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- Allows the U.S. Treasury Department to lend money to or buy stock in Fannie Mae and Freddie MacYahoo! News: Provisions of housing-mortgage relief bill (July 26, 2008)
- Fannie Mae and Freddie Mac guarantee half of nation's mortgagesThe New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
- Provides up to $300 billion to insure refinanced mortgagesThe New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
- Congressional Budget Office expects to use only $100 billion of money provided for insuring homeowners' mortgagesThe New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
- Final vote: 72-13The New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
- Bill raises national debt ceiling to $10.6 trillionThe New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
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By a vote of 72-13, the U.S. Senate passed a massive housing bill on July 26, 2008. The bill provides up to $300 billion in loans to homeowners unable to pay their mortgages, and sets up a rescue plan for Fannie Mae and Freddie Mac.The New York Times: Senate Gives Final Approval to Sweeping Housing Bill (July 27, 2008)
Bush Approves
On July 30, 2008 President George W. Bush signed the bill into law. In addition to providing mortgage relief to an estimated 400,000 homeowners, it provides $15 million in housing tax breaks and affords $180 million for legal assistance to those facing foreclosure. International Herald Tribune: Bush signs sweeping housing bill (July 30, 2008) Yahoo! News: Provisions of housing-mortgage relief bill (July 26, 2008)-
Senate Landmark Housing Bill Questions
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Do you think President Obama held the cocktail party at the White House to promote the stimulus bill? 1 AnswerWhat? This would never have happened under President Hayes! "Lemonade Lucy" would have put her foot down.But seriously, what is your question supposed to be abo... read more -
Does the US Senate's homebuyer tax credit expansion to non-first-time buyers have to get passed by the House and President? 1 AnswerHi, mb. The version of the unemployment extension bill that contains the extension of the tax credit for homebuyers had already passed the House (earlier in th... read more -
What do you think of the amendment to the House health care bill? 2 AnswersThe Stupak amendment? I think it's horrible and a really sleazy, backhanded attempt to circumvent Roe v. Wade. Granted, most of congressional politics consists ... read more -
What do you think about the Unemployment Extension bill? 11 AnswersThe unemployment bill is a good suplement for people who have been layed off. It has helped millions of americans who have lost their jobs due to poverty and th... read more
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