Housing bill is one step closer to becoming reality
David Herszenhorn wrote about the House of Representatives’ recent passing vote on the housing bill that has been in the news quite a bit. This bill was primarily authored by Barney Frank of my home state of Massachusetts. You can read about the bill and its potential pros and cons at The New York Times‘ website.
Why should you care about this bill? Your tax dollars are funding parts of it, but that’s nothing new. What is new is that some of those dollars will be paying for cities and towns to buy and refurbish foreclosed homes. Is this a good or a bad thing? Here’s what the author wrote:
The White House, citing an urgent need to restore market confidence in the two mortgage giants, Fannie Mae and Freddie Mac, said President Bush would sign the measure despite his opposition to the inclusion of nearly $4 billion in grants for local governments to buy and refurbish foreclosed properties.
Of course there are many other parts of this bill that will soon become law, so if you are interested in the housing market in this country you should learn about the bill. After all, housing is a major part of our economy. Will this be the first step in stopping the downward spiral of home prices?