Bush signs housing bill to provide mortgage relief

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Story Created: Jul 30, 2008 at 10:08 AM EST

Story Updated: Jul 30, 2008 at 10:08 AM EST

WASHINGTON (AP) - Relief is on the way for thousands of
homeowners facing foreclosure.

President Bush today signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

It's regarded as the most significant housing legislation in decades. Homeowners who cannot afford their payments can now refinance into more affordable government-backed loans rather than losing their homes.

It also offers a temporary financial lifeline to troubled mortgage companies Fannie Mae and Freddie Mac and tightens controls
over the two government-sponsored businesses.

White House spokesman Tony Fratto says the Federal Housing
Administration will begin to implement the new policies right away.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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