‘Rescue’ bill White House bound

A sweeping housing bill is expected to be signed into law by President Bush in the middle of this week.
JUL 28, 2008
By  Bloomberg
A sweeping housing bill that would aid homeowners and ailing mortgage giants Fannie Mae and Freddie Mac is expected to be signed into law by President Bush in the middle of this week after passing the Senate on Saturday. The American Housing Rescue and Foreclosure Prevention Act passed the Senate 72-13. The bill’s sponsors — Sens. Chris Dodd, D-Conn., chairman of the U.S Senate Committee on Banking, and Richard Shelby, R-Ala. — described the bill as “the most comprehensive housing legislation in over a generation.” The measure had faced a veto threat from President Bush due to the fact that the bill includes $3.9 billion earmarked for neighborhoods hit hardest by foreclosures, but the White House dropped its opposition July 23 hours before the House of Representatives passed the legislation (InvestmentNews July 24). “This legislation will address our broader economic problems by helping to reform our housing sector and provide reassurances to our financial markets,” Mr. Dodd said in a statement after the bill’s passage.

Latest News

RIA M&A stays brisk in first quarter with record pace of dealmaking
RIA M&A stays brisk in first quarter with record pace of dealmaking

Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.

New York Dems push for return of tax on stock sales
New York Dems push for return of tax on stock sales

The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.

Human Interest and Income Lab streamline workflows for retirement-focused advisors
Human Interest and Income Lab streamline workflows for retirement-focused advisors

The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.

Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls
Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls

Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.