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]

Our beloved country has decided to fold up shop.

RIP USA (July 4, 1776 - July 26, 2008)

[dalereed]

Rotten politicians!

[GregoryFul]

Scumbags! Pieces of $hit. Privatize gains, Socialize losses, suck up the taxpayer stolen contributions.

[Psycho_Bunny]

Each “Yes” voter should be tarred and feathered.

[TLI]

And away we go!

[NonValueAdded]

So those of us who chose to live within our means will subsidize - AGAIN - those who didn’t. And what lesson are we to take from that? /rhetorical

[politicket]

Here are some of the things that our nitwits just voted for: (from various news sources)

"The bill includes several cherished Democratic priorities, including the creation of a permanent affordable housing fund to be financed by Fannie Mae's and Freddie Mac's profits and the neighborhood grants."

"Democrats won concessions as part of the compromise, including a permanent affordable housing program to be financed by the two companies' profits and the $3.9 billion in grants."

"The 694-page bill would establish the $300-billion fund under the Federal Housing Administration to help distressed homeowners get more affordable, government-backed mortgages and get out from under exotic mortgages they cannot afford."

"Texas Republican Sen. Kay Bailey Hutchison said the housing bill had positive aspects. But she added, "I am troubled by the inclusion of an unlimited U.S. Treasury credit line to Fannie Mae and Freddie Mac" and possible government stock purchases."

"The bill would also create a new regulator for the GSEs with sharper teeth than the existing one, including authority over how much money the companies pay their top executives."

"The legislation also offers tax breaks to spur home-buying; sets up the first national licensing system for mortgage brokers and loan officers and raises the limit on the size of mortgages that can be guaranteed by federal agencies."

[tiredoflaundry]

I guess living within my means & being smart about it, does not pay.

[Dacula]

Drill Now!

[ZX12R]

Fleecing bastards!

[wastedyears]

***Other provisions include an increase in the federal debt limit to $10.6 trillion and long-sought reforms to the Federal Housing Administration.***

Increasing the federal debt? Why?

[TornadoAlley3]

http://ap.google.com/article/ALeqM5gHiAwLUjwHHRoqUZxIcGexMyxj2QD925LKAG0

How they voted

[TornadoAlley3]

Republicans Yes

Alexander, Tenn.; Bennett, Utah; Brownback, Kan.; Chambliss, Ga.; Cochran, Miss.; Coleman, Minn.; Collins, Maine; Craig, Idaho; Crapo, Idaho; Domenici, N.M.; Gregg, N.H.; Hagel, Neb.; Isakson, Ga.; Lugar, Ind.; Martinez, Fla.; McConnell, Ky.; Murkowski, Alaska; Roberts, Kan.; Sessions, Ala.; Shelby, Ala.; Smith, Ore.; Snowe, Maine; Specter, Pa.; Stevens, Alaska; Sununu, N.H.; Voinovich, Ohio; Wicker, Miss.

[NonValueAdded]

Better than selling our souls to the new devil, the politician. Well, maybe not so new. And McCain is Keating-fived out of making this a campaign issue. No coattails there.

[An Old Man]

“It is well the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” - Henry Ford

[Captain Kirk]

Both McCain and Obama didn’t think that this vote merited their presence. Obama was out of the country. What was McCain’s excuse?

[tiredoflaundry]

Fox mentioned that 400 thousand Americans are affected. I wish I could see the honest breakdown of folks who really were in trouble, as to folks who tried to flip properties & lost.

[politicket]

Here are the only 13 US Senators that voted against this travesty (there were 15 US Senators (chickens) that didn't vote EITHER WAY, including my chicken, Wayne Allard of Colorado)

Barrasso (R-WY)
Coburn (R-OK)
Corker (R-TN)
Cornyn (R-TX)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Kyl (R-AZ)
Thune (R-SD)
Vitter (R-LA)


If you do not see your US Senator on this list, then you need to burn up the phone lines letting your nitwit know what you think about them!

[Captain Kirk]

McCain and Obama didn’t even vote. Ron Paul, as usual, voted the right way.

[TLI]

Democrats estimating it could help up to 400,000 borrowers that now face defaulting on their loans

Letts see, 300 BILLION going to 400,000 is . . .

Seven Hundred Fifty Thousand Dollars per default.

[politicket]

Seven Hundred Fifty Thousand Dollars per default.

GGGrrrrrr....I'm already so angry that I'm spitting nails (and I want to spit on my US Senators)!

I just left a message on Wayne Allard's voice mail (peons like me can't get in touch with the gods on weekends) telling him EXACTLY what I thought of his brushing off this vote!

[Globalist Goon]

Not only has Bush redefined and dumbed down conservatism, he is about to redefine and dumb down capitalism as well.

