USLegal Reporter

President Bush on Wednesday signed The Housing and Economic Recovery Act of 2008 into law. The measure is designed to avert foreclosures and two provide additional credit to two of the nation’s leading mortgage lenders.

Some of the key provisions of the legislation include the following:

$300 billions in loans to help distressed homeowners refinance their mortgages through a new FHA backed program. The program is expected to help some 400,000 Americans to keep their homes.

A tax break of up to $7,500 for first time home buyers. Eligible individuals are those who purchase between April 9, 2008 and July 1, 2009 and who haven’t owned a home in the past three years.

New lines of credit for Fannie Mae and Freddie Mac and a new regulator - the Federal Housing Finance Agency to provide additional oversight of these mortgage lenders.

$3.9 billion in community development grants to buy and repair abandoned and foreclosed properties.

Sources: http://www.reuters.com/article/topNews/idUSN3042756820080731,

http://ap.google.com/article/ALeqM5hs5zArRJP0FhzvfKNXi60I95LyqQD928CD780,

http://www.house.gov/apps/list/press/financialsvcs_dem/press0723082.shtml 

This entry was posted on Thursday, July 31st, 2008 at 8:39 am and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.