Congress passes sweeping housing bill

The bill would provide $300 billion in funding to troubled homeowners and aid the ailing Fannie Mae and Freddie Mac.
JUL 24, 2008
By  Bloomberg
The House of Representatives overwhelmingly approved a bill late yesterday to provide $300 billion in funding to troubled homeowners and aid ailing mortgage giants Fannie Mae and Freddie Mac. The legislation supporting the government-sponsored enterprises now heads to the Senate, where it is expected to pass by a narrow margin and could be signed into law by President Bush later this week, published reports said. The bill, called the American Housing Rescue and Foreclosure Prevention Act, had faced a veto threat from President Bush because $3.9 billion was earmarked for neighborhoods hit hardest by foreclosures, but the White House dropped its opposition early yesterday. The House passage of the legislation came as the Congressional Budget Office released a report yesterday estimating that a temporary measure bolstering Washington-based Fannie Mae and McLean, Va.-based Freddie Mac could cost taxpayers as much as $25 billion. “This could well be the most important legislation to impact housing, responsible credit and economic recovery that we have passed in the 16 years I have served in Congress,” Rep. Melvin L. Watt, D-N.C., the Financial Services Oversight and Investigations Subcommittee chairman, said in a statement.

Latest News

UBS profit beats estimates as Ermotti sees brighter outlook
UBS profit beats estimates as Ermotti sees brighter outlook

Wealth management unit sees inflows of $23 billion.

Evercore to buy advisory firm Robey Warshaw for $196 million
Evercore to buy advisory firm Robey Warshaw for $196 million

Deal will give US investment bank a foothold in lucrative European market.

Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever
Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever

New report examines the impact that the initiative has had on philanthropy.

Americans stay the course on 401(k) savings despite inflation fears
Americans stay the course on 401(k) savings despite inflation fears

Few feel confident that they will meet their retirement goals.

What advisors need to know about SECURE 2.0’s impact on retirement income planning
What advisors need to know about SECURE 2.0’s impact on retirement income planning

Catch-up contributions, required minimum distributions, and 529 plans are just some of the areas the Biden-ratified legislation touches.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.