Upcoming Foreclosures - ALL AMERICANS - Congress just singed a "housing rescue bill"

ALL AMERICANS - Congress just singed a "housing rescue bill" - ARE YOU ANGRY??? CONFUSED??? HAPPY???

Congress has just approved and signed into law a housing bill that aims to boost the struggling housing market... to bail out Freddi and Fanni. Our goverment will give "unchecked" authroity to prop up the two companies who own half 12 trillion dollars of mortgage backed stocks!!! Biggest bail out in history by congress and the president - this will give "400 homeowners" that are facing foreclosure - BUT Is this a "get out of jail free card"?? The government is using public money, our tax dollars to save private property... when the government spends money, they are writing a check with YOUR MONEY!!! By signing this bill they have raised the national debt once again... As a renter or a responsible homeowners... are you upset to pick up the tab for irresponsible homeowners and private corporations??? Your thoughts... update: less than 10 min after I posted... I have received over 15 replies...Thank You for those who replied... I intentionally stated some wrong facts and I am glad to hear other who have corrected it!!! I am pleased to see many who are concerned of the current statues of our nation... get informed everyone - For small goverment Jeff I have always been preached and drilled in my head as a business owner to always find the "root cause" of any problem, and to look deeper than the initial problem... As I look back when i rode the waves with the rest of the speculative investors in the boom of the tech cycle in the late 90's and the realestate bubble in the early 2000's... you begin to wonder what the true cause or the root problem is... i'm a firm believer that our monterey policies has caused this... Next question... is it to late to fix this problem? Should we not be more concerned about our monterey polices and the consequence it will bring???

