Bush Signs Housing-Relief Bill Into Law
By DAMIAN PALETTA
July 31, 2008; Page A16
WASHINGTON -- President George W. Bush signed a housing-rescue bill into law Wednesday, completing Congress's ambitious legislative effort to head off rising foreclosures and stabilize jittery financial markets.
The law is wide-ranging and could have a big impact on home buyers, lenders and investment banks, and an even bigger effect on housing-finance giants Fannie Mae and Freddie Mac.
The Bush administration is counting on Fannie and Freddie to bolster the housing market by providing funds for the bulk of all home loans. But data released by Fannie on Wednesday underscored the risks both companies face from losses on mortgage defaults. Fannie said payments were 90 days or more overdue in May on 1.30% of the single-family home loans it owns or guarantees, up from 1.22% in April and 0.62% a year earlier.
The Bush administration is counting on Fannie and Freddie to bolster the housing market by providing funds for the bulk of all home loans. But data released by Fannie on Wednesday underscored the risks both companies face from losses on mortgage defaults. Fannie said payments were 90 days or more overdue in May on 1.30% of the single-family home loans it owns or guarantees, up from 1.22% in April and 0.62% a year earlier.
Labels: damian paletta, fannie mae, foreclosure crisis, foreclosures, freddie mac, housing relief bill, housing sector, president bush
posted by GA-agent.com @ 5:15 PM
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