Remember the foreclosure relief bill?  Well, its finally passed both the house and senate and is awaiting President Bush's signature.  And this version is one he'll actually sign - thats to say it provides almost no real relief to the very people the politicians all want you to think its meant to help.

So what's in the final version of the foreclosure relief bill?

1.  A $7500 tax credit to first time home buyers.  The catch - it has to be repaid over 15 years.  How will this be administrated?  Who knows.

2.  Freddie and Fannie modernization.

3.  Increasing the amount for a loan to be considered conforming and thus insurable by the FHA. 

4.  $300B in FHA insured loans that homeowners with debt-to-income ratio greater than 31% can refinance into as long as the new 30 year, fixed rate loan does not exceed 90% of the appraised home value. 

While #4 could be prevent a large number of qualifying homeowners to avoid foreclosure, participation in the program by banks is not necessarily a sure thing. 

What's your take on the foreclosure relief bill?