Bush Signs Housing Bill

Despite misgivings over several of its provisions, President Bush signed the housing bill on Wednesday in a low-key event, denying backers of the measure a victory lap. As the AP reports, Bush signed the bill "without fanfare" at the Oval Office, "early in the morning and out of public view." According to the White House, "he was accompanied by Treasury Secretary Henry Paulson, Housing and Urban Development Secretary Steve Preston and other administration officials." The Washington Post notes the "unannounced" White House signing ceremony took place "shortly after 7 a.m.." The New York Times says the signing "was not a particularly auspicious occasion given the precarious state of the nation's financial system, and the pressure that Mr. Bush came under to sign a bill that contained provisions he had opposed."

The Wall Street Journal reports the signing completes Congress' "ambitious legislative effort to head off rising foreclosures and stabilize jittery financial markets." The Administration, adds the Journal, "is counting on Fannie and Freddie to bolster the housing market by providing funds for the bulk of all home loans." The Financial Times notes the Administration "had opposed several provisions in the bill, including $4bn in grants for states and local authorities to buy foreclosed properties, but ultimately caved after deciding that other elements of the package, particularly the GSE reform, needed to be passed immediately."

Bloomberg News reports Paulson, "who was the lead lobbyist for the White House" during Congressional debate, "persuaded Bush to back off a threatened veto over a section of the legislation that provides $3.9 billion in grants to states to buy and repair foreclosed properties." AFP reports Fannie Mae president Daniel Mudd "hailed Bush's signing of the bill, saying it 'will provide crucial support for the housing market and help prevent foreclosures for working families.'"

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