Struggling homeowners now have the lifeline they need to help keep their homes from foreclosing.
On Wednesday, President Bush signed a massive housing bill that aims to provide mortgage relief for 400,000 homeowners and stabilize financial markets.
Click the play button for a CBN News interview with Dan Gainor of the Business and Media Institute.
Bush signed the bill in the early morning hours. He was surrounded by top administration officials, including Treasury Secretary Henry Paulson and Housing Secretary Steve Preston.
"We look forward to put in place new authorities to improve confidence and stability in markets," White House spokesman Tony Fratto said.
He said the Federal Housing Administration would immediately start implementing new policies "intended to keep more deserving American families in their homes."
The measure allows homeowners who are unable to meet their payments refinance into more affordable government-backed loans rather than forfeiting their homes.
It also offers a temporary financial lifeline to Fannie Mae and Freddie Mac, but tightens government control over the troubled mortgage companies.
The House passed the bill a week ago; the Senate voted Saturday to send it to the President.
Source: The Associated Press