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...homeowners, lenders and local communities some relief from the mortgage crisis. The bill is nearly 700 pages, but here's a highlight reel: ? An increase in the federal debt limit from $9.8 trillion to $10.6 trillion, to cover a possible bailout of the beleaguered mortgage giants Freddie Mac and Fannie Mae ? $300 billion in mortgage-refinancing funds backed by the Federal Housing Administration ? $180 million in counseling and legal services for homeowners facing foreclosure ? Tax credits of up to $7,500 for new homebuyers, to be paid back over time ? $4 billion in grants...
...signed a sweeping housing bill into law on July 30. Both candidates missed the vote, but do they feel at home with it? He has voiced support for the bill, which provides $300 billion in guarantees for mortgage renegotiations and stands behind the obligations of Fannie Mae and Freddie Mac, among other provisions. He has emphasized helping those who were bilked into bad mortgages rather than the overleveraged. He also supported the bill but ultimately wants Fannie and Freddie to go fully private--or away...
...many Republican lawmakers and even some White House aides. The legislation gave Paulson something unprecedented and very expansive: a blank check from Congress that he and whoever succeeds him at Treasury can use until the end of 2009 to bail out or take over Fannie Mae and Freddie Mac, the troubled government-created firms that at the moment are funding the vast majority of mortgage loans being made...
Under the new legislation, which also provides billions to save the country's two largest mortgage banks, Fannie Mae and Freddie Mac, the Department of Housing and Urban Development (HUD) has 60 days to lay out a plan for how the homeowner aid will be disbursed via state and local agencies. After that it has 30 days to send it out. Officials like Rosemond, who this summer created a foreclosure prevention program in his city to help distressed homeowners buy more time, hope that lenders who are poised to pounce with notices will hold off until the money arrives...
...easier for me to broadcast the stuff I like. "News feeds" (a Facebook term I've always found vaguely offensive, since it trivializes actual news) are now simpler to manage. When you read a "story" on your news feed and find out a friend has just enjoyed a Big Mac, you can comment on it ("OMG! Me too!!!"), right in the feed. And FacebookConnect, which will start showing up on finer websites and blogs everywhere this fall, is an ID system that lets you log in to places - for commenting, say, or Digging stories - with your Facebook...