Congress Passes Housing Bill

Wall Street Journal ^ | July, 26, 2008 | Michael R. Crittenden

[politicket]

WASHINGTON -- U.S. Senate lawmakers on Saturday overwhelmingly passed a broad package of housing legislation, hoping to send a calming message to financial markets and voters amid the ongoing deterioration of the housing market and a growing number of bank failures.

Meeting in a rare weekend session, the Senate voted 72-13 in favor of the bill, which includes tax breaks for homeowners, a $300 billion program to refinance loans for struggling borrowers, and a dramatic rescue plan for embattled mortgage finance firms Fannie Mae and Freddie Mac. Other provisions include an increase in the federal debt limit to $10.6 trillion and long-sought reforms to the Federal Housing Administration.

The vote completes congressional action on the legislation, which is the result of months of political wrangling and negotiations between the House and Senate, Treasury Department, and other federal regulators. The House voted 272-152 to pass the bill on Wednesday.

It will now be sent to President George W. Bush, who the White House has said will sign the bill despite voicing earlier misgivings about certain provisions of the legislation.

[politicket]

Our beloved country has decided to fold up shop.

RIP USA (July 4, 1776 - July 26, 2008)

[dalereed]

Rotten politicians!

[GregoryFul]

Scumbags! Pieces of $hit. Privatize gains, Socialize losses, suck up the taxpayer stolen contributions.

[Psycho_Bunny]

Each “Yes” voter should be tarred and feathered.

[TLI]

And away we go!

[NonValueAdded]

So those of us who chose to live within our means will subsidize - AGAIN - those who didn’t. And what lesson are we to take from that? /rhetorical

[politicket]

Here are some of the things that our nitwits just voted for: (from various news sources)

"The bill includes several cherished Democratic priorities, including the creation of a permanent affordable housing fund to be financed by Fannie Mae's and Freddie Mac's profits and the neighborhood grants."

"Democrats won concessions as part of the compromise, including a permanent affordable housing program to be financed by the two companies' profits and the $3.9 billion in grants."

"The 694-page bill would establish the $300-billion fund under the Federal Housing Administration to help distressed homeowners get more affordable, government-backed mortgages and get out from under exotic mortgages they cannot afford."

"Texas Republican Sen. Kay Bailey Hutchison said the housing bill had positive aspects. But she added, "I am troubled by the inclusion of an unlimited U.S. Treasury credit line to Fannie Mae and Freddie Mac" and possible government stock purchases."

"The bill would also create a new regulator for the GSEs with sharper teeth than the existing one, including authority over how much money the companies pay their top executives."

"The legislation also offers tax breaks to spur home-buying; sets up the first national licensing system for mortgage brokers and loan officers and raises the limit on the size of mortgages that can be guaranteed by federal agencies."

[tiredoflaundry]

I guess living within my means & being smart about it, does not pay.

[Dacula]

Drill Now!

[ZX12R]

Fleecing bastards!

[wastedyears]

***Other provisions include an increase in the federal debt limit to $10.6 trillion and long-sought reforms to the Federal Housing Administration.***

Increasing the federal debt? Why?

[TornadoAlley3]

http://ap.google.com/article/ALeqM5gHiAwLUjwHHRoqUZxIcGexMyxj2QD925LKAG0

How they voted

[TornadoAlley3]

Republicans Yes

Alexander, Tenn.; Bennett, Utah; Brownback, Kan.; Chambliss, Ga.; Cochran, Miss.; Coleman, Minn.; Collins, Maine; Craig, Idaho; Crapo, Idaho; Domenici, N.M.; Gregg, N.H.; Hagel, Neb.; Isakson, Ga.; Lugar, Ind.; Martinez, Fla.; McConnell, Ky.; Murkowski, Alaska; Roberts, Kan.; Sessions, Ala.; Shelby, Ala.; Smith, Ore.; Snowe, Maine; Specter, Pa.; Stevens, Alaska; Sununu, N.H.; Voinovich, Ohio; Wicker, Miss.

[NonValueAdded]

Better than selling our souls to the new devil, the politician. Well, maybe not so new. And McCain is Keating-fived out of making this a campaign issue. No coattails there.

[An Old Man]

“It is well the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” - Henry Ford

[Captain Kirk]

Both McCain and Obama didn’t think that this vote merited their presence. Obama was out of the country. What was McCain’s excuse?

[tiredoflaundry]

Fox mentioned that 400 thousand Americans are affected. I wish I could see the honest breakdown of folks who really were in trouble, as to folks who tried to flip properties & lost.

[politicket]

Here are the only 13 US Senators that voted against this travesty (there were 15 US Senators (chickens) that didn't vote EITHER WAY, including my chicken, Wayne Allard of Colorado)

Barrasso (R-WY)
Coburn (R-OK)
Corker (R-TN)
Cornyn (R-TX)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Kyl (R-AZ)
Thune (R-SD)
Vitter (R-LA)


If you do not see your US Senator on this list, then you need to burn up the phone lines letting your nitwit know what you think about them!

[Captain Kirk]

McCain and Obama didn’t even vote. Ron Paul, as usual, voted the right way.

[TLI]

Democrats estimating it could help up to 400,000 borrowers that now face defaulting on their loans

Letts see, 300 BILLION going to 400,000 is . . .

Seven Hundred Fifty Thousand Dollars per default.