djc
04-02-2008, 01:49 AM
WASHINGTON -- Under pressure to help Main Street after the government saved a Wall Street firm from bankruptcy, senators ended weeks of partisan stalemate Tuesday and agreed to try to quickly pass legislation that could help some homeowners avoid foreclosure.
Party leaders asked the top Democrat and Republican on the Banking Committee to draw up a compromise bill that could be brought before the Senate as soon as today.
"The time has come for us to legislate, not continue our bickering," Senate Majority Leader Harry Reid (D-Nev.) said at a joint appearance with Minority Leader Mitch McConnell (R-Ky.) -- an event so rare that Reid insisted it was not an April Fool's joke.
The breakthrough came after lawmakers returned from a two-week spring recess during which the federal government stepped in to rescue investment bank Bear Stearns Cos. and the country's economic troubles dominated the presidential campaign.
A controversial proposal to allow bankruptcy judges to modify mortgages for struggling homeowners is not expected to be included in the compromise measure. Democratic leaders say they will push to get that provision back in the bill over the objections of Republicans, the White House and lenders, who say it will raise costs to all borrowers.
The compromise bill is likely to include a provision that will allow state and local government housing agencies to issue up to $10 billion in tax-exempt bonds to refinance sub-prime loans. It is also expected to provide more money to counsel homeowners threatened with foreclosure, and a requirement that lenders disclose more information to consumers taking out loans.
http://www.latimes.com/business/la-fi-mortgage2apr02,1,4227705.story
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Here you go Chris. You work hard and pay your responsible 30y/f mortgage. You get to stay in your house.
Your neighbor makes $40k a year, is going into foreclosure, and your tax money is going to let him stay in his house.
A win-win for all! The gov't just saved you from having to give to charity this year, and next year, and next year...
Party leaders asked the top Democrat and Republican on the Banking Committee to draw up a compromise bill that could be brought before the Senate as soon as today.
"The time has come for us to legislate, not continue our bickering," Senate Majority Leader Harry Reid (D-Nev.) said at a joint appearance with Minority Leader Mitch McConnell (R-Ky.) -- an event so rare that Reid insisted it was not an April Fool's joke.
The breakthrough came after lawmakers returned from a two-week spring recess during which the federal government stepped in to rescue investment bank Bear Stearns Cos. and the country's economic troubles dominated the presidential campaign.
A controversial proposal to allow bankruptcy judges to modify mortgages for struggling homeowners is not expected to be included in the compromise measure. Democratic leaders say they will push to get that provision back in the bill over the objections of Republicans, the White House and lenders, who say it will raise costs to all borrowers.
The compromise bill is likely to include a provision that will allow state and local government housing agencies to issue up to $10 billion in tax-exempt bonds to refinance sub-prime loans. It is also expected to provide more money to counsel homeowners threatened with foreclosure, and a requirement that lenders disclose more information to consumers taking out loans.
http://www.latimes.com/business/la-fi-mortgage2apr02,1,4227705.story
---
Here you go Chris. You work hard and pay your responsible 30y/f mortgage. You get to stay in your house.
Your neighbor makes $40k a year, is going into foreclosure, and your tax money is going to let him stay in his house.
A win-win for all! The gov't just saved you from having to give to charity this year, and next year, and next year...