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• July 23, 2008: The House of Representatives voted 272-152 to pass a $300 billion bill that would assist delinquent homeowners and lend support to Fannie Mae and Freddie Mac. On July 30, 2008, President Bush signed the bill into law, despite disagreeing with a $3.9 billion allocation that would allow the government to buy and refurbish foreclosed homes .International Herald Tribune: Bush signs sweeping housing bill (July 30, 2008)

• Fast Facts

  1. Bill passed 272-152CNNMoney: House OKs mortgage rescue (July 23, 2008)
  2. Proponents of the bill feel that it may provide stability to the financial marketsCNNMoney: House OKs mortgage rescue (July 23, 2008)
  3. 15% decline in the median price of homes since July 2007CNNMoney: House OKs mortgage rescue (July 23, 2008)
  4. 136% increase in home repossessions as compared to last yearCNNMoney: House OKs mortgage rescue (July 23, 2008)

• Quotes

  "This is the most important piece of housing legislation in a generation."—Senate Banking Committee Chairman Christopher DoddCNNMoney: House OKs mortgage rescue (July 23, 2008)

  "The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets."—White House spokeswoman Dana PerinoCNNMoney: House OKs mortgage rescue (July 23, 2008)

• Related Mahalo Pages

  Subprime Mortgage Crisis | Mortgages | High-Risk Mortgages | Housing Bubble | Subprime Mortgage Bailout | Countrywide Foreclosures | Citigroup Crisis | Mortgage Relief Bill

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