasury Department will be give "carte blanche" under Sec. Paulson to assist financially strapped Freddie Mac and Fannie Mae (The largest holders of bad mortgages were in dire need of being rescued). Although many recommended letting the market correct itself, it appears a bipartisan effort with some give and take made this bill possible.
While only time will determine if this bill will be the measure that starts our housing crisis on a upward move, i for one salute the government for taking ACTION.
It would have been far easier for them to sit and watch. Afterall, this administration will be the one that takes the blame no matter how this turn out. And, the next administration (probably democrats) will be known as the saviors! Now those who know their politics know this is a falsehood however, it surely will be written that way.
As always I'd love to hear your opinions?
How will this bill effect the short sale market? Will real estate sales increase? will this directly effect our economy?
Thanks for listening A.R.!
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