July 30th, 2008
08:29 AM ET
3 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."

Full story


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

    Bush didn't have a choice, 72 senators voted for it.

    July 30, 2008 11:43 am at 11:43 am |
  2. GIL TEXAS

    THE FACT IS THAT NO COUNTRY IN THE WORLD TODAY CAN MAKE IT WITHOUT THE REST.IF WE CAN'T BUY THEIR GOODS, THEN THEY WILL HAVE TO BUY OURS.SO SAYING THAT AMERICA DOES NOT NEED THE OPENION OF THE WORLD IN THE OUTCOME OF THIS ELECTION IS THE SAME AS SAYING THAT A CHILD WITH A HIGH IQ DOES NOT NEED A TEACHER OR A GUIDE.

    July 30, 2008 11:44 am at 11:44 am |
  3. GIFTY

    GOOD

    July 30, 2008 11:45 am at 11:45 am |
  4. Kelby from Houston, TX

    why is it when ever someone talks about the government helping people conservatives begin to yell SOCIALISM. They use this word like it actually has a bad meaning. Are we so stupid to still be hooked by the propaganda of the past? UNIVERSAL HEALTHCARE IS GOOD
    PRIVATIZING THE ENERGY SECTOR WAS BAD.
    HELPING PEOPLE IS GOOD
    Think of it this way conservative neo con america What would Jesus do?

    July 30, 2008 11:47 am at 11:47 am |
  5. Greg Pottstown, Pa.

    Why is it that home buyers are not seen as a cause of this. I have news, Bush did not force them into this. I own 2 houses at 25 years old and can tell before i buy a house if i can afford that house. That is why I have not had to foreclose because I didn't buy a Lexus when all i can afford is a ford.

    July 30, 2008 11:48 am at 11:48 am |
  6. B J

    I think its funny that everyone sees Obama as the one that will change everything. He is not, and neither is McCain. The are both politicians and full of crap. So is congress, what is their approval rating? I hear Pelosi say that Obama will bring change to business as usual in Washington. Funny, thats what she said she would do when she took over as speaker. Nothing has changed and certainly Obama wont change it.

    As far as the mortgage thing goes, why would you take out an adjustable loan when the rates are extremely low, they have no where to go but up. It was the best time to buy under a standard 30 year fixed. This is how it happened, people got into homes they couldnt pay for. I know people that did this, they couldnt make the payments on a 30 yr fixed but they could on a 7 yr ARM.

    July 30, 2008 11:48 am at 11:48 am |
  7. Fav, Colorado

    I totally despise Bush – he is a complete nutter.
    However this housing crisis, i have to agree w/ many on this blog, has the American people to blame for.

    For some odd reason – people lie about being able to afford a big fancy home – because they want to have the better home than their peers. That is the simple reason.

    If people were more humble, if people were more honest about what they can and cannot afford – then we wouldn't be in the mess.

    But yes – there are WAY TOOOO MANY IRRESPONSIBLE "HOME-OWNERS" out there.

    And if it hurts to read this – then TOUGH – you should have thought about it before you lied on your application.

    July 30, 2008 11:55 am at 11:55 am |
  8. Biffington, Biff

    FORMER REPUBLIC...

    RIGHT ON TARGET!!!!!

    The fock knews listeners like Andy J, etc.. screaming socialism PREFER NOT TO RECALL THE DE-REGULATION THAT SET THIS MESS UP!

    They would prefer the FACIST state that has been in existence since Jan 2001.

    July 30, 2008 11:56 am at 11:56 am |
  9. Bobby, NC

    THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.THE WORST PRESIDENT IN MODERN HISTORY.
    George W. Bush.......

    July 30, 2008 11:56 am at 11:56 am |
  10. Biffington, Biff

    Maggie Muggins!

    LMAO! Thank you.... you TELL these idiots!

    July 30, 2008 11:57 am at 11:57 am |
  11. GIL TEXAS

    THE WORLD IN WHICH WE ARE IS ONE IN WHICH A NATION, NO MATTER HOW STRONG OR WEAK, NEEDS OTHER NATIONS. THOSE AMERICANS WHO THINK WE DO NOT NEED OTHER COUNTRIES OF THE WORLD ARE JUST LIKE KIDS WHO GO INTO A STORE FULL OF GOODS AND ALL THEY WANT IS A CANDY. THE REST OF THE WORLD HAS TOLD US THAT THEY ARE WILLING AND READY TO WORK WITH "PRESIDENT" OBAMA. THE PRESIDENT OF FRANCE IS ALREADY CALLING HIM A FRIEND. IF WE LET THIS GO BY US AND IT TAKES THEM FOUR YEARS TO BUILD TRUST IN MCCAIN. THEN WE CAN BLAME NO ONE BUT OURSELVES FOR THE PAIN THAT WILL CAUSE THE AMERICAN PEOPLE.THE TRUTH IS THAT AMERICANS ARE TIRED OF WHAT THE REPUBLICANS HAVE DONE TO THEM IN THE LEADERSHIP OF BUSH.THE REST OF THE WORLD WANT A RELIEF FROM A FEAR MONGERING POLITICS.WE DO AND THEY DO WANT A CHANGE SO LET US GIVE THE WORLD A CHANGE.
    AND FOR THE WONDERFUL MIRACLE OF THE SURGE, DID ANYONE HEAR OF WHAT HAPPENED RECENTLY IN THAT PART OF THE WORLD? AMERICA AND THE WORLD WANT A LEADER NOT A WORRIOR.

