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Tiger Beer
Joined: 07 Feb 2003
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 Posted: Fri May 09, 2008 12:59 am Post subject: Housing aid bill faces veto by President Bush |
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http://news.yahoo.com/s/ap/20080509/ap_on_go_co/congress_housing
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WASHINGTON - Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the backing of many congressional Republicans.
Opponents of the plan say more prudent homebuyers and renters shouldn't be called upon to bail out borrowers who gambled on ever-rising housing prices and lost.
"The American people don't want to make their neighbor's payment when they're having trouble making their own," said Rep. Randy Neugebauer, R-Texas.
The Democratic-controlled House on Thursday passed a homeowner rescue plan that would provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis.
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri May 09, 2008 8:23 am Post subject: |
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called upon to bail out borrowers who gambled on ever-rising housing prices and lost.
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I'm a little surprised that bankers weren't in on this...either on the planning stage or on this end of the deal. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Fri May 09, 2008 5:36 pm Post subject: |
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Another good veto move by Bush.
Bailing out homeowners is not the answer. The government needs to provide structural reforms in the form of enforcing pre-existing laws and regulations on mortgage-based security trading. The banks need to suffer, and those who purchased predatory mortgages need to struggle their way out of the bad choice they made. I have sympathy for them but compassion alone cannot simply patch over our structural weaknesses. |
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