What impact does it have to investment property?

There are two markets in parallel. One is regular market (non REO). Another is REO (bank owned) market. This bill may quicken the liquidation of REO market inventory and stem the new influx of foreclosures. Thus, the window of opportunity in REO market may be shortened due to this bill. But reasonably, I think you still have at least 1 year. 2009 won't materialistically improve. But it's hard to foresee what will happen in 2010.