August, 01 2008

With the blessing of President George W. Bush, House Resolution 3221, also known as the American Housing Rescue and Foreclosure Prevention Act, was signed into law this week.

The expansive bill, co-authored by U.S. Rep. David Scott (D-Ga), will pump $300 billion into the Federal Housing Administration (FHA) in order to insure home-buyer loans and create a series of incentives to protect lenders and borrowers.

Scott said the resolution is "the most significant bill in many years" to pass through both the House and the Senate to be approved by the president. He believes the bill will "restore confidence and calm to the financial markets" and give "immediate help" to more than 400,000 homeowners across the country, particularly in the Southern Crescent.

Click here to read the rest of the article appearing in the August 1st edition of the Clayton News-Daily.

Printer Friendly Version