President Bush signed the historic plan to rescue the nation's ailing financial system less than two hours after it cleared the House October 3 by a comfortable 263-171 margin. "We have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said, according to CNN. Treasury Secretary Henry Paulson pledged quick action to get the program up and operating .
NeighborWorks America will post regular updates on the economic crisis and what it means to affordable housing, including foreclosure counseling efforts. Below you also will find a link to resources on the Emergency Economic Stabilization Act of 2008 (defeated by the House) and the Housing and Economic Recovery Act of 2008, signed into law, July 30, 2008.
NeighborWorks America Community Stabilization Web Site
NeighborWorks America has launched a new online information hub for nonprofit organizations and their public and private partners working together to stabilize their communities in the wake of the foreclosure crisis. View the site at www.stablecommunities.org.
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