July 30th, 2008
08:29 AM ET
4 years ago

CNNMoney.com: Bush signs housing rescue law

President Bush has signed the housing bill.
President Bush has signed the housing bill.

NEW YORK (CNNMoney.com) – President Bush on Wednesday signed into law a sweeping housing bill that aims to boost the struggling housing market and bolster mortgage finance giants Fannie Mae and Freddie Mac.

The Senate voted 72-13 in favor of the bill on Saturday, after the House passed it three days earlier.

"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac," said White House spokesman Tony Fratto. "The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."

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Filed under: President Bush
soundoff (143 Responses)
  1. Wisconsin

    What color crayon did Bush use?

    July 30, 2008 10:32 am at 10:32 am |
  2. Independent-woman-4-Obama

    THANKS TO BUSH/CHENEY our nation has $10 TRILLION IN NATIONAL DEBT.

    THE WAR WITH IRAQ COSTS $1.38 BILLION A DAY........

    WE HAVE A DEFICIT OF $490 BILLION FOR 2009, ALREADY..........

    WHEN THE LAST DEMOCRATIC PRESIDENT LEFT OFFICE.......... WE HAD A SURPLUS OF .............$128 BILLION! AND THE NATIONAL DEBT WAS NO WHERE NEAR $10 TRILLION!!!!!!!!!!

    BUT OKAY......... YOU DEMOCRAT-HATERS CAN GO AHEAD AND CONTINUE LIVING IN DENIAL THAT THE REPUBLICANS HAVE CREATED A DISASTER!!!!!!!!!

    July 30, 2008 10:33 am at 10:33 am |
  3. Michelle, PA

    Too little, too late. Thank you for the next Great Depression Bush, Pelosi and Reid. Vote out all incumbents whose greed and indolence got us into this economic mess and lack the brains and backbone to fix it.

    July 30, 2008 10:34 am at 10:34 am |
  4. Janice

    It is truly amazing all of the knee-jerk uneducated people who post here cursing the President.

    ALL DEMOCRATS voted for this bill.

    NO DEMOCRATS voted against this bill.

    July 30, 2008 10:35 am at 10:35 am |
  5. spudmctater

    WOW! I thought conservatives believed the marketplace should rule, not the federal government. A true conservative would have simply let everyone suffering in the mortgage crisis drown in debt and lose their homes. "Pull yourself up by your own bootstraps," right?

    I guess government has a role to play after all, Mr. President!!!

    July 30, 2008 10:35 am at 10:35 am |
  6. Elizabeth, VA

    We are capitalist, not socialist economy which should be built on the concept of personal responsibility. Why should I, who bought a house IO could afford with a conventional loan, through a normal, non government backed mortgage process help to pay for the homes of those imprudent individuals who were not smart enough to realize they could not afford the homes they wanted, who in many cases lied to get loans they could not pay and now want help to keep houses they simply do not deserve because they cannot pay for! Why should my money help pay for their stupidity!

    July 30, 2008 10:36 am at 10:36 am |
  7. Remy

    Bush accepted the policy of democrats in the matter of of housing crisis. But how can the people get compensated?

    Obama is really heading for a victory!

    July 30, 2008 10:37 am at 10:37 am |
  8. Sick of the Bush-bashing

    I am so sick of all the people bashing Bush for every ill in the world. How about a little "PERSONAL RESPONSIBILITY" on the part of home-buyers. Read the fine print and stop trying to buy more than you can afford. Now, under the socialist regime of Pelosi and her goons, the rest of us responsible taxpayers are yet again going to have to help bail somebody out of their own greed and stupidity. Read before you sign, know your own finances, and take responsibility if you mess up - what a concept.

    Grow up people - it's not the federal governments' responsibility to protect us from our own stupidity at every turn.

    July 30, 2008 10:37 am at 10:37 am |
  9. Dwight

    you can sure blame the mismanagent of the country on the republicans. trillions of dollars in debt.. john McCains head man Phil grahmm can be one you thank for home financing issues and high price at the pump. you want to vote for Senator Surge, than you vote for more of the same.

