"Given that the housing legislation is so essential right now,and that we need it promptly, the President agreed to acceptSecretary Paulson's recommendation that it was more important toaccept the bill in this form so that we could get the housingreforms in the form of the GSEs, and to go ahead and sign the bill,even though it has the CDBG money in it," the spokeswoman saidduring Wednesday's afternoon press briefing.
Paulson has been relentlessly making the rounds in Congress andin the Bush Administration to steer these two bills throughCongress. There are many facets to the measure including some taxrelief for homeowners. These bills are also the vehicle to whichPaulson has attached his plan to bolster FannieMae and Freddie Mac.
The president's promise to keep his veto power in check, plusthe progress the bills are making in Congress, have cheeredinvestors. Shares of both GSEs had increased by percentages in thedouble digits on Wednesday afternoon.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
