Results 1 to 17 of 17

Thread: Bush Vows to Veto Housing-Relief Bill in House

  1. #1
    All League
    Join Date
    Jan 2006
    Location
    East of the Jordan, West of the Rock of Gibraltar
    Posts
    4,779
    Post Thanks / Like

    Bush Vows to Veto Housing-Relief Bill in House

    [URL="http://www.nytimes.com/2008/05/08/washington/07cnd-bush.html?hp"]NY TIMES[/URL]


    May 8, 2008

    Bush Vows to Veto Housing-Relief Bill in House

    By DAVID STOUT

    WASHINGTON — As the House prepared to vote on a housing-relief bill offered by Democratic leaders, President Bush on Wednesday told the lawmakers, in effect, not to bother.

    “I will veto the bill that’s moving through the House today if it makes it to my desk,” the president said at the White House, after meeting with Republican House leaders. “I urge members on both sides of the aisle to focus on a good piece of legislation that is being sponsored by Republican members.”

    The president’s remarks were not surprising, given that the administration issued a statement on Tuesday evening declaring its opposition and saying that White House advisers would urge the president to veto it.

    But Mr. Bush’s personal pledge to veto the measure championed by Representative Barney Frank, the Massachusetts Democrat who heads the Financial Services Committee, made it less likely that a bipartisan housing deal will be achieved soon, especially in this election year.

    The House is expected to vote on the Frank bill, which would expand access to federally insured mortgages to help troubled homeowners refinance their loans, on Wednesday or Thursday. Under the bill, lenders would be required to reduce the principal balances for borrowers at risk of default. The troubled loans, typically with high, adjustable interest rates, would then be refinanced into more affordable 30-year fix-rate loans insured by the Federal Housing Administration. The new loans would be limited to 90 percent of a property’s value, based on an updated appraisal, and the government would retain a stake in any future sale of the property.

    The Bush administration prefers a more limited expansion of federally insured mortgages and has argued that housing relief can be accomplished by the Federal Housing Administration without new legislation.

    The president on Wednesday repeated his opposition to a bill “that will reward speculators and lenders” who have suffered because of their own foolishness. More modest measures are pushed by Republicans leaders, and Mr. Bush said those steps “will do the right thing for the American people.”

    Mr. Frank, anticipating a veto pledge, said on Tuesday evening that a veto would signal that the president was abandoning efforts to help homeowners and would mean that “he’s stopped trying to govern.” Moreover, Mr. Frank and other Democrats said Republicans in the Senate would read the president’s remarks as a signal that they should stand fast against the Frank-backed bill if it reaches their chamber.

    Though Democrats enjoy a considerable advantage over Republicans in the House (235 to 199, with 1 vacancy), and some Republicans have been gravitating toward the Frank bill, the political math would appear to be in the president’s favor. Even if Mr. Frank’s bill sailed through the House with the two-thirds majority needed to override a veto, the odds of the Senate passing it with the necessary two-thirds majority would be much slimmer, since the Democrats control the Senate by only 51 to 49.

    With six months to go until his successor is chosen, Mr. Bush is sometimes referred to as a lame duck. But as he spoke on Wednesday on the north portico of the house he will soon vacate, he showed his unwillingness to surrender power before he has to.

    He called on Congress to pass a $108 billion war-supplemental bill “without any strings,” meaning anything that smacks of a withdrawal timetable for Iraq; to give his Colombia free-trade agreement “an up-or-down vote” instead of letting it stall in the House; to make his “temporary” tax cuts permanent, and to allow “environmentally friendly domestic exploration” for oil.

    The reference to oil exploration sounded like an allusion to the Arctic National Wildlife Refuge, which the president has long said can be explored in a way that would do no damage while enhancing energy independence. The House has endorsed the idea a dozen or more times in recent years, but it has always stalled in the Senate.

    David M. Herszenhorn contributed reporting.

  2. #2
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Philly
    Posts
    38,782
    Post Thanks / Like
    Sorry Bush only signs bills into laws that provide relief to the people of Iraq. the people of America can go to hell.

  3. #3
    All Pro
    Join Date
    Jun 2004
    Posts
    1,171
    Post Thanks / Like
    [QUOTE=bitonti;2528281]Sorry Bush only signs bills into laws that provide relief to the people of Iraq. the people of America can go to hell.[/QUOTE]


    Are you moving to Iraq then? Must be better there than here!

