Bush administration opposes Democrats' mortgage relief bill

[eppur_se_muova]

Source: CNN

From Scott Anderson
CNN

WASHINGTON (CNN) -- Congressional Democrats and the White House are on a collision course over an ambitious proposal drafted to address the spreading mortgage crisis.

The Bush administration calls the bill a "bailout," saying it "strongly opposes" the legislation sponsored by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, intended to make it easier for homeowners to refinance their loans and stay in their homes.

The committee, which estimates that the program could help 1.5 million homeowners who are having difficulty paying their mortgages, is expected to approve Frank's bill next week.

Frank says the millions of individuals who might face foreclosure because of the expanding credit crisis deserve help, even if they made a mistake by borrowing beyond their means.

Read more: http://www.cnn.com/2008/POLITICS/04/26/house.mortgage/index.html

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WHOA -- Bu**sh** suddenly awoke to the possibility that a *bailout* might be under way? He just now noticed? Oh -- wait -- this is a bailout of the reg'lar folks -- you know, the ones who might want to have a beer with him.

Hope he's buyin, cause they can't cover it.

[merwin]

1. So giving money to the people who financed these loans is not a bailout.

But helping out the middle class families who are most affected by the bankers' idiotic decisions is a bailout?

[Frisbee]

2. WWWD

Ever found yourself in a situation where you just weren't sure what to do? If you are unfortunate enough to ever be stuck this kind of dilemma, just ask yourself, "what would W do?". Then do the exact opposite, and you will not only be right better than 99.9998% of the time, you may never make another mistake as long as you live.

[SpiralHawk]

3. "Let them pull themselves up by their own Swiss Bank Accounts. Smirk." - Republicons

[Lorentz]

4. No one should get a bailout.

I strongly disagreed with the corporate welfare bailouts of the big banks. I also disagree with this bailout of "homeowners" (which, technically, they are not! Otherwise they wouldn't be in foreclosure). Everyone knew what they were getting into, and thanks to the "middle class" who wanted to live like kings in their McPalaces, the rest of us responsible folk have to put off home-ownership for a decade. I don't buy the sob stories of the innocent person being swindled by the bank. Everyone can read, or at least should read their contract before they sign it. No matter how "unaware" they were of what was really happening with their ninja loans, they were ultimately driven by some greedy sense of entitlement.

Let's go back to the days of buying what we can afford.

[liberal N proud]

5. What a fucking SHOCK

NOT!



Anything suggested by a Democrat is quickly denounced by the republicons and specifically the bu$h regime

[bluesmail]

6. HA! predictable aren't they?

[redtornado]

7. I have some credit card debt and Id like the government to pay it off for me.

Buying a house is not a small matter. When I bought mine, everything was spelled out because of the truth in lending law. If I lose my job or didnt lock in a fixed rate loan, then I dont get to keep my house.

It sounds cruel, but just because someone offers to loan you money you cant pay back, doesnt mean you have to say yes.

[Supersedeas]

8. nothing to see here during the network blackout of real news to cover Rev Wright