Housing bill is a blessing for first-time home buyers

As many of us already know, the housing stimulus bill was approved by Congress and signed into law by President Bush recently, with its sole purpose to address the turmoil in the financial and housing market and to bolster the faltering economy. Senate Banking Committee Chairman Chris Dodd, D-Conn., calls the measure “the most important piece of housing legislation in a generation.” And with good reason! The legislation contains several provisions to help home buyers, stop the slide in home prices, and provide a lifeline to borrowers facing foreclosure and bolster consumer confidence in the U.S. economy.