Trouble Brewing in DC

As I read the article below I was a little disturbed at the lack of coordination in DC.  It stinks and there is nobody that is clean in this situation.  Read below and see for yourself.

Bush Set to VETO Homebuilders Bill

Article Originally published in the Wall Street Journal

May 7^th, 2008

WASHINGTON -- President Bush and Congress are clashing over how to address the housing crisis, clouding the prospects of an election-year rescue package.

Mr. Bush said Wednesday he would veto Democrats' broad housing aid plan, saying it wouldn't help struggling homeowners. "We are committed to a good housing bill that will help folks stay in their house, as opposed to a housing bill that will reward speculators and lenders," Mr. Bush said at the White House after meeting with House Republican leaders.

The measure, aimed at preventing foreclosures, would have the government step in to insure up to $300 billion in new mortgages for distressed homeowners. A House vote is expected by Thursday.

The bill by Rep. Barney Frank (D., Mass.) would relax standards at the Federal Housing Administration so it could back more affordable, fixed-rate loans for borrowers currently too financially strapped to qualify.

Those homeowners could refinance into new loans if their lenders agreed to take substantial losses on the original mortgages. Borrowers would have to show they could afford to make payments on the new loans. They would have to share with FHA at least half of their proceeds if they profited from selling or refinancing again.

Read More: http://online.wsj.com/article/SB121017053725373989.html?mod=hpp_us_whats_news

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