President Bush has been a long standing opposing figure against the housing bill that’s currently working its way through Congress. His reasoning here is sound: there are too many piggyback conditions being added to the bill, which is often the case with any legislation today. Yet, today, he announced that he would no longer fight this bill’s passage. In other words, he has put the VETO stamp down, at least for now.

The housing bill has merit: give homeowners who are struggling to keep up with their mortgages the ability to find new loans, with lower interest rates and payments, so they can get back on their feet. These new loans would come from federal programs. The housing bill would also provide support to the struggling mortgage giants Freddie Mac and Fannie Mae. These organizations are in dire need of additional funding and a cash infusion.

President Bush’s problem with the housing bill is noteworthy. There is an estimated $3.9 billion worth of provisions that would be aimed at providing lenders with additional financial support (that is not homeowners, but lenders) which Bush did not agree with.

In a telephone conference call with reporters today, the White House’s Press Secretary Dana Perino made this statement, as quoted by the Associated Press. “We believe this is not the time for a prolonged veto fight but we are confident the President would prevail in one.” Then, added, “The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets. While we have concerns with other aspects of the bill, it is important that the new authorities are put in place promptly. And so President Bush will accept Secretary Paulson’s recommendations to sign the bill.”

So, what does this mean to those who are struggling with the current foreclosure market? If and when the bill passes through Congress and President Bush signs it into effect, it could mean additional protections and more loans available to keep homeowners out of the financial stresses they are currently in. The housing bill is designed to pump more opportunities into the system.

For those who are currently struggling with home loan, it also is important to get help as soon as possible. Do not wait for this bill to go into effect. Instead, seek out the help of an FHA loan specialist to offer you solutions. FHA loans are also readily available to those who need a new home loan.

This entry was posted on Friday, September 12th, 2008 at 1:51 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.