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.

[NormsRevenge]

Our beloved country has decided to fold up shop.

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

--

Si

US Senator Chris Dodd speaks during the opening of the 47th Annual Mexico-US Interparliamentary Meeting in Monterrey, northern Mexico in June 2008. The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market. (AFP/File/Edgar Quintana)

[Blood of Tyrants]

They don’t care how much of our money they have to spend to bail out the people who foolishly bought more house than they could afford and speculators who bought houses in hopes of making a quick buck but are now stuck with them.

[politicket]

Well, at least the lawyers get a cool $30 million of our money:

SEC. 305. COUNSELING INTERMEDIARIES.

Notwithstanding any other provision of this Act, the amount appropriated under section 301(a) of this Act shall be $3,920,000,000 and the amount appropriated under section 401 of this Act shall be $180,000,000: Provided, That of amounts appropriated under such section 401 $30,000,000 shall be used by the Neighborhood Reinvestment Corporation (referred to in this section as the `NRC') to make grants to counseling intermediaries approved by the Department of Housing and Urban Development or the NRC to hire attorneys to assist homeowners who have legal issues directly related to the homeowner's foreclosure, delinquency or short sale. Such attorneys shall be capable of assisting homeowners of owner-occupied homes with mortgages in default, in danger of default, or subject to or at risk of foreclosure and who have legal issues that cannot be handled by counselors already employed by such intermediaries: Provided, That of the amounts provided for in the prior provisos the NRC shall give priority consideration to counseling intermediaries and legal organizations that (1) provide legal assistance in the 100 metropolitan statistical areas (as defined by the Director of the Office of Management and Budget) with the highest home foreclosure rates, and (2) have the capacity to begin using the financial assistance within 90 days after receipt of the assistance: Provided further, That no funds provided under this Act shall be used to provide, obtain, or arrange on behalf of a homeowner, legal representation involving or for the purposes of civil litigation.

[John 3_19-21]

This country has withstood a lot over 2 plus centuries. This however I fear with come back to hunt us.

This is not just a step in the wrong direction it is a giant leap off from a cliff!

God help us all

JC

[Grams A]

Does anyone know what happened to the reporting of credit card charges that was originally tacked on to this bill by Dodd? Looked at lots of sources and couldn’t find anything on it.

[rabscuttle385]

Ron Paul, as usual, voted the right way.

Of course, except Ron Paul is a kook and a freak. /sarc

[thelastvirgil]

I get it: It is perfectly okay for our government to invest in “private” concerns such as Fannie Mae and Freddie Mac, but ordinary citizens are not allowed to invest a small portion of thier mandatory Social Security “contributions” in truly private concerns. Another example of do as I say, not as I do, and we should all be surrounding the halls of congress with the pitchforks and torches by Monday evening.

[Tulsa Ramjet]

whatever.
The appraisal bastards, fannie mae/freddie mac, loan companies, loan officers, were on in cahoots. giving ARM money to a bunch of mislead idiots, all the way up to closing. Greed breeds bad deeds. If the playing field was even, a different story.

[Fred]

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

Should say 300 billion going to Countrywide and Bank of America....courtesy of Chris Dodd (friend of Angelo)

[FreeReign]

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

Here's a Freeper excusing Obama.

[FreeReign]

If I’m reading this right, Hunter voted for this thing...I’d like to hear why??????

Hunter voted for paid perscription drugs, the farm bill...etc.

[FreeReign]

Of course, except Ron Paul is a kook and a freak. /sarc

Cut-and-run Ron Paul is one.

[AuntB]

Oh, stop it. Every republican voted for them except Ron Paul. Hunter is the ONLY one who bucked MFN with China and tried to secure the borders and bucked Bush on a bunch of stuff. Hunter is out of it, so relish in our Ted Kennedy wing of the GOP candidate.

[LiveFreeOrDie2001]

UH! Norm Coleman voted Yes??

GRRRRRRRRRRRRRR........

[FreeReign]

You:If I’m reading this right, Hunter voted for this thing...I’d like to hear why??????

Me:Hunter voted for paid prescription drugs, the farm bill...etc.

Oh, stop it. Every republican voted for them except Ron Paul. Hunter is the ONLY one who bucked MFN with China and tried to secure the borders and bucked Bush on a bunch of stuff.

No I won't stop. Some of us were saying back when Hunter was running that he votes for big spending items. Yet you sound surprised.

Yes, he's right on illegal immigration. My point still remains.

[sionnsar]

And what lesson are we to take from that? /rhetorical

Sal si puedes? / 0.5 sarc

[sionnsar]

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.

Are any of these considered anything Other Than RINOs? And if so, why?

[sionnsar]

However, I put the tentative date for the demise of our beloved country at

I put it at April 8, 1913, when the 17th Amendment was ratified and the states' autonomy and influence were hugely diminished. Not that that applies to this bill (if it does I'll leave it for others), but we've already gone a long ways down to the demise of the nation we once knew.

[sionnsar]

Not only has Bush redefined and dumbed down conservatism, he is about to redefine and dumb down capitalism as well.

Bush is not in a position a redefine or dumb down conservatism, except to media/press who are working overtime to do even more themselves. Bush just disses same.

I'll defend him where appropriate but in things like this... not. Bush is not a conservative.