    July 30, 2008 12:00 pm at 12:00 pm |
  12. FactCheck

    Don't worry.. another 4 years of Republican rule and China will own all of your homes.

    July 30, 2008 12:00 pm at 12:00 pm |
  13. Michael

    I'm a Republican and free market capitalist. Bush is not. He doesn't understand the basic principle that capitalism will produce abundance–and failure.

    July 30, 2008 12:03 pm at 12:03 pm |
  14. Biffington, Biff

    I am not happy the banks are being bailed out. But the PEOPLE need help. The Government is there to do more than just take money from its citizens and give it back to corporate giants. it is supposed to be a government OF the people, BY the people... (and to all of the facist idiots screaming socialism) "FOR' the people....

    i will repeat that last part.... "FOR" the "PEOPLE"....

    (not the corporations... the people)

    let that marinate for a while...

    July 30, 2008 12:03 pm at 12:03 pm |
  15. eddie

    sounds like a legacy cry to me. Sorry bush, wont work

    July 30, 2008 12:04 pm at 12:04 pm |
  16. Joe in NJ

    I recently read of a woman who makes $25,000 and bought a house for $350,000 which is now being foreclosed. Does she deserve to be bailed out? While the lender is certainly at fault for approving a loan, how could she possibly believe she could afford this?

    July 30, 2008 12:07 pm at 12:07 pm |
  17. Whats left in your wallet?

    Did everyone forget the greedy people who were flipping houses and making a fortune???Thanks to DIY AND EASY MONEY.

    July 30, 2008 12:12 pm at 12:12 pm |
  18. lovable liberal

    Bush signed the Democratic bill, yet that fact is conspicuously absent here. Credit where it's due: The Democrats finally stood up to Bush and won this battle.

    July 30, 2008 12:20 pm at 12:20 pm |
  19. Canadian black man for Obama.

    Well McCain have to spend his campaign money so how.

    When most people are finding it difficult to pay gas, difficulty with their home bill, difficulty with their health care bill.

    McCain have all the money to spend on negative ad against Obama. McCain have nothing really to say about Obama so he make things up.

    Is McCain the next president you really need NOW? McCainflip flopper, the media cover Obama 75% percent than McCain, but all the coverages are negative news that McCain want them to cover.

    All the mispeak, all the flip flops McCain have commited none appears on the news and if they do it doesn't last half a day.

    When will the media be fair?

    July 30, 2008 12:21 pm at 12:21 pm |
  20. Dimetri

    I think George Bush has been a wonderful president and I wish I could vote for him again. I think he will be remembered as a brave man who tried to do what's best for the country–NOT.

    Can't wait for Novemeber to vote for a non-Bush, non-Clinton– Barack Obama.

    July 30, 2008 12:28 pm at 12:28 pm |
  21. Mary, IN

    Hail to the Thief, he stole our Constitution.

    July 30, 2008 12:28 pm at 12:28 pm |
  22. William, from Cali!

    What about the ones like me........ that are "out of their homes"; already? I lost my job, due to "downsizing"; and can't find a job making enough to keep making the property taxes and the monthly mortgage.................................

    July 30, 2008 12:33 pm at 12:33 pm |
  23. Rudy NYC

    What a guy!

    He saves the price of a barrel of oil, and now he saves millions of homes. He lowers the price of gasoline, and now he spends billions of dollars in tax cuts to save us from ourselves.

    What a guy!

    July 30, 2008 12:37 pm at 12:37 pm |
  24. Terry

    QUOTEHOW 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????????????????????????????????????????
    _______________________________________________________

    I can honestly say YES I am better off today than I was 8 years ago. I have a GOOD paying job, and a house than I CAN AFFORD! CNN post all of the whiney stories of the single mother in California making $45,000 a year and can't understand why she is loosing her $400,000 home! IT'S BECAUSE YOU CAN'T DO MATH STUPID!

    Yes, Bush sucks in a lot of ways....but YES he had help with it from Congress (most of which are your presidential hopefuls), but don't lay any blame on them...no no no....blame someone else!!!

    You all want a handout...give give give....You say "but the government takes my money...I want "socialistic" programs back from them"...well that is a wonderful circle we are on that we will never get off of until the poor get a job, and the stupid learn Math!!!!

    It's funny, Democrats are also quoting the rising unemployment rate...GET A JOB! There are TONS of jobs available...go get one! I look daily at job opportunities and there are tons of them making decent money, some not even wanting a two year college degree! Stop watching left-wing drive by media and learn to support yourselves because I can garauntee you ONE THING. It's that no matter who gets elected now and in the future they will not be looking out for your best interest...it is up to you to do that.

    Thank you for letting me rant.

    July 30, 2008 12:43 pm at 12:43 pm |
  25. Richard

    Bush is still a dirtbag. Im glad i never voted for this idiot.

    I wont be voting for his protege John McCain either.

    July 30, 2008 12:43 pm at 12:43 pm |
1 2 3 4 5 6