$700 billion bill rejected by Congress
30 September 2008
The US Congress has rejected the proposed $700bn (£380bn) bail-out, throwing the world’s financial markets into disarray and raising important questions about the availability of mortgages and other forms of credit.
Although the Treasury – and the President – had insisted the bail-out was crucial to the health and stability of the USA’s financial systems, many analysts conclude that there was simply too much negative sentiment about the proposed bill.
As the BBC puts it, the short answer to the question “What Happens Now?” is ‘that the Bush administration aided by the two sets of party leaders on Capitol Hill will have another go’.
With some re-writing, it’s possible the bill may pass on a second attempt.
---
Think Money offer a range of mortgages to suit people in all kinds of financial situations. If you are considering taking out a mortgage, contact one of our expert mortgage advisers now.
Mortgage news
Repossessions rise as borrowers struggle with mortgages 18 March 2010
Lloyds doubles mortgage overpayment allowance 15 March 2010
Cost of mortgage debt falls to six-year low 12 March 2010
Homeowners urged to consider mortgage options 8 March 2010
Over 3 million don`t know interest rate on their mortgage 4 March 2010
