Perhaps too little too late. The housing market slide is like the dot-com bubble bursting. There's little you can do except watch this slow-motion train wreck.
Housing rescue bill heads to Bush for signature
WASHINGTON (AP) -- Congress passed a housing rescue bill Saturday aimed at sparing 400,000 struggling homeowners from foreclosure. President Bush is expected to sign the measure quickly.The measure, approved by a 72-13 vote during a rare weekend session in the Senate, lets homeowners who cannot afford their monthly payments refinance into more affordable government-backed loans rather than losing their homes. The bill also offers a temporary financial lifeline to the troubled mortgage companies Fannie Mae and Freddie Mac, and tightens controls over them.
There would be higher limits on loans that Fannie Mae and Freddie Mac can buy and the Federal Housing Administration can insure. The loans would be capped at $625,000.
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Read about the South Bay's drop in housing prices.
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