Bailout bill vote approved
Posted on By Ricky at 25 October, 2008, 12:00 pmBailout bill vote approved
The revised $700 billion bailout plan, which was rejected just last week in its initial form, was today approved by the United States House of Representatives (263-171), sending an important message to the American people that their government is prepared to “rescue” that national economy from further collapse. President George W. Bush — who has championed [...]
The revised $700 billion bailout plan, which was rejected just last week in its initial form, was today approved by the United States House of Representatives (263-171), sending an important message to the American people that their government is prepared to “rescue” that national economy from further collapse.
President George W. Bush — who has championed the bill throughout the entire process — now just has to provide his signature for the unprecedented initiative to move forward.
The bill will soon provide the government the authority to purchase bad mortgage loans and other poor performing assets from major lenders nationwide, unclogging the financial system and allowing credit to flow freely once again.
In addition to the $700 billion bailout for financial firms, the revised plan also includes “$152 billion in unrelated tax breaks and broader tools for federal regulators to deal with the growing economic crisis,” according to the Wall Street Journal.
This is certainly good news for homebuyers nationwide because loans will certainly be more available thanks to the new measure. The bad news is that it does not directly address or assist homeowners who are currently facing foreclosure.
Of course, we always encourage distressed homeowners to contact their respective lending representatives early and often and alert them about any personal financial problems that could result in missed mortgage payments.
In this type of economy, it is important to remember that lenders and banks are more interested in working out mortgage problems rather than taking additional losses.
If all else fails remember that there are also experts available who can help stop foreclosure. Click here.
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