Here's the skinny on the recently touted Stimulus Package.
It's been introduced and voted on in Congress.
"Jan 29, 2008: This bill passed in the House of Representatives by roll call vote. The vote was held under a suspension of the rules to cut debate short and pass the bill, needing a two-thirds majority. The totals were 385 Ayes, 35 Nays, 11 Present/Not Voting."
This bill hopes to send one-time rebates to 111 million families, provide tax breaks to businesses, and ease mortgage loan limits. (in this case easing means raising the Conforming Loan Limits).
See: "They Raised The Conforming Limit!"
The bill now must be approved by the Senate. There is a looming deadline of Feb 15 and they are trying to speed things along with a minimum of debate.
There is some concern being voiced in the Senate about the increase in the conforming loan limit without a comprehensive set of new rules for OFHEO.
Don't forget, it was OFHEO's director James Lockhart
(Office of Federal Housing Enterprise Oversight, the body that oversees Fannie and Freddie)who issued the statement saying,
"We are very disappointed in the proposal to increase the
conforming loan limit as we believe it is a mistake to do so
in the absence of comprehensive GSE regulatory reform."
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