On Wednesday President Bush signed into law the newest of housing bills, that giving tax credits to first-time homebuyers and aid to many other homeowners.

The bill also offers protection for mortgage giants, Fannie Mae and Freddie Mac.

The National Association of Realtors, with a membership of 1.2 million, issued a statement.

NAR President, Richard F. Gaylord, said, "The National Association of Realtors® and its 1.2 million members commend President George W. Bush for his quick action in signing the housing stimulus bill today. This legislation will go a long way to help stabilize the housing market and make the dream of homeownership more attainable for many Americans. In addition, more families will be able to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure."

"Congress presented the president with a comprehensive bipartisan bill that includes needed reform of Fannie Mae and Freddie Mac with improved oversight, FHA modernization, permanent increases in conforming and FHA loan limits, and a temporary tax credit for home buyers. These are all designed to help the housing and mortgage industries and boost the U.S. economy. We believe these goals are achievable and will benefit current and future homeowners alike."

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Published: August 1, 2008

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