A recently passed housing bill, aptly titled The Housing and
Economic Recovery Act, will strive to assist mortgage holders currently facing
bankruptcy, as well as first-time home purchasers, the elderly, and American
military veterans. Congress intends for the
act to assist in preventing real estate foreclosures and potentially increase
the purchase of real estate as well.
According to the eligibility standards set forth by the Federal Housing
Administration, four-hundred thousand Americans facing foreclosure prove
eligible for assistance from one or more aspects of the act.