300 Billion Dollar Mortgage Bill

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 .¹

Fast Facts

1. Bill passed 272-152²
2. Proponents of the bill feel that it may provide stability to the financial markets²
3. 15% decline in the median price of homes since July 2007²
4. 136% increase in home repossessions as compared to last year²

Quotes

"This is the most important piece of housing legislation in a generation."—Senate Banking Committee Chairman Christopher Dodd²

"The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets."—White House spokeswoman Dana Perino²

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