    Vote OB 08!

    July 30, 2008 10:38 am at 10:38 am |
  10. Henry n New York

    Bush was a major contributor in this disaster and now he wants some credit for not vetoing the bill but by signing it. Get the freak out of here. He has done much harm to our country and if it were not for Chenney in the number two spot he would have been impeached at least 3 years ago. He believed God made him President, no the supreme court and illegal primary voting fraud did.

    To little too late and way too slow.

    July 30, 2008 10:41 am at 10:41 am |
  11. karen-phoenix

    Vote Obama!! Obama is the only hope this country has!!! Out with the old, in with the new!!! Peace is patriotic! McCain will mess up worse than Bush. His life story proves it. Bail out after bail out! Just like W. Party boys to the end!!! I want a real person in Washington who understands real Americans!!! Go Obama!!

    July 30, 2008 10:43 am at 10:43 am |
  12. Bob, topeka, ks

    It is not the governments job to protect the public from its own ignorance. I bought my first home 4 years ago at the age of 21 and paid 20% down. No crazy mortgage terms for me, and Im no trust fund baby. I save for larger goals at the expense of the frivoulous items people seem to feel entitled to. If you are determined to have everything now regardless of your ability to pay for it and without thinking of the consequences later on, you deserve to lose your home. You shouldn't have bought it in the first place. The responsible folks in this country should not have to pay your bills for you. We have plently of our own.

    July 30, 2008 10:44 am at 10:44 am |
  13. GOP supporter

    I agree with "Sick of Bush-bashing". If the US would have lived within our means in the 90's (Clinton days), we wouldn't have to bail all these folks out. Buying thing we couldn't afford so we borrowed to have them. Take some responsibility America!!!

    July 30, 2008 10:46 am at 10:46 am |
  14. Debby

    I agree with the poster about blaming Bush for everything. Every Presidential election makes the economy weak and the stock market crazy. We haven't had it that bad in 8 years he was in.

    July 30, 2008 10:46 am at 10:46 am |
  15. Maggie Muggins From Selwyn

    For all you so called right wing conservatives who keep saying words like liberal and socialist in the context of them being dirty words here is message for you:

    I am 63 years old and in this time I have never paid more than 35 cents for any medical perscription for myself or anyone in my family and we have always had our choice of what Doctor we wanted to see as well as what hospital we wanted to go to and have never paid a cent for all these medical services of which, over the years, there have been lots for both illness and injury.

    If you dunces pay a thousand dollars a month for medical coverage that won't come close to being as inclusive as our medical coverage then that amounts to a twelve thousand dollar a year tax.

    No wonder you conservatives get stuck with clowns like Bush and McCain and you deserve every bit of the shaft you are getting.

    You can call me a liberal or a socialist but better than that you can call me and all my fellow countryment better off then you will ever be.

    July 30, 2008 10:49 am at 10:49 am |
  16. Greg-Mpls

    Two words – Corporate Welfare

    July 30, 2008 10:49 am at 10:49 am |
  17. Less

    Kevin from Alaska you are right, Bush and McCain have the exact hand wave, which goes to show Bush and McCain are alike in many ways. Even when they talk about critical situations, they joke and then give explanations that don't make no sense whatsoever.

    July 30, 2008 10:54 am at 10:54 am |
  18. Tyler in Raleigh

    "The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."

    I thought in American we EARNED things, not DESERVED them. However well intentioned, its one more step to socialism and government control. We know the government has done so well, the current Congress and President have put us in a $480 billion deficet, now we trust them with our mortgages?

    July 30, 2008 10:54 am at 10:54 am |
  19. Matt: honestly

    People,

    The truth is a capitalist government in its pure form fails, just as a purely socialist govt, communist govt etc. The truth is there has to be a balance of government involvement. So I agree, there has to come a point in which the government gets involved. Are you going to blame the Great Depression on people who could not "do it yourself"? Come on. FDR was considered one of our greatest presidents ever, and was definetly the most socialistic. Anyone who says that people can do it themself is blind to the truth.

