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. GaryofCircleville

    Hey Dwight, the vote in the Senate was 72 to 13, what party has more Senators? Republican mismanagement? How about mismanagement on everyone except the 13 that voted against this particular issue.

    July 30, 2008 11:07 am at 11:07 am |
  2. Bob, topeka, ks

    We got out of the Great Depression because of WW2. FDR's spending and entitlements would have bankrupted the country then rather than now if we hadnt had the influx of capital from foreign sources buying our munitions.

    Comparing a library to a homebuyer bailout is outrageous. Librarys are for the public good. This bailout is for a small minority of irresponsible homebuyers and lenders and comes at the expense of the public.

    July 30, 2008 11:08 am at 11:08 am |
  3. Connie

    It would be news if he signed his resignation , just after he fired Cheney.
    As far as bashing Bush he has earned every bash and more. A vote for
    McCain is a vote for Bush. Connie from Indiana

    July 30, 2008 11:09 am at 11:09 am |
  4. SOCIALISM IS SICK

    WHAT A JOKE!

    FREE MARKET ECONOMY?

    FREE TO PROFIT-

    TAX PAYER GUARANTEED NOT TO FAIL...

    THIS IS A SAD DAY FOR AMERICANS WHO ARE EDUCATED AND FOLLOW THE LAW.

    I'M DEFINITELY WRITING IN RON PAUL-

    THESE TWO CANDIDATES ARE SOCIALIST FACISTS WHO SELL OUT THE AMERICAN TAXPAYERS FOR THE BENIFIT OF LATINO VOTES AND BIG LOBBYIST BRIBES.

    DR. RON PAUL WILL COME BACK TO HAUNT ALL THE FOOLS WHO CALLED HIM CRAZY- ONLY TIME WILL TELL. AND THE FALL OF ROME WILL FOLLOW...

    LAND OF THE SHEEP- HOME OF THE UNEDUCATED IGORANT FOOLS...

    July 30, 2008 11:10 am at 11:10 am |
  5. Independent-woman-4-Obama

    HOW CAN HISTORY REMEMBER BUSH FONDLY????????????????

    Let's see: he is leaving the nation, $10 TRILLION IN DEBT!

    His war with Iraq, so that Big Oil could take over production in Iraq is costing hard-working Americans: $1.38 BILLION A DAY!

    During the Bush/Cheney tenure MORE AMERICANS ARE OUT OF WORK; MORE HAVE HAD TO FILE BANKRUPTCY DUE TO MEDICAL BILLS; MORE BANKS HAVE FAILED. OUR ECONOMY IS A DISASTER!

    The world views the USA as a war-mongering nation! BUT...... let's elect McCain! Let's have more failed Republicans in charge!

    I ASK ARE YOU REALLY BETTER OFF TODAY THAN YOU WERE 8 YEARS AGO????????????????????????????????????????

    July 30, 2008 11:12 am at 11:12 am |
  6. Pick Me! Pick Me!

    We are a Socialist Nation and have been for some time. Though the Socialist Party of America failed to be in 1936, the Democratic government placed some of their ideas into play.

    The Socialist Party advocated "the eight-hour workday, women’s suffrage, unemployment insurance, workmen’s compensation, Social Security, legal protect of union’s right to organize, a progressive income tax, prohibition of child labor, the legal right to advocate birth control were all being partially adopted by Congress or granted by the courts."

    For the past 6+ years it has been the Republicans who have been carring on the tradition of enlarging the role of government in every aspect of the economy and control over our lives. Be it by wire-tapping, seat belt laws, no smoking and the list goes on.

    So, for all those who believe we are not already a Socialist Country, think again. Sometimes it is right to stand up to your rights otherwise they will be taken away from you.

    July 30, 2008 11:13 am at 11:13 am |
  7. McArsenic

    all of these "PERSONAL RESPONSIBILITY" comments...hmmm, lets see, who voted for Bush in the first place? i didnt yet i still have to suffer through this Administration. this country is in the worst condition it has been in since the great depression. from oil to housing, from education to war and there are these FOOLS on here talking about "stop talkin bad bout W whaaaa whaaaaa" people America is in a crisis. so what some people might have made a mistake, most though are legitimate and if we let this housing situation fail, what do you think will happen to YOUR property value?

    July 30, 2008 11:15 am at 11:15 am |
  8. Jason - Chandler, Arizona

    I'm sorry if I offend anyone who has lost a house or is losing a house. But a majority of you who are losing your houses are doing so because you couldn't afford the loan in the 1st place. Some of you chose to falsify your information to obtain the "bigger" house and then you cry that noone is helping you out. SHAME ON YOU!!

    What makes me sick is those people who shouldn't have had the "bigger" house all along are the ones being helped!! While those who pay on time and are NEVER later get slapped in the face for doing the honest, correct and right thing!! Those who have paid on time, and are NOT late or behind should have their loans redone also so they can get the governments better rate!!

    I'm not Bush bashing, he's just the idiot who added another few billion to his already robust budget. I blame the American people who for once need to take their own responsibility into your hands. The governments job is NOT to hand out checks every time another American over buys a house. YOU are the ones who know how much YOU can afford. Be smart and buy what YOU can afford then maybe America would be a better place.

