Although he hasn't yet signed the housing bill passed by the Senate this weekend, President Bush removed his objections to the measure and is scheduled to sign it soon.
It's a big band-aid for an even-bigger problem, but it does offer some relief to some homeowners and to local communities where foreclosures have hit hardest. The bill also authorizes new oversight for Fannie Mae and Freddie Mac,and pumps additional funding into FHA:
The bill establishes a $300-billion fund under the Federal Housing Administration to help distressed homeowners get more affordable, government-backed mortgages and get out from under exotic mortgages they cannot afford.