UTICA - On Wednesday, President Bush also signed a housing bill intended to provide mortgage relief for some 400,000 struggling homeowners. the goal is to improve confidence and stability in the housing market.

The bill signed Wednesday by President Bush allows for those who are struggling with their mortgage payments to refinance and get a mortgage that is backed by a government loan and although it sounds great, there are a few drawbacks to the bill.

President Bush's Housing Bill is a huge relief to everyone. Whether you are treading water to make mortgage payments or staying afloat, this refinancing bill is for you, however there are limits.

First off, only those who successfully secured a mortgage between January of 2005 and June of 2007 are eligible. Secondly, and perhaps the biggest drawback is your current lender must approve the refinancing. Counselors at the Home Ownership Center in Utica say the bill is still a blessing and in the long run will help out those who need it the most.

"I couldn't be more delighted. It's what homeowners need at this particular time. It's what counseling agencies like ourselves need during a critical, critical time," says Executive Director Jan Forte.    
     
The bill signed Wednesday is said to be the most significant housing bill signed in decades, and it comes just a few months after the federal government bailed out mortgage companies like Fannie Mae and Freddie Mac.