Bush signs huge housing bill
US President George W Bush has signed an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants, the White House said on Wednesday.
By Agencies |
WASHINGTON: US President George W Bush has signed an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants, the White House said on Wednesday.
"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for (struggling US mortgage lenders) Fannie Mae and Freddie Mac," White House spokesman Tony Fratto said in a statement announcing the signing.
The bill, which legislators from both sides of the aisle have described as vital to stem fallout from a slumping housing sector, provides 300 billion dollars in federal guarantees to help refinance troubled mortgages.
"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for (struggling US mortgage lenders) Fannie Mae and Freddie Mac," White House spokesman Tony Fratto said in a statement announcing the signing.
The bill, which legislators from both sides of the aisle have described as vital to stem fallout from a slumping housing sector, provides 300 billion dollars in federal guarantees to help refinance troubled mortgages.
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