President Bush signed a massive housing bill on July 30, 2008, intended to provide mortgage relief to some 400,000 struggling American homeowners and stabilize financial markets.
The measure, regarded as the most significant housing
legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes. It also offers a temporary financial lifeline to troubled
mortgage companies Fannie Mae and Freddie Mac and tightens controls over the two government-sponsored businesses.
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