NGUYEN: All right. Well, listen up another bank has fallen victim to the nation's mortgage crisis. The latest failed bank, the First Priority Bank of Bradenton, Florida. The Federal Deposit Insurance Corporation has taken a toll and Sun Trust Banks will assume deposits. First Priority is the eight U.S. bank to fail this year, and the first to go under in Florida.</s>MARCIANO: And now, the homeowners caught up in the mortgage meltdown. Congress has passed that a rescue plan that can throw a lifeline to thousands of Americans. We get details now from CNN personal finance editor, Gerri Willis.</s>GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Thanks, Rob. The housing bill we've been telling you about for months finally now a reality. President Bush signed it into law on Wednesday after a veto threat. The law aims to offer affordable government-backed mortgages to at-risk homeowners and provides Fannie Mae and Freddie Mac with a rescue plan. Here's the nitty gritty: $300 billion in loan authority for suffering homeowners, $15 billion in tax cuts, $4 billion to clean up foreclosed properties and $180 million for pre-foreclosure counseling. And the bill bails out Fannie Mae and Freddie Mac with a temporary but unlimited line of credit. The bill, of course, comes at a critical time, the S&P; Case-Schiller Index indicated a record drop in housing prices just this week. And estimates 2.8 million Americans could lose their homes by the end of 2009. Now, some 15 percent of troubled homeowners will be able to trade in their loans for more affordable FHA mortgages, but on the downside, the new law might just leave all of you, the taxpayers, with a big fat bill to pay. Lots more coming up at 9:30 a.m. Eastern on "</s>OPEN HOUSE." NGUYEN: All right. You got listen to this story. Because if you've ever taken a vacation cruise or even thought about it, take a look at this. Yes, not my idea of rest and relaxation. We're going to fill you in on the high drama on the high seas.
Housing Rescue Bill Now Law, But What Does It Really Mean?