White House to Veto Foreclosure Bill

[Terri]

By ANDREW TAYLOR
Associated Press
February 27, 2008

WASHINGTON (AP) -- The White House promised on Tuesday to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the struggling housing market and reduce foreclosures.

Senate Democrats had hoped to begin debate on the housing bill on Tuesday but action has been put off until later in the week, if not later, as Republicans kept the subject on Iraq.

The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what's owed on troubled borrowers' mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes, and improve disclosure of subprime mortgage loans in hopes that borrowers won't be surprised by big payment increases.

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[MamaCat]

It would be nice if the government would get out of the business of trying to "fix" everything that happens. Most of it will fix itself, given time. And then people will learn not to make stupid mistakes.

[elmerck1]

Right on momma cat. Those politicians in wash. really know how to giveaway money don't they.!What are they going to stick their noses in tommorrow? I cannot believe some of the so called smart people we have elected and sent to govern us. The problem with the housing market is the Smiths are trying to outdo the Jones family, and they bought more than they could chew, and mr. reid wants to bail them out, so he can get more democrats elected in november. People had better open their eyes and see what is going on in Washingon.