The House of Representatives approved a revised bailout bill on Friday that will inject up to $700 billion of taxpayer funds into the financial system. Lawmakers hope to hold off a financial meltdown that has toppled several banks worldwide, including Washington Mutual, the largest bank to fall in the history of the United States.

The bailout gives the government authority to buy up the mortgage-based investments that are distressed from banks to ease the pressure on their books. However, the bailout may not have an immediate effect on homeowners who are facing foreclosure. Sen Obama has promised that if he is elected that he will push for legislation that will protect homeowners facing foreclosures. Both Obama and McCain lobbied heavily for the passage of the bailout bill.

However, for now the bailout is designed to keep more banks from falling and to open up the credit markets which have been virtually paralyzed. The bailout has been heavily criticized by constituents around the country, who have flooded the capital with emails, text messages, and calls, demanding that their representatives vote against the bailout. Homeowners around the North Shore Chicago Real Estate market will have to wait and see if this bailout will have any effect on foreclosures and the availability of credit.

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This entry was posted on Sunday, October 5th, 2008 at 11:41 am and is filed under Evanston Real Estate(t) , Glencoe Real Estate(t) , Deerfield Real Estate(t) . You can leave a response.