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- Provides $300 billion in lending authority to the Federal Housing Administration
- Grants of $3.9 billion will allow communities to purchase foreclosed properties
- Provides $180 million for legal assistance and counseling to those facing foreclosure
- Allows the U.S. Treasury Department to lend money to or buy stock in Fannie Mae and Freddie Mac
- Provides $15 billion in tax breaks to homeownersYahoo! News: Provisions of housing-mortgage relief bill (July 26, 2008)
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On July 30, 2008, President George W. Bush signed legislation to provide mortgage relief to 400,000 American homeowners. The bill will allow those struggling to meet mortgage payments to refinance their homes into government-sponsored loans and is expected to assist in the stabilization of the economy.Associated Press: Bush signs housing bill to provide mortgage relief (July 30, 2008)
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"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac. The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."—White House press secretary Tony FrattoInternational Herald Tribune: Bush signs sweeping housing bill (July 30, 2008)-
Mortgage Relief Bill Questions
What are some of the details of the Mortgage relief plan? 3 AnswersThe Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitiv... read more
Which Banks are starting to offer Mortgage modification loans plans? 1 AnswerAlthough I'm not currently looking at loan modification, I am trying to refinance and take advantage of a lower interest rate. I've done a bit of research on th... read more
What are the requirements of applying for a debt relief order? 1 AnswerA Debt Relief Order works in the same way as bankruptcy in the sense that once it is granted, all debts are taken away from the individual. It is highly unlikel... read more
Who qualifies for a mortgage modification? 2 AnswersMortgage modification is not very likely if foreclosure proceedings have started. However, there are several options for help at that time, and it is not too la... read more
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