Today, President Bush signed H.R. 3221, the “Housing and Economic Recovery Act of 2008” into law. The bill was passed by the House of Representatives in a 272-152 vote and approved by the Senate in a 72-13 vote.According to the Wall Street Journal, lawmakers have described the bill as the “most important piece of housing legislation in a generation.” Intended to stabilize the housing market, the bill includes long-sought reforms for the Federal Housing Administration, a tax credit for homebuyers, nearly $4 billion in grants to cities and states to buy and rehabilitate foreclosed homes and a Treasury Department proposal to help restore confidence in Fannie Mae and Freddie Mac.
Lawmakers are already pressing regulators and lenders to prepare now so the program can begin without delay when it goes into effect October 1.
Click here to learn more about the Housing and Economic Recovery Act of 2008.