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.
