Update to H.R. 3221: Foreclosure Prevention Act of 2008

Here is an update on the August 5 post on the Foreclosure Prevention Bill now passed as law.
My views and opinions shared by other more credible sources.

CNNMoney.com: By Les Christie, CNNMoney.com staff writer
Last Updated: August 18, 2008: 2:31 PM EDT

Beware the $7,500 ‘tax credit’…click on the link to view
The housing rescue credit may prod some new homebuyers. But the money must be repaid, and the program probably won’t be enough to jump start housing market.

CNNMoney.com: By Chris Isidore, CNNMoney.com senior writer
Last Updated: August 18, 2008: 9:28 PM EDT

Fannie, Freddie shares battered…click on the link to view
Fannie stock falls 22% and Freddie 25% to near two-decade lows. Media report suggests the Bush administration doubts mortgage giant firms will be able to raise needed capital.

“Congress recently granted the Treasury Department the power to loan Fannie and Freddie an unlimited amount of money or to buy up their shares. The Barron’s article suggested that such an infusion of capital would wipe out the holdings of current shareholders”.

Look for more updates on this and other posts

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