Senate passes housing bill amid turmoil - Jul. 11, 2008
The Senate measure would create a new $300 billion government-backed foreclosure prevention program and strengthen oversight of Fannie Mae and Freddie Mac. The two mortgage finance giants, which play a central role in the U.S. housing market, took a thrashing this week on Wall Street as investors worried about their financial health.
Gotta take care of those POOR Wall St. investors
"It's not the final stop, but it's a major step," said one of the lead authors of the bill, Senate Banking Committee Chairman Christopher Dodd, D-Conn. "My hope will be that they would be willing to accept this Senate bill."
Final passage of a package has been delayed for close to two months due to substantive disagreements as well as countless procedural delays
Two months with their fingers you know where .
On cable news network, don't remember which one, it is predicted that in 2007/2008 there will over 2,000,000 foreclosures in the USA. With the average famiy size @ 4, that's like 8,000,000 people effected. And down the line, the number becames exponential. Where are ALL these folks going to go and do ???? On a side note, I was saddened to become aware of the sale of the Chrysler Bldg. Probably the most picturesque Bldg. in the New York skyline. My father was one of the general foremen ( Electrical) on the Pan Am Bldg. ( now Met Life). New York seems to be leading America on the way down the tubes. My heart is heavy.