Bush drops opposition to housing help bill

President Bush reversed his opposition to a housing bill Wednesday that could provide federal help for many Long Island homeowners facing foreclosure. The bill is aimed at calming the housing market

News 12 Staff

Jul 23, 2008, 11:03 PM

Updated 5,834 days ago

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President Bush reversed his opposition to a housing bill Wednesday that could provide federal help for many Long Island homeowners facing foreclosure.
The bill is aimed at calming the housing market by helping nearly 400,000 struggling homeowners get new, cheaper loans. Homeowners would be able to escape foreclosure by refinancing into loans backed by the federal government.
The measure also includes tighter controls for mortgage companies Freddie Mac and Fannie Mae, as well as housing tax breaks and credits.
The legislative consensus is welcome news for Wyandanch homeowner Nancy Holliday, who says the mortgage lenders are at fault.
"I don't blame people trying to provide for families, trying to make better for families," Holliday says.
Still, others in the area, which tops a statewide list of foreclosures and late mortgage payments, say it?s too late to help so many of those who have already lost their homes.
The House passed the measure Wednesday. The bill could become law as soon as this week.
Long Island Housing PartnershipMultiple Listing Service of Long IslandLong Island Volunteer CenterLong Island Housing Services


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