As a free market advocate I am concerned about federal bailout of private financial firms whether it is Bear Sterns, Long Term Capital or Fannie Mae and Freddie Mac. What was the SEC and other federal regulatory agencies (OCC) doing when these firms were engaging in ridiculous practices?

I have said numerous times that the main reason for bailing out the mortgage giants Fannie Mae and Freddie Mac was not for the US homeowner but for the Chinese who have bought a huge portion of our mortgage backed debt.

Foreclosure Trackers, Inc., a one-stop foreclosure resource for investors of all levels, will present a workshop titled “Defaulted Mortgages: Turning Foreclosures into Investment Income” on Thursday, Aug. 7 from 7:30-9 p.m.

Today, President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Mae and Freddie Mac...

The continuing parade of lousy news for the housing market continues unabated, but today President Bush signed the Housing Bill.

Apparently President Bush signed the housing bill without any fanfare because there is not much buzz about it yet. However, Bush signed the housing bill just about 30 minutes ago, reports AP. The white House does not yet have any official information posted on it's website. But what is missing in the housing bill?

The Senate voted overwhelmingly on Saturday for final approval of a huge package of legislation that includes an ambitious program to save hundreds of thousands of families from losing their homes to foreclosure. The measure now goes to President Bush, who has said he will sign it, perhaps early next week, says the NYT.

It looks like the long-awaited, long-debated housing bill will finally be passed and signed into law, according to the AP. As a reminder, this is the bill with various provisions related to Fannie Mae, Freddie Mac, the FHA loan program, and more. Here's an excerpt from the story:

The housing bill, which is designed to provide government's support to rescue the struggling mortgage and real estate industry met today president George Bush's opposition, who has concerns about some aspects of the housing bill, but dropped it.

Treasury Secretary Henry Paulson, is currently urging congress to pass legislation that will bolster Fannie Mae (FNM) and Freddie Mac (FRE). If his words are any indication, congress will actually pass laws this week that will ”provide a liquidity backstop and a capital backstop to the GSEs.”

The FBI is investigating IndyMac IDMC.PK for likely fraud concerning home loans availed to dicey borrowers. Citing an anonymous law enforcement official, the Associated Press on Wednesday reported that mortgage lender IndyMac has been included in the FBI’s list of possible companies involved in corporate fraud.