The House of Representatives "easily passed" the "Expanding American Homeownership Act of 2007" -- a massive giveaway of public money to people who bought houses they couldn't afford.
The House easily passed this bill that will give the Federal Housing Administration the authority to assist struggling homeowners in making their mortgage payments. This is a significant attempt by Congress to remedy the sub-prime mortgage crisis that has resulted in thousands of delinquent payments and foreclosures. The White House agreed that this bill would provide much needed assistance to homeowners but was concerned over what it considers excessive spending. The bill will move to the Senate for a vote.
Hey, I want some free money too! I guess I'd better stop being financially responsible. Idiocy.
The fact of the matter is that lenders and borrowers who are bailing out should go out of business or lose their homes. They made bad decisions, and not only shouldn't they be rewarded but they should be allowed to fall out of the marketplace. If there was some demonstrable fraud then the injured parties should recover from the perpetrators, but I see no reason whatsoever that our tax dollars should be handed out to anyone involved.
It's ironic that just a few years ago the Congress dramatically tightened the bankruptcy laws, so it will be difficult for the debtors to shake off any personal liability on those mortgages. Foolish lenders gave money to foolish borrowers, and somehow the taxpayers are expected to pick up the tab.