White House Opposes Senate Housing Bill

[Wretched Excess]

White House Opposes Senate Housing Bill

(The Politico) For a moment, the trains are running on time in the intransigent Senate, with the chamber poised to pass a major housing bill some time Wednesday. But the White House has expressed opposition to several provisions in the bill, casting doubt on a delicate bipartisan Senate compromise.

On Tuesday, the Senate voted 92-6 to cut off all debate and hasten passage of the legislation, which would provide billions in tax breaks for homebuilders, tax credits for people who buy foreclosed homes and about $100 million for foreclosure prevention counseling.

The bill lacks some of the most aggressive measures meant to help troubled homeowners, including a proposal that would allow bankruptcy judges to restructure mortgages in default. But even the bipartisan proposals, including $4 billion in community development block grants, have run into White House opposition.

"The bill will likely do more harm than good by bailing out lenders and speculators, and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations," said White House press secretary Dana Perino. "In addition to the concerns with how the Senate treated the provisions we do like, the bill still retains many other provisions that we don't like – provisions like the plan to fund purchases of foreclosed properties and a tax credit idea."

Senate Majority Leader Harry Reid (D-Nev.) said the housing deal was not "perfect" but that it was "a compromise in keeping with what the country needs."

He said he was "hopeful" and confident" the bill would pass Wednesday.

In the House, however, Speaker Nancy Pelosi (D-Calif.) has said she would like to see legislation that has more help for homeowners, potentially including a Federal Housing Administration overhaul that would insure up to $300 billion worth of refinanced loans.

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at least the white house is still thinking.  they aren't up for reelection in november, of course.

and pelosi wants to federally insure $300 BILLION worth of loans that are by definition already in trouble?!?!?!?

[Chris_]

White House Opposes Senate Housing Bill

(The Politico) For a moment, the trains are running on time in the intransigent Senate, with the chamber poised to pass a major housing bill some time Wednesday. But the White House has expressed opposition to several provisions in the bill, casting doubt on a delicate bipartisan Senate compromise.

On Tuesday, the Senate voted 92-6 to cut off all debate and hasten passage of the legislation, which would provide billions in tax breaks for homebuilders, tax credits for people who buy foreclosed homes and about $100 million for foreclosure prevention counseling.

The bill lacks some of the most aggressive measures meant to help troubled homeowners, including a proposal that would allow bankruptcy judges to restructure mortgages in default. But even the bipartisan proposals, including $4 billion in community development block grants, have run into White House opposition.

"The bill will likely do more harm than good by bailing out lenders and speculators, and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations," said White House press secretary Dana Perino. "In addition to the concerns with how the Senate treated the provisions we do like, the bill still retains many other provisions that we don't like – provisions like the plan to fund purchases of foreclosed properties and a tax credit idea."

Senate Majority Leader Harry Reid (D-Nev.) said the housing deal was not "perfect" but that it was "a compromise in keeping with what the country needs."

He said he was "hopeful" and confident" the bill would pass Wednesday.

In the House, however, Speaker Nancy Pelosi (D-Calif.) has said she would like to see legislation that has more help for homeowners, potentially including a Federal Housing Administration overhaul that would insure up to $300 billion worth of refinanced loans.

link

at least the white house is still thinking.  they aren't up for reelection in november, of course.

and pelosi wants to federally insure $300 BILLION worth of loans that are by definition already in trouble?!?!?!?

...meanwhile those of us who continue to pay our mortgages "get" to pay for others' mistakes as well with our tax dollars?   

[Flame]

...meanwhile those of us who continue to pay our mortgages "get" to pay for others' mistakes as well with our tax dollars?   

Well, duh, it's the socialist uh, I mean, democrat way!!

[DixieBelle]

Are they still wanting to give Fannie Mae/Freddie Mac more power with less oversight? Cuz, that's a really stupid idea.

[Wretched Excess]

Are they still wanting to give Fannie Mae/Freddie Mac more power with less oversight? Cuz, that's a really stupid idea.

well, the way it usually works is that the federal loan insurance only comes if you cede control of your
business to the central government, which is probably the ultimate goal in the first place.

[Bluesuiter-Retired]

It's ludicruce for those who cannot afford to even consider buying a home to have to pay higher taxes to bail out those who were irresponsible enough to sign a buy/sell agreement on a home which would cost them more than they can really afford.

If I can't afford the payments on something, I don't!

[Chris_]

Quite simply, as a responsible mortgage holder who has never missed a payment and have not taken a dime of equity out of my home (real or inflated), I want whatever the idiots get.

If they get mortgage rate reduction, I want mortgage rate reduction.
If they get principle reduction, I want principle reduction.
If they get tax relief, I want tax relief.

Anything else rewards irresponsibility.

Of course, if I get what I "want" that is merely a general give-back.