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Foreclosure Assistance with new Bill
[July 25, 2008] by Foreclosure Help
Filed under: Governement Bill for Foreclosure Assistance

Bill is more fluff than support

The House of Representatives has pushed through a bill to assist 400,000 homeowners fighting to keep our of foreclosure and allow two mortgage companies Fannie Mae and Freddie Mac get government backing with funds to Stop Foreclosure.

Just this past Wednesday, President Bush was threatening to hold up the bill because of a provision that would hand ovder $3.9 billion to areas victimized by the housing crisis.

The White House press secretary Dana Perino said to reporters that President Bush will agree to the bill. She stated “We believe this is not the time for a prolonged veto fight,”.

Excerpts from The bill:

Gives the Treasury Department the power to lend unlimited amounts to extend Fannie Mae and Freddie Mac, two stressed mortgage companies which back or own $5 trillion in U.S. mortgages, nearly half the country’s total.

Enables the government to help hundreds of thousands of struggling homeowners get cheaper, fixed-rate loans backed by the U.S. Federal Housing Administration (FHA).
Provides $3.9 billion for neighbourhoods suffering from the housing crisis.

Provides $15 billion in housing tax breaks, including a credit for people who bought or will buy their first home between April 9, 2008, and July 1, 2009.

Bush support the bill that gives funds to Fannie Mae and Freddie MAC, which are major players in the U.S. housing market, but he is aginast the $3.9-billion because the lenders will be helped and not the homeowners.

Perino stated “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,” this done before the summer break for the politicians.

The bill frees up money for homeowners that will allow refinancing into governement backed loans and avoid the foreclosure process. This will help some homeowners that are current but if in default the bill will not assist.

The bill will put a strangle hold lending by the the two companies, Fannie Mae and Freddie Mac tightening the loan approvals. If you need loan modification help we are here for you.

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