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“What a Whimp…”

By Sherman Ragland | July 30, 2008

With no Fanfare, and BURIED deep on the official Whitehouse website (http://www.Whitehouse.gov), you will find a page which acknowledges that President Bush did in fact sign the Housing and Economic Recovery Act of 2008, but it is hidden deep on the website and embedded in an announcement about a “BOATING BILL…??”

This law now gives hope to the beginning of recovery in the housing financial/capital markets by specifically auhtorizing the Department of the Treasury to purchase obligations of housing Government Sponsored Enterprises (GSEs) a/k/a Fannie Mae and Freddie Mac.

This law also provides reform of the Federal Housing Administration (FHA) which works in tandem with Gennie Mae to also underwrite mortgages.

Most importantly, it provides homeownership assistance to mitigate recent increases in foreclosures; and contains housing-related tax incentives and other tax provisions.

In short, It MARKS THE BEGINNING OF THE END OF THE HOUSING CREDIT CRUNCH!

What is ABSOLUTELY AMAZING is that Bush Seems to want NO ONE to know that he signed this law.

Probably because BOTH PARTIES in BOTH HOUSES of Congress told him to sign it.

… I really do not get this guy??!! Did he really mean it when he said he wanted to increase the numbers of home owners in America, earlier in his presidency, or was this just some Gimmick to get more fees to his Wall Street buddies to create Billions in Dollars in loans for low income homeowners, knowing they could not make the payments.

If he were really serious about increasing home ownership, then he should be equally interested in seeing folks keep the houses he wanted them to buy.

Not hiding the fact, buried deep on the White House website in an official announcement that burries this fact behind a “Boating Bill…!”

President Bush Signs the Clean Boating Act of 2008 and the Housing and Economic Recovery Act of 2008 Into Law

I am not making this stuff up….  jeez, what a whimp!

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