Public Comments

I'm mad at myself for not irresponsibly purchasing a house with a mortgage I can't afford when I had the chance, but I was in Iraq and in no situation to do the paperwork.
The "relief package" should be called S+L Bailout #2
I don't like either but if they would have bailed out the Financial institutions without helping the people, I would really have been upset.
The government is supposed to look out for it's people. End of story. It's not their fault the home builders and lenders went nuts building all these mcmcansions that everyone is too broke to afford. What do you want the houses to sit there empty? I'm opposed to just printing more money to fix the problem, we should help the homeowners and let fannie mae and freddie mac go under. Either that or the government should buy these two behemoths from the private sector and they should be nationalized like they originally were. They worked fine until the private sector got ahold of them.
The mortgage industry in general needs an overhaul. Frankly, I think we're going to see more lenders fail. I happen to live in an area with a lot of foreclosures and short sales. The banks can't even sell the ones they've foreclosed on. I don't have any pity on the lenders. They did little in the way of properly underwriting the mortgages themselves, and fueled the price runup by offering interest-only mortgages and reverse amortized mortgages. These two products should be outlawed, completely and forever. It's time we get out of debt as a nation. Imagine how healthy our economy could be without so much debt.
Get out your wallets; a bipartisan bill was just enacted! If the Dems support it, it has to be bad.
PRIVATE corporations, I might add. Many people think Freddi Mac and Fannie Mae are government organizations. They originally set up that way, but they were converted to PRIVATE corporations and now MY money is going to bail them out. I don't want MY money going to bail out private corporations who fail because of bad financial decisions. Let them fail!
Congress doesn't sign bills into law; the president does. The problem is that the economy is in bad shape, with the housing market dragging it down. Something had to be done but this measure may be a little late.
And the march to liberalism goes on - no consequences for ones actions because Uncle Sam will rescue you. I am somewhat angry that I didn't cash out all of the equity on my home and buy me a nice sports car and perhaps have a swimming pool installed - only to have the government bail me out when the mortgage came due.
You should check your facts, you have grossly misstated the aspects of the legislation that was passed.
This is called corporate welfare or corporate socialism or in short, it's called fascism. It's not going to help home owner but it will help corporations and their shareholders to our tax dollars. I can just about guarantee that. Just when you try to not work for corporations in your life, you end up working for them by having the government give them your tax dollars for free. It's a sick capitalist system we are living in. I'm tired of Americans getting the shaft from corporations and now our government who is run and dominated by the same corporations. Ask McCain, he knows all about bailing out failed Savings and Loans after he takes illegal money from them. This is no different. And, they are all going to get away with it. these institutions of Freddie Mac and Fannie Mae should remain nationalized. They worked then. As soon as they were privatized and the markets were deregulated, you could count the number of days/years when this crash was going to happen. Both parties are to blame for this corporate welfare.
what this comes down to is that americans are spending way more than they should and going into debt. This is welfare - it is no different than using my tax dollars to support some losers dope habit only this habit is called excessive spending. Too often the responsible members of society are forced to support those who have made irresponsible decisions. It's time to bring natural selection back to modern society
Im pissed now people will say hey I can do whatever I want and I just bailed out if I do something stupid Nanny state anyone.
Little confused, All I know is when mortage co. were forced to give out these bogus loans in the first place,(because of congress) my neighborhood went to hell. People foreclosed, the property went up for rental. Very bad for a neighborhoods property values. I still just pay my mortgage and hope congress will let people that know what they are doing do their jobs, (keep Govt. out of our business)!!!!
Call me an old softy...but anytime I hear Congress sing, it brings a tear to my eye.
My thoughts: It cash probably won't come from tax, it probably goes into the national debt.
Dumb idea. But then our government is good at doing dumb things.
It was the government's place, as a regulator, to see that the kinds of lending practices that led to this were reviewed. But we all know that deregulation (and just plain ignoring regulations) has been widespread policy under the current administration. If the government gave de facto approval to loans that proper regulation should have prevented, then the government actually does owe the victims a bail-out. And maybe in the future, republicans should rethink their policy against regulations. It's obvious that some have an important function. What's funny is that the people who are complaining about this bail out are the same people who are against regulations. Want it both ways? Not possible.
$300 billion dollars for this one. Here is what I don't understand, and maybe people could help me out. If I qualify for help (which I don't. My house is paid for), as I understand it, this program will allow me to turn my adjustable sub-prime rate mortgage into a low rate fixed mortgage. Now, if that's the case and assuming these borrowers are actually helped by this arrangement, shouldn't most, if not all, of that $300 billlion be repaid? If that's the case, then I can stomach fronting this sort of money in order to help people, presuming the taxpayers recover this money when the borrowers pay their monthly premiums. However, please forgive me for being a bit skeptical on this one.
It's our own fault for not watchdogging the lenders properly. I understand people rail against this house relief bill because it's "paying for people who screwed up because they bought more than they could afford." Let's really understand what that means. Do you realize that it's actually impossible for someone to buy more house they can afford and have that transaction NOT involve a fraudulent lender? Lenders are supposed to conform to practices that do not, either through inaction or on purpose, land a buyer into a debt committment they are incabable of servicing. These practices are through a mix of laws and industry best practice mandates for lending. In other other words, if you think this bill is bailing out losers and you're mad about that, go be angry at the people who enabled their loserness in the first place. Without fraudulent and lax lending practices, NONE OF THESE PEOPLE WOULD HAVE HAD PAPERS TO SIGN AND KEYS TO TAKE. And by the way, the overwhelming majority of people I know either firsthand or through a close friend who are currently caught in a foreclosure situation due to the housing market crisis ARE NOT FINANCIAL IDIOTS. They got caught up in something and hammered in a way that could negatively change the course of the rest of their life and that of their family's. A lot of really good people just trying to do their best for their family got killed by this, and I don't see ANYONE other than this bill being signed out there trying to help their neighbor. How American is that?
This unconstitutional vote buy with MY money just lost any supporters my vote. There is nothing in the Constitution of the United States that makes me responsible for paying the mortgage of people who were so stupid they bought more house than they could afford.