    There's always some in America in financial difficulty even during a great economy! People lost jobs and houses during the good Clinton years too! We get a half dozen good years and some people will think it'll last forever and make stupid financial decisions, so those of us who don't should bail out those who do? Why? What happened to personal responsibility?

  4. #4
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Philly
    Posts
    38,782
    Post Thanks / Like
    [QUOTE=asuusa;2528316] Why? What happened to personal responsibility?[/QUOTE]

    it's funny how conservatives expect personal responsibility from American citizens on one hand and on the other support corporate bailouts directed by the feds. So businesses like BearStearns can get bailed out but normal Americans can go screw.

    Or even worse, don't care about the overextended American homeowner but have no problem with indefinate nation building welfare for the country of Iraq.

    Sorry, personal responsibility should be a universal value, not just something you apply when it's convenient to your agenda.

    Talk to me about personal responsibility when you are ready to apply it to everyone.

  5. #5
    All Pro
    Join Date
    Mar 2006
    Location
    astoria
    Posts
    5,312
    Post Thanks / Like
    [QUOTE=bitonti;2528328]it's funny how conservatives expect personal responsibility from American citizens on one hand and on the other support corporate bailouts directed by the feds. So businesses like BearStearns can get bailed out but normal Americans can go screw.

    Or even worse, don't care about the overextended American homeowner but have no problem with indefinate nation building welfare for the country of Iraq.

    Sorry, personal responsibility should be a universal value, not just something you apply when it's convenient to your agenda.

    Talk to me about personal responsibility when you are ready to apply it to everyone.[/QUOTE]what are the particulars of this bill? how will it effect future rates?

  6. #6
    All Pro
    Join Date
    Feb 2008
    Location
    Durham, CA
    Posts
    8,476
    Post Thanks / Like
    Im neither REP, or DEM, but ive been waiting to buy a house the right way. You know, where you can actually afford it, and study about mortgages before rushing to the bank?

    If I would have known there would have been a bailout, I would have jumped on the bandwagon back then. Just seems pretty fortunate to reward those who didnt do their homework first.

    Oh....and BET JET IN 08'!

  7. #7
    Hall Of Fame
    Join Date
    Feb 2006
    Location
    Van down by the river
    Posts
    22,467
    Post Thanks / Like
    Where does Johnny McSame stand on this issue?


    Anyway...I actually agree with vetoing this bill. The people that are getting shafted the hardest are banks and idiotic flippers/speculators. You can't but a freaking house, paint it and sell it for 75,000 more and expect the wave to continue forever. People who did that sh*t share a lot of the responsibility for this mess anyway.

    Idiots with no clue about construction, buying houses, doing crappy Home Depot superficial upgrades and flipping it just because they saw some bonehead in LA do it on HGTV.

    Idiots.

  8. #8
    Hall Of Fame
    Join Date
    Jan 2006
    Location
    Not bababooey and I resent the implication
    Posts
    21,029
    Post Thanks / Like
    [QUOTE=bitonti;2528328]it's funny how conservatives expect personal responsibility from American citizens on one hand and on the other support corporate bailouts directed by the feds. So businesses like BearStearns can get bailed out but normal Americans can go screw.

    Or even worse, don't care about the overextended American homeowner but have no problem with indefinate nation building welfare for the country of Iraq.

    Sorry, personal responsibility should be a universal value, not just something you apply when it's convenient to your agenda.

    Talk to me about personal responsibility when you are ready to apply it to everyone.[/Quote]
    Iraq is and was stupid, agree with you there but how did Bear Sterns get bailed out again?

    and explain to me why tax payers should help home owners who exercised poor judgement?
    Last edited by CTM; 05-07-2008 at 07:13 PM.

  9. #9
    All League
    Join Date
    Feb 2005
    Posts
    4,875
    Post Thanks / Like
    [QUOTE=bitonti;2528281]Sorry Bush only signs bills into laws that provide relief to the people of Iraq. the people of America can go to hell.[/QUOTE]

    People gambled and lost, we cant bail out everyone plain and simple!

