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Treasury's Paulson Says it Was Easy to Recommend President Sign Housing Bill

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Although he is not pleased with some parts of the housing bill, U.S. Treasury Secretary Henry Paulson said it was easy for him to recommend to President George W. Bush to sign a housing rescue package into law on Wednesday.

On Tuesday, lawmakers reached an agreement over a bill geared at alleviating some of the pressures in the U.S. housing market, a problem which several experts have said must be resolved before the U.S. economy can recover.

A key part of the bill includes a reform plan for government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, which came under pressure as default rates in the United States soared.

Under the agreement, Treasury will be able to inject capital into the institutions, a "strong signal" to markets, said Paulson to reporters.

Bush announced earlier on Wednesday that he will not veto the bill despite some reservations over specific aspects of the legislation.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008

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