Because there are billions of dollars of real estate out there that are worth a fraction of the value it is claimed as.
Empty malls with no buyers, and McMansions with no market.
And the fat cats were going to squirm out from under it using this bill as leverage to buy time Someone is going to be left holding a whole lot of bags. Let it be the lenders - who knew what they were doing, and did it anyway.
Housing prices doing fine here, actually going up.