Change of heart. He first threatened to veto it, but after rethinking about it and saying basically that it was better than nothing, President Bush signed early today in the absence of the typical White House ceremony at the time of signing a new law, a bill that will rescue 400,000 homeowners from foreclosure and that provides assurance to the giants, recently in trouble, Fannie Mae and Freddie Mac.
Usually, the signing of a bill comes with a celebration, souvenirs for other politicians, etc… this time was different. This time, the signing of the bill came early in the morning, only a few White House aides and administrators were present, and the new law was announced by e-mail moments later.
The new law comes with a split decision, Republicans opposed it, and Banks and Home Builders support it.
Now, let’s be realistic, who will this new law benefit?
Homeowners cannot refinance because their home values are much less that what they owe, banks won’t take the risk. Banks are asking borrowers to have a perfect credit score, to be, what it’s known in the Real Estate business as A-Paper or full doc. Is this Washington Politics at it’s Best or is the President really making an extraordinary effort to “rescue” homeowners from loosing their most valued asset?
Yanni Raz |
