President Bush drops opposition to housing bill

[maddezmom]

Source: AP

WASHINGTON - President Bush dropped his opposition Wednesday to legislation aiming to calm the chaotic housing market despite his objections to a $3.9 billion provision. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.

Under the bill, the government would help struggling homeowners get new, cheaper loans and would be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion.

The Bush administration and lawmakers in both parties teamed to negotiate the measure, which pairs Democrats' top priorities — federal help for homeowners facing foreclosure and $3.9 billion for neighborhoods hit hardest by the housing crisis — with Republicans' goal of reining in mortgage giants Fannie Mae and Freddie Mac while reassuring financial markets of their stability.

Bush had objected to the $3.9 billion provision in the measure, saying that it was aimed at helping bankers and lenders, not homeowners who are in trouble.

White House press secretary Dana Perino announced Bush's switch in a telephone conference call with reporters. "We believe this is not the time for a prolonged veto fight but we are confident the president would prevail in one," she said.



Read more: http://news.yahoo.com/s/ap/20080723/ap_on_go_pr_wh/congress_housing;_

[rox63]

1. Wasn't the vote big enough to override his veto anyway? n/t

[Submariner]

2. APPEASER !!! What a wimp to cave to Liberals

WOW... when those repukes put a wimp in office, they don't hold back.

[Doctor_J]

3. what a flip-flopper

Will McSame fail to vote on this?

[maddezmom]

4. DeMint plans to stall passage of housing bill

Posted: 07/23/08 01:14 PM
Sen. Jim DeMint (R-S.C.) is threatening to delay final action on a housing-rescue package despite wide support from both parties and the White House.

The conservative Republican cannot prevent the bill from becoming law, but he can use the arcane rules of the chamber to delay for days the final consideration of the massive bill, which is expected to cost up to $25 billion over the next two years. The measure is supposed to prop up troubled mortgage giants Fannie Mae and Freddie Mac by offering an unlimited line of credit.

~snip~


"I think the American people will be upset for good reason if we pass an open checkbook with taxpayer support without having it on the floor and debating and having some discussion,” DeMint said.

The House is expected to pass the measure Wednesday and send it over to the Senate, where leaders want to quickly send the measure to President Bush for his signature. But speeding debate in the Senate means receiving unanimous consent, which DeMint does not plan to give. That could delay final action on the measure until Friday, or spill debate into the weekend.

more: http://thehill.com/leading-the-news/demint-plans-to-stall-passage-of-housing-bill-2008-07-23.html

[ckramer]

5. Maybe Bush is really a closet liberal

and socialist too!

[ckramer]

6. All Americans should follow the Fannie Mae and Freddie Mac way

spend and spend and then get bail out by the beloved government.

They will bail you out for the economy, no worry!