[MrShoop]

Kudos to Senator Ensign for voting on principle in a State that is going to take as hard a hit in the housing bubble collapse as any.

[AuntB]

“I guess living within my means & being smart about it, does not pay.”

Quite a way to build a nation of self reliant citizens, isn’t it?

What a bunch of crappola.

[wardaddy]

I’m not sure I know enough about this.

The fine print bothers me more than the giveaways which are bad enough

I heard the bill will require new income verification rules that although well meaning will stymie folks with more non taxable income and more assets versus taxable income.

It will dry up a lot of the jumbo home mortgage loans which were never part of the problem to start with

unintended consequences.

[AuntB]

The list looks about right...but Session? Sessions voted for this thing? That’s dissapointing. I don’t see Mr. McCain on the yes list, did he vote? He stated last month to La Raza that he would be sure their ‘people’ got a bail out.

McCain: “I support taking the unfortunate but necessary steps needed to keep the financial troubles at these two companies from further squeezing American families.”

McCain: “La Raza runs one of the largest housing counseling programs in the country that has helped tens of thousands of Latinos become homeowners with secure mortgages. But millions of Americans have been hurt by the mortgage crisis and falling home values, and many in the Hispanic community have been especially hard hit. I want to help people who genuinely need assistance in these tough times, not speculators and lenders who contributed to this mess and didn’t follow the basics of good business practice. I am committed to making sure families who want to hold onto their home have a chance to do so. My HOME plan allows families who need help to apply — either at their local Post Office or online — for a new, guaranteed, fixed-rate, 30-year mortgage that will allow them to remain in their home, and raise their family with dignity............... One of my proudest achievements as a politician is to have won 75 percent of the Hispanic vote in Arizona in my last re-election. I believe I’m the only member of the Senate to have twice won your Congressional Leadership Award, a distinction I am also very proud of.....As a private citizen or as your President, I will never, never do anything to dishonor our obligations to them and their families or to forget what they and their ancestors have done to make this country the beautiful, bountiful, blessed place we love.

http://americassentinel.com/2008/07/15/transcript-remarks-by-john-mccain-at-the-2008-national-council-of-la-raza-convention/
“

[An Old Man]

"Letts see, 300 BILLION going to 400,000 is . . "

"Seven Hundred Fifty Thousand Dollars per default. "

The socialist in our congress are a crafty bunch when it comes to gathering sympathy for their cause.

Is this how it works?

1. Bank gets some money from the FED
2. Bank issues new federaly insured loan
3. Home Owner has new mortgage for the same amount as before (less any amount previously applied to principle)
4. Taxpayers are on the hook for the new loan
5. Socialist are happy because they stuck it to the bad guys (that's you and me)

How is this a good thing?

[Racer1]

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

[PaleoBob]

“Behind every one of those numbers is an American family that is wondering if their Congress is going to do something for them,” Senate Banking Chairman Christopher Dodd (D., Conn.) said during floor debate Saturday morning.

---

“Their Congress” is not spending a dime of its money on this. It’s OUR money that is being pi**ed away on this boondoggle.

[politicket]

unintended consequences.

That's exactly the point. Our Federal government has just stepped in and created an "overseer" to Freddie Mac and Fannie Mae (two publicly traded companies who - as of yet - have not declared bankruptcy).

They have taken power to decide what the CEO's of these two publicly traded companies will make for salaries.

They have decided to throw bones to PEOPLE WHO DON'T EVEN OWN A HOUSE YET!

They have decided THAT THE US TREASURY can buy shares of two publicly traded companies through Dec, 31, 2009!!

[politicket]

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

I wish it were that easy my FRiend. Our Federal system of government is now beyond the abilities of the general electorate to correct. It is a wasteland.

We will first need to repair the families in this country, then the municipalities, then the counties, then the states, and THEN the Federal government.

It will all begin with fathers turning their live's to God and leading their families according to His Word.

[TruthConquers]

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.

[AuntB]

If I’m reading this right, Hunter voted for this thing...I’d like to hear why??????

How they voted

http://news.yahoo.com/s/ap/20080723/ap_on_go_co/house_rollcall_housing

[WashingtonSource]

Washington madly spending your hard-earned money bump.

[politicket]

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.

My son is 15, so I know where you're coming from. You need to pray to God that your daughter becomes a help-meet to a God-fearing warrior for Christ, and a cornerstone in His kingdom.

