Tuesday, June 24, 2008

Shame on Republicans...AGAIN...

This is why we can't continue to have "moderates" in our party! This is an outrage bill...so now government is going to be responsible for providing you a job, an education and a HOME! Sigh...if you are a individual who can't figure out your own budget and whether or not you can afford your home, you have NO RIGHT to actually purchase one!

This just irritates me to no end...so many people who find themselves in trouble with their home mortgage can blame it on the fact that they thought the equity accrued could be used as a savings account!! So many chose to refinance, taking their equity out only to spend it on "upgrading" their lifestyles...purchasing new SUV's...upgrading their "home entertainment" rooms...upgrading or remodeling their kitchens, bathrooms, backyards, etc. I have seen it time and time again in my neighborhood.

Here's the thing...my home too, has fallen in worth...but my mortgage hasn't changed and neither has my job...although, I now owe more on my home than it is valued at, I still have to make the payments. The payments on the balance that I AGREED TO when I initially purchased my home! Why isn't this expected of everyone else?

Oh yea...I forgot, government (with both parties being guilty) is all about telling us that "we the people" are just too dang STUPID to figure life out for ourselves...so they must "save" us...from our own doom...sigh...

Course never mind that the Community Reinvestment Act encouraged, almost pushed, lenders to provide loans to those in the community who clearly couldn't afford them...never mind that just to bail out CountryWide it will cost tax payers over $25 billion dollars...oh no...Republicans BOUGHT into this FURTHER expansion of government! They don't fight for our core principles...they don't stand for what we believe...they just give in time and time again...sigh...

Hopefully, President Bush will have the cajones to VETO this ridiculous bill, as he has stated he will!

Housing aid bill clears key Senate hurdle

WASHINGTON (AP) - A massive foreclosure rescue bill overwhelmingly cleared a key Senate test Tuesday, drawing broad support from Democrats and Republicans alike.

The Senate voted 83-9 to speed up work on the $300 billion mortgage aid plan, putting it on track for a final vote as early as the end of the day.

The resounding vote reflected a keen interest in both parties in claiming election-year credit for helping homeowners amid tough economic times.
Still, the measure faces a veto threat from President Bush and disputes among Democrats about key details. Those challenges will probably delay any final deal until mid-July.

Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman, said the legislation "would allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country."

"What better gift on independence could we give the American people than a sense that this, their Congress of the United States, can come together, despite political differences, and craft legislation to make a difference for our country," Dodd said.

Senate passage would set the stage for high-stakes negotiations to resolve Democrats' differences. Conservative Democrats known as "Blue Dogs" are concerned about how to pay for the measure, while members of the Congressional Black Caucus - most of them liberal - call it "unacceptable," arguing it doesn't do enough to address the needs of African Americans.

Leaders also are divided on how high to place loan limits that apply to government mortgage insurance and financing.

The centerpiece of the package is a foreclosure rescue program in which the Federal Housing Administration would provide $300 billion in new, cheaper mortgages for distressed homeowners who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

Borrowers would be eligible for the housing rescue if their mortgage holders were willing to take a substantial loss and allow them to refinance, and would ultimately have to share with the government a portion of any profits they made from selling or refinancing their properties.

The measure was advancing as a widely watched housing index said U.S. home prices fell in April at their steepest rate since the index began in 2000. The Standard & Poor's/Case-Shiller home price index of 20 cities fell by 15.3 percent in April versus a year ago, according to Tuesdays report.

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