  10. #10
    Jets Insider VIP
    Board Moderator

    Join Date
    Jun 2004
    Posts
    27,221
    Post Thanks / Like
    [QUOTE]Under the bill, lenders would be required to reduce the principal balances for borrowers at risk of default. [/QUOTE]

    Wow, I was stupid for getting a mortgage I could afford and for actually making the payments! I want my loan balance lowered too :rolleyes:

  11. #11
    All League
    Join Date
    Feb 2005
    Posts
    4,875
    Post Thanks / Like
    It sucks to see our fellow americans hit rock bottom but they have to take some resonsibility to. The banks, mortgage brokers and builders are crooks and the people are the lossers.

  12. #12
    All Pro
    Join Date
    Mar 2006
    Location
    astoria
    Posts
    5,312
    Post Thanks / Like
    [QUOTE=bitonti;2528281]Sorry Bush only signs bills into laws that provide relief to the people of Iraq. the people of America can go to hell.[/QUOTE]why should their principal be lowered..i don't understand that? plz am i missing something?

  13. #13
    All Pro
    Join Date
    Jan 2006
    Location
    Murray Hill
    Posts
    7,457
    Post Thanks / Like
    [QUOTE=CTM;2528559]Iraq is and was stupid, agree with you there but how did Bear Sterns get bailed out again?

    and explain to me why tax payers should help home owners who exercised poor judgement?[/QUOTE]

    Bear Stearns had to get bailed out to cut off a domino effect that would have had Great Depression potential.

    I lean to the left but I agree with Bush on this one. You make a bad decision or a poor investment and the onus is on you. The last thing we need is more laws or more government intervention.

  14. #14
    Hall Of Fame
    Join Date
    Jan 2006
    Location
    Not bababooey and I resent the implication
    Posts
    21,029
    Post Thanks / Like
    [QUOTE=Buzzsaw;2528620]Wow, I was stupid for getting a mortgage I could afford and for actually making the payments! I want my loan balance lowered too :rolleyes:[/QUOTE]

    +1

    we should all just upsize now..


    Maybe that's the plan to end the housing crisis. Just have everybody buy houses they can't afford and socialize the housing costs..

  15. #15
    Hall Of Fame
    Join Date
    Jan 2006
    Location
    Not bababooey and I resent the implication
    Posts
    21,029
    Post Thanks / Like
    [QUOTE=David Harris;2528630]Bear Stearns had to get bailed out to cut off a domino effect that would have had Great Depression potential.

    I lean to the left but I agree with Bush on this one. You make a bad decision or a poor investment and the onus is on you. The last thing we need is more laws or more government intervention.[/QUOTE]

    Who was the real bailed out though, I don't understand.

    Certainly wasn't the shareholders who lost billions...

  16. #16
    All Pro
    Join Date
    Apr 2003
    Location
    London, Ontario
    Posts
    6,873
    Post Thanks / Like
    [QUOTE=bitonti;2528328]it's funny how conservatives expect personal responsibility from American citizens on one hand and on the other support corporate bailouts directed by the feds. So businesses like BearStearns can get bailed out but normal Americans can go screw.

    Or even worse, don't care about the overextended American homeowner but have no problem with indefinate nation building welfare for the country of Iraq.

    Sorry, personal responsibility should be a universal value, not just something you apply when it's convenient to your agenda.

    Talk to me about personal responsibility when you are ready to apply it to everyone.[/QUOTE]

    We don't agree often Matt, but this is one occasion. I am all for personal responsibility, but I agree that what is good for people is good for business' as well. Funny, corporations are persons in the eyes of the law, so why do they get the help when real people can't? Might have something to do with the fact that an overwhelming majority of leaders of governement are either funded by business or come from business.

  17. #17
    All League
    Join Date
    Jan 2006
    Location
    East of the Jordan, West of the Rock of Gibraltar
    Posts
    4,779
    Post Thanks / Like
    [QUOTE=CTM;2528642]Who was the real bailed out though, I don't understand.

    Certainly wasn't the shareholders who lost billions...[/QUOTE]

    The fed printed up 30 billion dollars so that JP Morgan could buy up Bear Stearns on the cheap. I agree it had to be done in order to prevent a economic disaster.

    A few problems I have with whole thing:

    No elected officials voted for or against the bear stearns bailout, it just happened. "30 billion you say? let me start the presses". In order for the homeowner bailout to occur it must pass thru the checks and balances of our political system.

    We spent 30 billion on bear stearns yet the government got nothing in return. not 1 share of bear stearns. Not exactly sure how the homeowner bailout is going to happen but if I was writing it the US government would be holding the mortgages of the bailouts. This way the US could get our money back on any failed loans.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Follow Us