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)
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Fast Facts
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Provides $300 billion in lending authority to the Federal Housing Administration
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Grants of $3.9 billion will allow communities to purchase foreclosed properties
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Provides $180 million for legal assistance and counseling to those facing foreclosure
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Allows the U.S. Treasury Department to lend money to or buy stock in Fannie Mae and Freddie Mac
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