President Bush quietly signed into law the far reaching housing rescue bill which at one point he threatened to veto. The legislation is expected to extend relief to as many as 400,000 homeowners on the brink of foreclosure and cements the governments commitment to troubled lenders Fannie Mae and Freddie Mac. The bill also extends nearly $4 Billion to local communities to clean up and restore foreclosed properties so that they don't become a blight to those communities. Hidden in the fine print is a $7500 tax credit for first time buyers with income under $75k or $150k. The credit is paid back by the taxpayer over time, but still amounts to an interest-free loan.
The stock market continues it's bounce back today, as fears over Fannie and Freddie have eased, oil is down 16% from it's high 2 weeks ago, and ADP reported that the economy actually added jobs in July.
President Signs Far Reaching Housing Bill (CBSMarketwatch)
Bush Signs Housing Bill In Private (Huffington Post)