Relief for many homeowners facing foreclosure looks to be on the way as President Bush signs into law the Housing and Economic Recovery bill. In an article by JENNIFER LOVEN, Associated Press Writer, the bill takes "several approaches to curing the ailing housing market".
HENRY J. PULIZZI and MICHAEL R. CRITTENDEN write in the Wall Street Journal about different aspects of the bill and how it is meant to stimulate the housing sector.
For those facing foreclosure, the bill looks to provide options and counseling to restructure loans for homeowners to keep their home.
First time home buyers benefit with a tax credit if they purchase a home or condo between April 9, 2008 and July 1, 2009. A tax credit of up to $7,500 could get those buyers that are on the fence to make the move.
Overall, the bill looks to provide relief and the potential for growth in the housing sector, while also giving aid to Fannie Mae and Freddie Mac.
