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Housing bill signed quick implementation now expected
WASHINGTON (7/31/08)—As President George W. Bush signed the Housing and Economic Recovery Act into law, Sen. Christopher Dodd (D-Conn.) professed confidence that the refinancing program meant to ease the country’s mounting mortgage foreclosure problem would be operational by Oct. 1 as intended by the new law. Dodd called the heads of the Federal Reserve Board, Treasury Department, Federal Deposit Insurance Corp. and U.S. Department of Housing and Urban Development (HUD) together Tuesday after A HUD spokesman had doubted the agencies’ ability to meet the October implementation deadline. (American Banker July 30) Dodd said afterwards that HUD Secretary Steven Preston expressed confidence that the rules would be ready on time. Preston said his agency would start July 30 to begin working out details. The article also reported that Preston will ask President Bush to expedite a request to let HUD hire 300 additional staff immediately to facilitate implementing the refinancing program.


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