Is it any wonder that government spending has grown by 60% in 7 years?
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By JULIE HIRSCHFELD DAVIS, Associated Press Writer 2 hours, 45 minutes ago
[/align]WASHINGTON - A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support, inching toward passage despite Republican objections.
[/align]The Senate voted 76-10 Monday to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home loan giants Fannie Mae and Freddie Mac.
Its centerpiece is a new $300 billion FHA program to allow debt-ridden homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages.
The measure is on track for passage by an overwhelming margin, possibly by week's end. It has survived several test votes in the Senate, repeatedly demonstrating that there's enough support for it to override President Bush's promised veto.
Is it any wonder that government spending has grown by 60% in 7 years?
This is a no win situation...do we bailout the mortgage firms or the irresponsible homeowners that should never have gotten into this predicament or do we just let them handle it with no governemnt intervention ?
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Associated Press 11/18/93
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This is a no win situation...do we bailout the mortgage firms or the irresponsible homeowners that should never have gotten into this predicament or do we just let them handle it with no governemnt intervention ?
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We have not heard the last of this bailout. There will be other bailouts as this mortgage mess matures. In the end everyone will be bailed out and we taxpayers will be left holding a bag full of debt owed to China. It is a very sad day when US taxpayers are forced to bail out borrowers whowere not qualified,builders and scummy mortgage brokers. [:@][:@]
Senate Republicans Support Bailout Scheme
