A housing bill that will assist home builders, called The Housing and Economy Recovery Act, has recently been passed by Congress. The purpose of the bill is to stabilize the mortgage market by strengthening government-sponsored enterprises that purchase mortgages from lenders, such as Fannie Mae. In addition, homeowners will be provided help refinancing their mortgages if they face foreclosure thanks to a $300 billion loan guarantee from the Federal Housing Administration. The housing bill also will offer a $7,500 refundable tax credit for first-time buyers purchasing a home after April 8, 2008 and before July 1, 2009 that home builders expect will encourage sales and decrease the housing surplus.
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