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]

I want to see what are the 'tax breaks for home owners'.

The tax breaks are only for those that are in homes that they can't afford, or those that are "first-time home buyers" - go figure...

[M203M4]

Those “Republican” names keep coming up for every piece of legislative idiocy (well, save for a few choice foreign policy related topics, which is apparently enough to appease the dress-wearing Wilsonian side of the party). Few of our leaders stand in the way of the slow destruction of America.

[TheThinker]

Know what's really sad about all this?

The bailout of FNM and FDM?

Nope.

The bailout of irresponsible homeowners?

Nope.

It's the fact that the government caused all this in the first place and this legislation doesn't fix the root legislative cause.

The housing crisis may continue despite this bailout. But rest assured, we will have another housing crisis down the road of perhaps an even greater magnitude.

[Rebelbase]

We already subsidize those who don’t live within their means by providing Food, housing, medical care, child care, WIC, etc. This is just an expansion of that program.

[politicket]

we will have another housing crisis down the road of perhaps an even greater magnitude.

What this will do is increase the rate of global economic collapse due to the quicker devaluing of the US Dollar. It is simply a band-aid to buy a few more months.

This will prop up the derivatives market for a couple of weeks, but the eventual collapse in inevitable.

[Spunky]

"Those who voted yes must go. Out the bad in with the new."

That would be good if there was ever anyone to run against them. Which never seems to happen.

[Snoopers-868th]

I am not a Ron Paul follower but I saw his recent video on this bill. He says at about the 5 minute spot that all credit card transactions will be required to be reported to IRS. Wonder what the fall-out of that will be?

http://www.youtube.com/watch?v=eGRYdDExn8s&eurl=http://mrmortgage.ml-implode.com/

[struggle]

I’m callin’ Cochran and cussing him out

[Brad’s Gramma]

BTTT for later!

[Oatka]

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.

And the tap dance continues. Bush and crew are no more against this than the Man in the Moon, otherwise he'd vetod this piece of crap. Even if his veto was overridden, it would put those pols on the spot and he would come out with a bit better reputation that he has now.

[omega4179]

They can’t drill for oil that 100% of us use but they can pick our pockets and bail out the “housing” deadbeats and real estate speculators that got burned. SCUMS

[Arrowhead1952]

Republicans No

Barrasso, Wyo.; Coburn, Okla.; Corker, Tenn.; Cornyn, Texas; DeMint, S.C.; Ensign, Nev.; Enzi, Wyo.; Grassley, Iowa; Hatch, Utah; Hutchison, Texas; Kyl, Ariz.; Thune, S.D.; Vitter, La.

I guess they will get tired of me emailing and calling their offices one of these days and succumb to pressure. GO to both my TX Senators.

[Arrowhead1952]

Ron Paul, as usual, voted the right way.

Ron Paul is a member of the House of Reps.

Our two senators are

Cornyn (R-TX)
Hutchison (R-TX)

Not being picky, but my bet is that if Ron Paul was a Senator, he would have also voted against this bill.

[According2RecentPollsAirIsGood]

Agreed. Sniff.

My daughter is only 14, what kind of country will this be when she becomes a full adult? I just don’t even want to think about it.

*sigh* I feel the same way. I'm only 24, but it's this and everything else like it that pushes me towards not wanting to have kids and curse them with this future. It's truly saddens me. My girlfriend doesn't want kids, and if we were to get married, that's something I'd have to be able to accept. Each one of these abominations makes that a little easier.

And I don't care if that's considered a cop out. Thomas Sowell has said he's glad he's not going to live long enough to see where this country is headed. I can see what he means, though I'll still always work against that tide until I'm dead.

[Arrowhead1952]

More than one home? No bailout.

No Joke. I know several people who bought second and third homes with the ARM and are stuck with more than they can afford. ONE homestead is all that should be allowed.

[politicket]

but it's this and everything else like it that pushes me towards not wanting to have kids and curse them with this future.

Actually, you should find a wife that wants LOTS of kids, and raise them up in the fear and admonition of the Lord. Your goal should be to have a dinner table that is overflowing with "olive branches" (a.k.a. - children).

If you're a Christian, then I would highly encourage you to pray about your current relationship and be looking for a Proverbs 31 woman (that I quoted earlier in this thread). Just saying...

[vidbizz]

You know, I lost a lot of money from the .com bubble. No one bailed me out!
Where’s my money from those bad investments I made?

Oh, I guess I did the grown up thing & moved on...

[politicket]

You know, I lost a lot of money from the .com bubble. No one bailed me out!

I lost about 60% of my retirement account. My thinking was: "Well, I guess I'd better work harder to make up for it".

Maybe I should have whined to Uncle Sam instead. But then again, it's nice to be able to look at myself in the mirror.

[Road Warrior ‘04]

I think I'll go out a max out every one of my credit cards and then ask the gubment to pay my bills! Or, just file for bankruptcy!!!!

[kc8ukw]

Passed on a Saturday? Is that so we didn’t see the price of gold shoot up right after the vote?