    July 30, 2008 11:16 am at 11:16 am |
  9. Roberto

    The mortgage industry meltdown is another example of what happens when you hamstring or eliminate regulators and let business self-regulate. Letting business run wild is the Republican mantra and works about as well as communisim. They both look good on paper, but fail when applied to human beings.

    July 30, 2008 11:19 am at 11:19 am |
  10. Praetorian, Fort Myers

    I can't believe anyone could be joyous about this back door attack on taxpayers.

    Thousands of people who didn't have crazy mortgages are suffering simply because they lost their jobs-somehow they managed to pull their butts out of default–just to get a huge bail out tax bill for less responsible lenders and citizens.

    Without pain–you'll do it again!!
    When YOU make a financial error in judgement WE shouldn't have to pay for it.

    Another good reason to consider becoming Libertarians. Bring integrity and respect for those of us who do not depend on the government–yet somehow always end up paying the bills for those who think they should.

    July 30, 2008 11:19 am at 11:19 am |
  11. JoeMamma

    This bailout hurts honest, hard working Americans.
    When you print money out of thin air you devalue what is already printed, hence inflation.
    This bailout rewards people who made bad decisions and punishes those who did it right. People who borrowed over their heads are rewarded with new, lower interest rates. People who granted loans based on quota or profit are rewarded when those people can't repay.
    It now official makes our treasury "backed" by these same people.
    Bad legislation by bad politicians.
    Paul was right.

    July 30, 2008 11:21 am at 11:21 am |
  12. Vigla

    Anyone who believes we are falling toward socialism is a complete an utter fool. It will never happen. We actually have already fallen toward neoconservatism and see where it got us. This country is moderate.

    You conservative fear-mongers belong in the 50's with Joe McCarthy or the 30's with Hoover... Social programs are what keep this country from going back to the times before and during the depression when children worked for peanuts and working conditions were so poor that workers died regularly. It's funny how these conservatives will continue to tout their ideology when it failed in the 1800's, failed in the early 1900's and is failing now. Each time, liberal and social programs were put in place to deal with the issues that conservatives created by their inaction.

    People, it's time we woke up out of the haze of the Reagan economic revolution! It was a FAILURE plain and simple. Time for a CHANGE!

    July 30, 2008 11:22 am at 11:22 am |
  13. Ambrose Smith, Borrego Springs, California

    Funny how people bash homeowners for borrowing more than they can afford--yet the USA borrows from china all of the time.

    Bush is an idiot.

    July 30, 2008 11:22 am at 11:22 am |
  14. Dave

    gee, thanks for rewarding these people for buying houses they could not afford and running up their credit to keep buying more stuff. those of us that bought a house we knew we could afford and don't carry huge balances on our credit cards really love to see that we will probably be paying to help with this.

    July 30, 2008 11:24 am at 11:24 am |
  15. California Gold

    Bush actually said his signature would improve confidence? The only thing I know that will improve confidence will be the day he and his squad load up the U-Haul-It and head outta town.

    July 30, 2008 11:24 am at 11:24 am |
  16. Rave

    He probably didn't know what he was signing.. Still I think BUSH is much better than McPain.
    OBAMA (2008 -16)

    July 30, 2008 11:25 am at 11:25 am |
  17. Whats left in your wallet?

    One Orange jumpsuit coming up.

    July 30, 2008 11:25 am at 11:25 am |
  18. Ian

    I wonder how and when they'll take care of the looming $30 trillion social security crisis. My guess is after the bubble burst and they'll just print a bunch of money.

    Ron Paul '08

    July 30, 2008 11:25 am at 11:25 am |
  19. Marco

    Sure! Let's print more money so we can bail the banks out and make the dollar even more worthless.

    July 30, 2008 11:28 am at 11:28 am |
  20. Dave

    Though I am no fan of Bush, I see people are very ignorant when blaming him for this. Put the blame on the illegal Federal Reserve where it belongs. Greenspan started this mess and managed the bubble the Fed created but even he knew this bubble was going to burst one day. Now Bernanke is trying to mange the mess but he is caught up like a deer in headlights. I wish people would realize that the Federal Reserve is destroying our country.

    July 30, 2008 11:31 am at 11:31 am |
  21. Xavier, Saint Louis, Missouri

    That's the least this clown can do! He's the reason why this country is in the shape that it's in.

    Two words for all Americans: Impeach Bush!

    July 30, 2008 11:35 am at 11:35 am |
  22. rightytighty

    Why is this lame duck president still quacking? You would think it would have ended after 8 years of progressively spewed hate and 2 years of mindless spending by a liberal congress, but noooooooo, Bush is still quacking as loudly as he did in 2000.

    Another fine example of how bad our 110th Congress really is...

    Ha Ha!!

    July 30, 2008 11:36 am at 11:36 am |
  23. Tony

    BUSH – Leader of Losers! Coutning the days!!

    July 30, 2008 11:38 am at 11:38 am |
  24. paul oregon

    how can history remeber bush !!!!!!!
    well if some people in calf. have there way bush will have a turd factory named after him. what a legacey to be remembered by.
    doesnt it just make one so proud?

    July 30, 2008 11:40 am at 11:40 am |
  25. Richard

    No more Bush, no more Clintons, no more McCain – - WOW things are looking up already!

    July 30, 2008 11:42 am at 11:42 am |
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