Bush signs massive housing bill

AFP, July, 2008

WASHINGTON (AFP) — US President George W. Bush on Wednesday signed a sweeping housing rescue plan designed to help 400,000 homeowners avert foreclosure and bolster ailing mortgage finance giants, the White House said.

Bush signed the broadest housing legislation in decades "to improve confidence and stability in markets, and to provide better oversight for (struggling US mortgage lenders) Fannie Mae and Freddie Mac," White House spokesman Tony Fratto said in a statement announcing the signing.

"The Federal Housing Administration (FHA) will begin to implement new policies intended to keep more deserving American families in their homes," Fratto added.

Treasury Secretary Henry Paulson and senior FHA leaders were at Bush's side during the low-key signing...