Hey, 15 y.o. Freeper boy - 14 y.o. Freeper girl - add six years of so....... ;-)

Seriously, pray that she aspires to this:

10 Who[b] can find a virtuous[c] wife?
For her worth is far above rubies.
11 The heart of her husband safely trusts her;
So he will have no lack of gain.
12 She does him good and not evil
All the days of her life.
13 She seeks wool and flax,
And willingly works with her hands.
14 She is like the merchant ships,
She brings her food from afar.
15 She also rises while it is yet night,
And provides food for her household,
And a portion for her maidservants.
16 She considers a field and buys it;
From her profits she plants a vineyard.
17 She girds herself with strength,
And strengthens her arms.
18 She perceives that her merchandise is good,
And her lamp does not go out by night.
19 She stretches out her hands to the distaff,
And her hand holds the spindle.
20 She extends her hand to the poor,
Yes, she reaches out her hands to the needy.
21 She is not afraid of snow for her household,
For all her household is clothed with scarlet.
22 She makes tapestry for herself;
Her clothing is fine linen and purple.
23 Her husband is known in the gates,
When he sits among the elders of the land.
24 She makes linen garments and sells them,
And supplies sashes for the merchants.
25 Strength and honor are her clothing;
She shall rejoice in time to come.
26 She opens her mouth with wisdom,
And on her tongue is the law of kindness.
27 She watches over the ways of her household,
And does not eat the bread of idleness.
28 Her children rise up and call her blessed;
Her husband also, and he praises her:
29 “ Many daughters have done well,
But you excel them all.”
30 Charm is deceitful and beauty is passing,
But a woman who fears the LORD, she shall be praised.
31 Give her of the fruit of her hands,
And let her own works praise her in the gates.

[exit82]

I understand your sentiments.

However, I put the tentative date for the demise of our beloved country at February 12, 1999, when the Senate under Trent Lott, SOB-Mississippi, shirked its constitutional duty to adequately try an impeached President.

The last 9.5 years have been a slow slide downward from that peak, when those we entrusted with our nation failed to do their sworn duty as our representatives.

Historic turning points are not always dramatic, but in hindsight point to themselves quite clearly.

This government is out of control and working against its own citizens.

[politicket]

This government is out of control and working against its own citizens.

I understand...and Amen.

[TruthConquers]

Sigh, I love Proverbs!!

You are so right. As a Christian Homeschooling mom, that is precisely what I am aiming at.

Continuing to hold up the shield of faith. ;>

[Ghost of Philip Marlowe]

Talk about “windfall profits.”

Imagine what each of us could do with a chunk of that taxpayer handout. Disgusting.

[DemonDeac]

“Alexander, Tenn.; Bennett, Utah; Brownback, Kan.; Chambliss, Ga.; Cochran, Miss.; Coleman, Minn.; Collins, Maine; Craig, Idaho; Crapo, Idaho; Domenici, N.M.; Gregg, N.H.; Hagel, Neb.; Isakson, Ga.; Lugar, Ind.; Martinez, Fla.; McConnell, Ky.; Murkowski, Alaska; Roberts, Kan.; Sessions, Ala.; Shelby, Ala.; Smith, Ore.; Snowe, Maine; Specter, Pa.; Stevens, Alaska; Sununu, N.H.; Voinovich, Ohio; Wicker, Miss.”

RINOS all. Some on that list surprise me thoguh.

[babbabooey]

Drill Now!

I thought they just did? There's now a big hole where your back pocket used to be!

[Ghost of Philip Marlowe]

They can act fast to handout huge bundles of taxpayer money.

But they can’t pass a bill to drill and go nuke. That savings in the cost of gas would take the sting at this legal theft of our earnings and redistribution to those who don’t want to work for the American dream, but who want it given to them.

[TruthConquers]

I have always thought that the fools who thought that lying was OK, just didn’t understand that, that acceptance would open the flood gates to lying about ANYTHING, not just “sex”.

Now, it is OK to lie about the financial straits we are in, and use their power to save themselves and their friends.

[Ghost of Philip Marlowe]

The flippers should be denied this bailout. It’s easy to determine. More than one home? No bailout.

[politicket]

As a Christian Homeschooling mom, that is precisely what I am aiming at.

And as a Christian Homeschooling dad, I will concur! :-)

[CharlesWayneCT]

McCain published an article opposed to this, but noted it would pass anyway. His vote would have made no difference.

He pointed out that we needed a president who, if the provisions are exersized, pushes to do so prudently.

[Captain Kirk]

Does that mean McCain “must go” too? He supported the a bail-out too.

[exit82]

Well said.

This Congress is bailout happy.

Except when it comes for making this country energy independent.

[Captain Kirk]

Do you have a link to the article in which McCain said he opposed this bill? McCain told La Raza that he supported a bail-out. Did he change his mind after that?

[politicket]

Does that mean McCain “must go” too? He supported the a bail-out too.

McCain will NEVER see a vote from my family! Primarily due to the fact that he believes in the government having a hand in murdering babies through embryonic stem cell research - but his other absolutely foolish positions sure don't help his cause either...