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Stocks Climb as Bush Signs Housing Rescue Bill

President Bush has signed a housing rescue plan into law. Home prices have been continuing to fall during the housing crises while foreclosures are still rising. A Marketwatch report says some Republican lawmakers were urging Bush to reject the rescue bill. Here are three of the main components of the new bill from Marketwatch.
  • allowing homeowners who cannot afford their monthly payments to refinance into government-backed loans through the Federal Housing Administration;
  • extending a line of credit to Fannie (FNM) and Freddie (FRE), the government-sponsored mortgage-finance titans;
  • modernizing the FHA, increasing the loan limit for FHA loans and increasing conforming-loan limits for Fannie and Freddie.
Stocks were up today even though oil prices starting climbing once again. The Dow climbed 186 points to 11,583 while the Nasdaq managed just a 10 point gain.



Tags: oil-prices | housing

Posted on 2008-07-30
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