Senate leaders today reached an agreement on a bill to stem the nationwide tide of mortgage foreclosures.
"Getting to this point has required compromise by all sides," said Senate Majority Leader Harry Reid, Nevada Democrat, and Minority Leader Mitch McConnell, Kentucky Republican, in a joint statement. "This package addresses the core issues of this crisis, including foreclosure mitigation, mortgage counseling, FHA modernization and homeowner tax credits, among other provisions. We hope to quickly come to a consensus to move this bill to the floor, consider amendments to it, and pass strong legislation that helps struggling homeowners and our economy as a whole."
Exact details of the bill are still being ironed out, and Senate aides would not say whether the bill would includes a provision that would allow bankruptcy judges to alter mortgage rates and debt packages. That has drawn a veto threat from the White House.
During the negotiating process, senators have congratulated themselves on their cross-aisle compromises, comparing their efforts on the bill to an economic stimulus package President Bush signed into law in February.
— Carrie Sheffield, Web editor, The Washington Times
Comments (8)
Of course the White House will veto any provision for the little guy to have his day in court.. They are stacking the court and now want to prevent the legal system from insuring "Justus for All". How Un-American!
Posted by George Zraick | April 2, 2008 10:40 PM
I can not believe that the government is actually going to reward stupid people for acting stupid.
If this new legislation costs the taxpayers even one dime..
THE LEGISLATION BETTER INCLUDE AN EVEN BIGGER REWARD TO THOSE OF US WHO MADE THE RIGHT DECISIONS AND STAYED AWAY FROM THOSE STUPID SUBPRIME LOANS.
-Mario-
San Diego, CA
Posted by Mario Diaz | April 2, 2008 10:47 PM
Where is MY benefit for "thinking it through". I bought a house in Southern Cali three years ago and I am NOT having any issues. WHY? Maybe because we thought it through first. Just enough house, a mortgage my family could handle and NO "creative" financing. Why do I have to assist others who wanted something they could not afford? Let the housing market adjust and allow people who want to buy but can not afford due to the inflated prices get in. As a Social Worker I am constantly hearing about the negative issues regarding "welfare"? Isn't this what this is? Aren't we rewarding bad decisions?
Where is My reward for doing the right thing. Although maybe being able to sit by the fire in a house I an not in jeopardy of loosing is enough.
Posted by amy | April 2, 2008 10:49 PM
Can anyone tell me why they feel the need to protect people from their own failings? why are they spending tax dollars to bail out anybody? If they can't afford the home let them rent and let the banks suffer their own losses. the same system has worked for the pass 100 years-why now that the banks decide to take huge risk with the money do I need to offer a bail out?
Posted by nolan | April 2, 2008 10:52 PM
Get real people, how about talking about all the Top Venezualian military generals on Quantico Marines base in March of 02, two weeks before chavez first military coup
Posted by Bod Widow | April 2, 2008 10:54 PM
Seniors who are over 62 and have mortgages to high to afford, could take out a reverse mortgage to pay off their mortgage and save their home. If their mortgage is higher than the amount of the Reverse mortgage payoff the Goverment can provide funds to meet that need as a grant to be placed on the end of the loan, insured by the FHA and paid upon death from future home sale.
Laurence Lurie MHA, CSA.
American Reverse Mortgage
Posted by Laurence Lurie | April 2, 2008 11:13 PM
What about behavioral change, fiscal responsibility and discipline and budget management for the Congress. If the Congress won't set the standard, why should the citizens follow? Give me a break, variable interest loans were based on high risk assumptions that were not managed with proper oversight. Where was Congress then? Where? They were doing the same thing the citizens were doing, taking advantage of the moment of opportunity without any thought as to what is ahead. This package like the stimulus is an election year band aid.
Posted by Larry Stone | April 3, 2008 2:54 AM
I am in agreement with most of you. Why should my family and I suffer for the stupidity of others. Anyone with half a brain knows to stay away from those "creative mortgages". I don't want any more of my tax dollars bailing anyone out of their own mess. I'll be calling my congressmen and senators, I would advise all to do the same.
Posted by Clay | April 3, 2008 11:57 AM