Bush passed a bill to help out the housing market today... who/how will it help?

Question

I missed the news today but someone mentioned the (above) to me, can you tell me more? What is it about? Who and how will it help?

Answer 1

It gives sweet deals to those who bought homes they could not afford, and leaves the rest of us (the responsible ones) to keep paying our landlord's mortgage.

Answer 2

It wont help. It will cost us 400 billion. Where will this money come from? They will print it. This will cause prices of everything from gas to groceries go up even more. When you have more money in circulation it buys less. They are destroying our currency.  

Answer 3

Bush didn't pass a bill. The Congress did. Bush signed it into law.  

Answer 4

This particular bill you are talking about is designed to help those who are being hurt by foreclosures due to the collapsing housing market.

It will help them, but that's just about it.  The entire country will pay for their mistakes, and the mistakes of lawmakers for deregulating the industry.

Answer 5

Its going to help us sink father into recession.

Answer 6

Nobody here where I live there is seriously almost no work here. Factorys have closed and more are closing Gm is going out. So this will do nothing to help people keep their home when they don't have a job to pay for one.

Answer 7

It's only going to help the bankers and investment companies . Say buy buy .  

Answer 8

It made it so that new FHA loans have the option of granting a 15 year intrest free loan up to $7500.00 to help with the down payment.

It also allow current home owners a tax write off of $700 for single and $1400 for married couples on property taxes when filing income taxes.

It federally backs around $500 million dollars worth of loans for Fannie and Freddie to offload. Now this one is interesting. It expires in a few years and they are some how paying into this in form of stocks or bonds instead of the taxpayers dollars.

It puts tighter restrictions on how the loan is taken care of.

But in the end, it still doesn't solve the problem. People that can't afford the house to begin with are still able to get the loan.