Sunday, Jul 27, 2008 at 6:31 AM (Public Entry)

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Whether you are a fan of government intervention in big business or not, here we go! President Bush is expected to reluctantly sign a new bill into law this week. This bill will keep Fannie Mae and Freddie Mac solvent because the treasury department will maintain the stock price and funding level necessary to keep it going strong.

I don't think that's why Bush will sign. Assuming he signs, it will most likely be because it is one of the first times in a long time that congress has worked on a bi-partisan basis to resolve an issue. WOW! Not all is well, yet this particular bill aims to address the next 12 months of financial crunch. On a positive side, FHA will be able to insure homes up to a higher value (15% above median home price in an area), and over 400,000 homeowners will be given the ability to refinance into gov't backed loans.

The bigger step is a $15 billion dollar tax cut for 1st time home buyers. We know Bush likes tax cuts, so there is something for everyone in this bill. Read the story http://www.msnbc.msn.com/id/25848449/

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by zfsaymny on Nov 8, 2008 at 5:34 PM

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