On Wednesday President George Bush declared that he would veto the foreclosure bill, but despite the threat of presidential veto, the house approved the legislation yesterday.
The bill had a large Democratic support and it will allow the Federal Housing Administration to guarantee up to $300 billion in loans for people facing foreclosure. The bill intends to also help first time buyers to buy their first homes. First time buyers will receive a $7.500 tax credit. The states will also get $15 billion to purchase foreclosure homes, avoiding that the home prices goes down.
The proposal will also allow FHA to relax its standards to guarantee fixed-rate loans for people that are not currently qualified such as students that are dropping education because they can’t get a loan, as well as potential home buyers that are not able to get loans with the current standard. Borrowers would still have to prove that they are able to make payments on the new loans.
The $15 Billion dollar support will help with the lower of home prices, as well as help lenders on critical areas, as on majority they are owners of vacant foreclosure properties.
Now is up to the President to pass or veto the package of bills. If he does veto it as he promised a new package will need to be worked quickly by the Congress and as the time passes the problem is getting worse.
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