Home Sweet...Housing Bill
Wednesday, July 23, 2008
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Late today, the U.S. House passed the Housing and Economic Recovery Act of 2008. Also today, President Bush dropped his threat to veto the bill, saying its measures to support mortgage giants Fannie Mae and Freddie Mac were too critical to veto. In this report, NBR correspondent Stephanie Dhue offers a closer look at the legislation.
Discuss this story on XChange - The NBR Blog.
Highlights of the Legislation
| Housing and Economic Recovery Act of 2008 |
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- Treasury power to extend unlimted credit |
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- Treasury able to buy Fannie/Freddie stock for 18 months |
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- Loan limit permanently increased to $625,000 |
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Related NBR Stories & Links
- 07-21-08: "Commentary" - The Fannie Mae/Freddie Mac Bailout
- 07-14-08: Capitol Hill Comments on the Freddie Mac/Fannie Mae Rescue Plan
- 07-10-08: Fannie Mae & Freddie Mac's Capital Concerns
- 06-9-08: "Commentary" - Repairing the Housing Crisis
- 05-19-08: Landmark Housing Rescue Legislation is Building
External Links/Articles*
- Congressional Budget Office (CBO) (PDF Document)
The CBO provides Congress with "objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions." This links to a July 23, 2008 CBO estimate for the Housing and Economic Recovery Act of 2008. - Housing and Economic Recovery Act of 2008 (PDF Document)
A summary of the legislation provided by the U.S. Senate Banking Committee. - Senate Banking Committee
This links to a July 11, 2008 statement released by the Senate Banking Committee. The statement addresses the Senate's passage of the Housing and Economic Recovery Act. - U.S. Representative Barney Frank
Statements from Congressman Frank (D - Massachusetts) are included in Stephanie Dhue's report. This links to a press release issued by Frank's office on July 14, 2008. The release is titled, "Statement of Chairman Barney Frank on Housing Legislation." - U.S. Representative John Campbell
Statements from Congressman Campbell (R - California) are included in Stephanie Dhue's report. Campbell voted for the Housing and Economic Recovery Act of 2008 because he believes the marketplace needs Fannie Mae and Freddie Mac.
*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.
