Federal Bailout Finally Passes

After passing through the Senate then the House of Representatives, President Bush signed an economic rescue bill today, which hopes to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.

According to NAR President, Dick Gaylord, this historic legislation will help restore liquidity to the mortgage market, stabilize the housing market and protect home owners, and go a long way toward ending the current economic crisis crippling the housing and financial markets. President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.

The National Association of Realtors® strongly supported government intervention and teamed with eight other business organizations to run a full-page ad in the Wednesday edition of Washington Post and USA Today, urging Congress to pass a recovery plan. Click here to read the ad.

Click here to read why REALTORS® support the financial rescue bill.