Longview Washington Business Directory Blog

Archive for July 30th, 2008

Longview and Kelso Washington Real Estate owners, along with the rest of the country will finally be receiving some help from the U.S. Government. President Bush just signed into law a measure to help out the 400,000 Homeowners who are facing Foreclosure in the near future. This legislation would also help out Fannie Mae and Freddie Mac. Spokesman Tony Fratto said it was signed at 7:00 am this morning.

The law is aimed at stopping foreclosures and the sharp decline in Real Estate values and hopes to bolster sales and construction of new homes. The law in essence would provide federal insurance to refinanced 30 year mortgages. The measure is also designed to instill confidence in Fannie Mae and Freddie Mac, who are the two largest mortgage lenders in the country.

The recession in the Real estate market and the industry in general is the worst since the depression. Coupling this with the current fuel crisis, that has no indications of improving has put this country in a terrible condition economically.

More info on this subject can be seen in Bloomberg.com http://www.bloomberg.com/apps/news?pid=20601103&sid=am2yQYThqmxQ&refer=us