    July 30, 2008 10:56 am at 10:56 am |
  20. Marilyn

    I am a moderate Democrat and this bill makes me sick. People who buy more house than they can afford deserve to face foreclosure. It's called personal responsibility folks. If you can't afford the payments, don't sign the mortgage!! And don't expect the rest of us to bail you out when you get into trouble!

    July 30, 2008 10:57 am at 10:57 am |
  21. Joey

    To all you idiots complaining about socialism: Have you ever taken an economics course in your life? Have you even graduated from high school? Foreign investors in the United States look at these failing, unbacked banks and don't want to give anymore of their funds to the United States. It's bad enough the Repugs ruined the economy early in the decade and Bush has vetoed Democratic legislation ever since losing his grip on the House and Senate. The last thing we need is countries bailing out when our deficits keep growing and growing. And again, what's so bad about socialism? Europeans have longer, healthier, happier lives, they have fewer mothers and babies dying during birth, and their dollar is stronger than ours.

    July 30, 2008 10:58 am at 10:58 am |
  22. Former Republican

    For some of you who think all the foreclosures happened because of bad decisions on the individual's part, you're wrong. Matter of fact studies show that in 70% of the foreclosure, the owner was paying the bills on time. So it wasn't b/c of bad decisions, it was because of the Deregulation of the mortage companies. So stop being selfish and shut up, even the top 5% of this country only pay 30% to taxes. You need to realize that with other people struggling, you will struggle too. So stop bickering about taxes, b/c even McBush is going to have to raise them FOR YOU if we are to get out of this mess. Have you ever thought about the concept of a country first, not I first?

    July 30, 2008 10:59 am at 10:59 am |
  23. McArsenic

    @Andy J, NY
    i have read quite a few of your...comments...sorry a little chuckle. so let me get this right saving peoples homes, even those who are hard working people who rates might have gone up or lost their jobs unexpectedly or what ever the case may be, saving the housing market is BAD...but spending BILLIONS on an illegal war, corporate welfare, those things are OK? you see where i am going with this right? i live in a gated community in LA, i have sen even our property value go down in the last year, i have friends who have worked very well and very hard who i have seen loose their job, these are people who were making six figures...so would it be better if we used the money to build homeless shelters? we spend money building prisons...why not schools? i mean really most Americans are living pay check to pay check...i am of the mind of WE are as only strong as our weakest link...i think Jesus said something to that effect...yes?

    July 30, 2008 11:03 am at 11:03 am |
  24. Short-Term Memories

    Do any of the people complaining of the government bail out have the same complaint about the $30 million funding of the Bear Stearns buyout? – just curious.

    On the topic of personal responsibility, do not the corporations have a responsibility to evaluate the potential lenders? Don't they have to actually look at people's W2s and credit history? Even if you say "no" to these questions, shouldn't they have really started taking a closer look when almost 20% of their borrowers were defaulting on their first payment...yes, their first payment, which means the loans shouldn't have been approved in the first place.

    Oh, by the way, the independent but government-backed agencies (Fannie and Freddie) take fiduciary responsibility for these bad loans (and loan practices) but are supposed to ensure that appropriate oversight is conducted when evaluating lending practices...who fell asleep at the switch?

    Stop blaming the individuals who are sold a loan based on the following: You can have more house at this interest-only rate and you'll be in a better position to make higher payments down the road because you'll be living the American Dream and making more money than you ever imagined.

    Predatory lending, folks...without oversight.

    I believe in capitalism, people, but there needs to be some fetters to keep greed in check.

    July 30, 2008 11:06 am at 11:06 am |
  25. Dana

    Bush is cooperating because he knows it is a good chance Obama will be the President. The Bush dirty laundry will catch up with them!! Go figure!! You notice that Bush have not said one negative thing about Obama and he agreed with the pull out!!

    July 30, 2008 11:07 am at 11:07 am |
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