Housing and Economic Recovery Act of 2008
President Bush signed into law today the oft-debated housing bill that recently passed through the House of Representatives on July 23 (vote was 272-152) and the Senate on July 26 (vote was 72-13). Many were pessimistic about the possibility this bill would make it through both sides of Congress - specifically the Senate, where most Republicans threatened to vote against it, but Bush changed his stance and decided not to veto the bill.
There are many implications for the housing market as a result of this bill being signed into law, and many are calling it the most important piece of legislation for our country in a generation. This remains to be seen, but many changes will be happening over the next few days and weeks. For more specifics, you can do a web search of the title of this post, or you can read the final version of the bill here.