Oregon paper: Senate passes Smith-Kerry mortgage plan

[beachmom]

http://www.eastoregonian.info/main.asp?SectionID=13&SubSectionID=48&ArticleID=76150&TM=38366.73

Senate passes Smith-Kerry mortgage plan
Initiative could mean $122M to help Oregon homeowners

The East Oregonian

WASHINGTON, D.C. - The U.S. Senate passed a bi-partisan plan Thursday that could provide $122 million in new mortgage financing assistance to Oregon homeowners struggling through the housing crisis.

Oregon Republican Sen. Gordon Smith and Massachusetts Democrat Sen. John Kerry started working in December last year on a proposal to help slow the skyrocketing rate of foreclosures in the U.S. The two men serve on the Senate Finance Committee. The Smith-Kerry plan was part of the Senate housing stimulus package, which the Senate passed 84-12.

The plan would temporarily expand the use of state bonding programs to include refinancing of subprime loans and allow states to issue up to $10 billion in additional bonds over the next three years.

Under current law, state and local governments may issue bonds to finance new mortgage loans only to first-time homebuyers.

Smith said the plan would provide safe and fair options that will save family homes and keep the U.S. economy on firm ground.

This is good legislation. Every home saved means a neighborhood being saved from possibly going down hill.

[beachmom]

1. Ha, ha! This related article is funny:

http://blog.oregonlive.com/mapesonpolitics/2008/04/the_smithkerry_connection_the.html

The Smith-Kerry connection: the French brothers

Posted by Jeff Mapes, The Oregonian April 11, 2008 07:21AM

Sens. Gordon Smith, R-Ore., and John Kerry, D-Mass., collaborated on a key part of a foreclosure prevention bill that passed the Senate on Thursday. Their provision calls for the government to float $10.9 billion in bonds - costing taxpayers $1.7 billion - to refinance subprime loans that threaten to throw homeowners into foreclosure.
Sen. John Kerry

It's the kind of bipartisan collaboration that - despite all of the political divisions in Congress - happen every day in Washington. This one is a little notable, however, because Smith had attracted national attention back in 2004 for his over-the-top slams on Kerry when the latter was the Democratic nominee for president.

"It's not John Kerry's fault that he looks French," Smith said at the time. "But it is his fault that he wants to pursue policies that have us act like the French. He advocates all kinds of additional socialism at home, appeasement abroad, and what that means is weakness for the future."

Well, I suppose some conservatives - who don't think it is the government's role to be bailing out homeowners who made bad loans - are now thinking that Smith has joined Kerry in pursuing socialism at home.

Too funny!

Oh, and here is the press release on the bill:

http://www.allamericanpatriots.com/48745967_senate-passes-kerry-housing-legislation-protect-ve

So, um, where is the Globe on this? They did do an article on when the bill was proposed:

http://www.boston.com/news/nation/washington/articles/2008/04/04/kerry_seeks_10b_to_help_homeowners_refinance/

But what about the fact that it passed and will help Mass. homeowners?