A housing bill that intends to rescue about 15 percent of homeowners facing foreclosure, was signed by President Bush on Wednesday, July 30, 2008. According to the MSNBC Article written on July 30, 2008, President Bush signed this bill ‘Early in the morning and out of public view”. The House had passed the bill the week before and Senators had sent it to the president. Bush did not like what he saw from Congress and he vowed to veto it. He withdrew his threat within a few days stating that hurting homeowners could not wait for the outcome of the a veto showdown that would take weeks.

Under the legislation, homeowners that are having trouble with their mortgage payments could avoid foreclosure by trading their loans for different, more affordable loans through the Federal Housing Administration. The banks would have to agree and homeowners would have to be able to prove that they are paying more than 31 percent of their incomes towards their mortgages but would be able to afford to make the payments on a smaller loan.

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