Filed under: Congress, economy, fannie mae, Freddie Mac, housing bill, housing crisis, politics | Tags: Congress, fannie mae, Freddie Mac, housing bill, Senate
Ever know one of those idiot families who live so far beyond their means that just one missed paycheck could literally send them into a financial tailspin? Well, thanks to those infinitely compassionate men and women in Washington, your hard-earned green may soon be subsidizing the home-loans of these boneheads! Not only that but you get the chance to bail out your beloved Aunt Fannie and Uncle Freddie! And Congress gets to take all the credit! Isn’t that nifty?
WASHINGTON (MarketWatch) — As the economy continues to wilt under the housing market’s strain, beleaguered homeowners, the housing industry, Congress, regulators and others are awaiting President Bush’s signature on massive legislation that promises relief.
As of Monday morning, the president had yet to receive the housing bill, which he intends to sign, according to the White House. On Saturday, the Senate cleared the legislation, which is designed to prop up the struggling U.S. market and put in place a backstop for mortgage buyers Fannie Mae and Freddie Mac.
The housing bill allows homeowners who cannot afford their monthly payments to refinance into government-backed loans through the Federal Housing Administration. Also included in the bill is a plan from Treasury Secretary Henry Paulson that extends a line of credit to Fannie and Freddie, the government-sponsored mortgage-finance titans. The bill gained momentum as worries about the health of Fannie and Freddie spread.
So the next time you see your neighbor polishing that Sea-Doo he financed with money he didn’t possess, be sure to give yourself a smile and a hearty pat on the back for allowing him to keep his house. You earned it!
Story below:
Housing bill awaits president’s signature
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