U.S. President George Bush Sign Housing Bill into Law

U.S. President George Bush has signed into law a bill intended to provide struggling homeowners with much needed financial support and repair the floundering housing market.

As part of the new housing law homeowners will be able to refinance their loans in order to satisfy mortgage payments that have placed them in danger of foreclosure.

The $300 billion allotted in the rescue fund may also be used by mortgage giants Freddie Mac and Fannie Mae, owners of about fifty percent of the mortgage debt currently choking the U.S. housing market.

Critics of the housing bill argue that the law will merely bailout irresponsible homeowners who purchased homes they could not afford.

Under the new law homeowners would be able to refinance their current loans and set-up fixed-rate mortgages designed to avoid a repeat of the current crisis.

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