Mortgage Relief Bill Provisions

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Mortgage Relief Bill Provisions

President Bush signed a housing bill into law last week that is designed to assist borrowers facing foreclosure on their homes. What are some of the provisions of the bill?

Congress will set up a special fund to assist owners in purchasing "For Sale" signs

If a family already has everything set up the way they like it in their house, then they're okay to keep it

In the event of foreclosure, former owners maintain right to drive by and gaze longingly at their old homes

If you ultimately lose your house, Sen. Jim Webb has dibs on that coffee table

Two thousand families displaced by foreclosure will be supplied with federally owned trailers, pending the eviction of Katrina victims

Newly created "renting" provision enables those who are not financially prepared to own homes to have a place to live

Everyone who fucked up gets a thousand bucks and we all call it even

To ensure that this mess never happens again, the legislation requires all future home purchasers to make 100 percent down payments


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