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

CNNMoney.com: Bush signs housing rescue law

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/07/30/art.bush1.ap.jpg caption="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. v.a.

    mccain/bush mccain/bush...

    it's all one big blur of hypocrisy, flip flops, and "gaffes" (more like stupidity).

    July 30, 2008 10:11 am at 10:11 am |
  2. Ndalio

    He created the mess so he should clean it up before November!

    July 30, 2008 10:12 am at 10:12 am |
  3. Brendan H., San Antonio, TX

    Bush signs a bill he villified, when in signing it earlier he could have prevented more trouble.

    Kind of reminds me of the way Reagan handled the HIV/AIDS crisis – he never mentioned it once in public for fear of enflaming the hard-core Christian Right, and in doing so prevented earlier solutions to a problem that cost tens of thousands of people their lives.

    Come to think of it, didn't Bush arm twist the financial community to give mortgages to everybody under the guise of helping people realize the American dream, when all along all he wanted was a "bump" in the economy?!

    Remember, this is a guy who was a C- student at Yale who couldn't get straight into graduate school because of his "vast thinking capacity." The same guy who owned and trashed three companies. The same guy, who by getting installed as President, managed to get something for himself he couldn't earn on his own – a pension!

    July 30, 2008 10:12 am at 10:12 am |
  4. McArsenic

    i sometimes wish we still had that tar and feather policy...Bush/Chaney the only leaving administration that will have to not only leave the White House but the country as well

    July 30, 2008 10:13 am at 10:13 am |


    July 30, 2008 10:13 am at 10:13 am |
  6. John

    first decent thing he's done and it was a democrat backed law, imagine that. Bush can't even come up with any Ideas him and Mccain don't have a clue. Now they are starting to follow Obamas lead Barack might as well just take over now. Obama 08'12

    July 30, 2008 10:14 am at 10:14 am |
  7. McCain is still Running?

    spitting into the wind, this unwinding cannot be stopped, a 300 billion dollar bill when the loses are known to go into the trillions. Just pushing the disaster to after the election.

    July 30, 2008 10:16 am at 10:16 am |
  8. ANGIE

    The way i see it if he would of payed more attention to the frauding in the mortgage industry instead of pouring all of our money and his interest into the war in iraq we would not be in this mess in the first place he never cared about the american people .WORST PRESIDENT IN HISTORY SO FAR IMPEACH THAT ADMINSTRATION ALREADY!!!!!!!!!!!!!!!

    July 30, 2008 10:16 am at 10:16 am |
  9. MD in GA

    This has nothing to do with helping the American public. GWB is just trying to clean up the mess he made to salvage his legacy. To little, to late...

    July 30, 2008 10:16 am at 10:16 am |
  10. proud army and navy mom

    Should never happen.....This is the first step the democrats love, bail the irresponsible people out with other peoples money. Are they paying off credit cards as well or do we have to wait for Obambi for that.

    July 30, 2008 10:17 am at 10:17 am |
  11. Phil, FL

    OK – Big Deal – SO?

    Now get out, Bush, and take your crooked cronies with you !!!!!


    July 30, 2008 10:18 am at 10:18 am |
  12. MMN-Milwaukee WI

    If it quacks like a duck and if it limps....then it’s a lame duck.

    We have only 96 days to election-day.

    Bush has 176 days left in the White House and that is not good for McCain or the GOP but its good for America and that’s all that matters.

    Let’s all help GWB countdown to his exit of the WH

    July 30, 2008 10:18 am at 10:18 am |
  13. Matt: honestly


    The government is meant to help you when you NEED it. This Democratic bill is doing exactly that. We would not have gotten out of the Greta depression if not for Democrat FDR and his government programs for the economy. If you want to compare the government to Big Brother (if you actually know the conotation behind that term) look at the Patriot Act, and "legal" phone taps, and all of the things that Democrats are currently fighting against to protect American rights. That is Big Brother my friend, not the government helping us get past this very real recession.

    July 30, 2008 10:19 am at 10:19 am |
  14. Xavier

    Bush is such a hipocrite. He make the mess, and then takes the credit when somebody else stands in and tries fixing it for him.

    July 30, 2008 10:19 am at 10:19 am |
  15. Neal

    That must have hurt him to do.
    This guy is a totally piece of garbage.
    Bush should be in prison.

    July 30, 2008 10:20 am at 10:20 am |
  16. MMN-Milwaukee WI

    Eric – Pittsburgh
    Have you ever gone to a public library or happen to know where one is?
    If yes you’re a socialist.

    July 30, 2008 10:21 am at 10:21 am |
  17. Charlotte

    Better then nothing. He could have vetoed it. We have a bad president, bad congress, and all that will change with a magic wand. All I have to do is vote for, a never done anything Seantor from Illinois. Yeah right...

    July 30, 2008 10:22 am at 10:22 am |
  18. Matt: honestly

    Andy J,

    So you don't think that having our top leaders invested in oil has kept prices high? OH BUSH IS SO GREAT!!! Come on get real man. This guy has been just about the worst president ever. Every business (yes the American govt is a business) that the man has taken over has failed.

    July 30, 2008 10:24 am at 10:24 am |
  19. MMN-Milwaukee WI

    Bob, topeka, ks
    Andy J, NY
    Eric – Pittsburgh
    Have you ever gone to a public library or happen to know where one is?
    If yes you’re a socialist.

    July 30, 2008 10:24 am at 10:24 am |
  20. gObama

    Wow. What a great guy! Wait, I thought this was the "do-nothing" congress? Why is Bush signing some of their "sweeping" legislation? Hmmmm...

    July 30, 2008 10:25 am at 10:25 am |
  21. It Be Me

    why should I pay for someone that was stupid enough to take out a loan they couldn't afford....for a house they didn't really need....just because they could....

    I have to pay my bills.....I shouldn't have to pay somebody elses too....

    July 30, 2008 10:26 am at 10:26 am |
  22. Phil, FL

    If he had not VETOED so much, the Congress could have made real progress in the last two years. Dem. Congress is NOT the problem. REP PREZ is the problem.

    July 30, 2008 10:26 am at 10:26 am |
  23. Do it yourself

    How sad...
    You get a loan you can't pay and taxpayers have to bail you out.
    They blame the government for what... Not doing your budget for you?

    Sick... Sad... and socialist

    One step closer to what the dems want... just like Britian... 65% tax... 10 bucks a gallon for gas... but the gov wipes for you... nice.

    July 30, 2008 10:26 am at 10:26 am |
  24. Matt

    Liberal policies pushed by Congress to pressure banks into allowing 'Po Folk' to own houses was the cause of this mess.

    Once again, the democrats cause a problem, then blame the President.

    Will this country ever wise up???

    July 30, 2008 10:31 am at 10:31 am |
  25. Major Michael "C" Lorton, Vriginia

    Just add this to the 390 billion debt bill. No good deed goes unpunished.

    July 30, 2008 10:31 am at 10:31 am |
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