Despite reservations, Bush ready to sign mortgage relief for 400,000 strapped homeowners

By JULIE HIRSCHFELD DAVIS , Associated Press Tiresome After a while, I grow weary of people expecting others to help them when they make poor decisions. The housing market was grossly over WASHINGTON - Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations. The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes. It offers a temporary financial lifeline to troubled mortgage companies Fannie Mae and Freddie Mac — pillars of the home loan market whose losses have... [read full story]