U.S. President George Bush Dismisses Veto Plan Regarding Housing Bill

U.S. President George Bush has ended his plan to veto a housing bill that will be introduced to the House of Representatives on Wednesday despite his displeasure with what amounts to nearly $4 billion in grants for homeowners facing foreclosure.

The housing bill is seen as a trigger to boost the struggling U.S. economy and Democrats have favored the legislation as a means of aiding those homeowners who have lost their homes or are in danger of losing their homes due to rising mortgage rates and an inability to refinance loans.

Republicans have called the legislation a bailout of irresponsible homeowners who had banked on the housing market’s continued rise. When the market collapsed and banks were no longer capable of rewriting loans homeowners found themselves with adjusted mortgage rates that they were incapable of paying.

Bush is looking past that aspect and concentrating on a measure in the bill that would propose a cash infusion for mortgage giants Freddie Mac and Fannie Mae who would then serve to rewrite many of the loans for struggling homeowners.

If the House approves the bill it will go before the Senate before being passes.

For more Real Estate News please go to:

http://news.yourfindit.com/NewsList.aspx?cat=9&wcat=19

About YourFindit

YourFindit Community is a social, music and business networking community. It caters to individuals providing them with a wealth of tools that enable them to create their own web site within YourFindit and display their content. Members can create free profiles that include an About Me, Background and Lifestyle, Videos, Music, Blogs, Photos, their unique URL and network with other members inside the community. YourFindit provides each member the opportunity to reserve an exclusive profile displaying only ads they upload on their pages. Members have the right to sell their ad space to advertisers.

To create your YourFindit profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.

YourFindit profile where Your space is really Your Space

Join the brand-new social networking community, YourFindit, and create your profile