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Housing Crisis Fix?

By Associated Press

Congress is one step closer to helping Americans facing foreclosures. Housing Crisis Fix?

Published: Mon, July 07, 2008 - 8:24 pm Last Updated: Mon, July 07, 2008 - 8:28 pm

It's still got a long way to go, but a
mortgage rescue plan to save hundreds of thousands of homeowners
from foreclosure has inched closer to the finish line.
The Senate voted 76-to-10 to advance the measure. It includes
overhauls of the Federal Housing Administration, Freddie Mac and
Fannie Mae.
A new 300 billion dollar FHA program would help debt-ridden
homeowners to qualify for government-backed refinancing of more
affordable mortgages. But there are a few roadblocks in the form of
so-called ad-ons.
One of them is a proposal by Nevada Republican John Ensign to
attack an 8-billion-dollar package for renewable energy tax breaks.
Still, passage appears likely by the end of the week with enough
votes to override President Bush's promised veto.
The White House has voiced reservations about a
3.9-billion-dollar plan for buying and fixing up foreclosed
properties. Republicans view it as a bailout for lenders who helped
create the mortgage crisis. Democrats counter it's a way to prevent
neighborhood blight.

Photo

WKRG.com Related Resources

Data –› U.S. Foreclosures Database

Data –› Business Bankruptcies across the U.S.

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MeAmerican Says:

Tue, Jul 08, 2008 at 5:58 am

Compassion?? For stupidity?? Give me a break!! People have dug themselves into a hole with idiotic decisions and then sit around and wait for us to bail them out via congress.
Oh and by the way, Good Morning Petal, Carl, RM may ya’ll have a splendid day and may you be blessed richly in this gorgeous day.
This is gonna break some hearts, but I will be unable to grace the mob w/ my visit 2day. Work is taking me in a different direction. A positive one!LOL

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rosepetal Says:

Tue, Jul 08, 2008 at 5:50 am

well i had rather see congress working on a stop to foreclosures than bailing out banks. there is a lot of pork congress can cut out to make up for relief of home foreclosures. wether these people were trying to keep up with the jones or a loss of income what ever, i hate to see someone lose their home. maybe they could do something like a sba loan for the people to refinance, that way they will get the money back, but to bail out a bank no no. its not all about trying to keep up with the jones, could be loss of income, medical bills etc.

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rosepetal Says:

Tue, Jul 08, 2008 at 5:40 am

MeAmerican , good morning i see your compassion is bright as ever.

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MeAmerican Says:

Tue, Jul 08, 2008 at 4:33 am

NOT great!! Like we really need the govt. to bail out the over extended self righteous. These people are in trouble because they couldn’t be content w/ what the Great Lord has provided them. Got all wrapped up in this ” Gotta out do the Jonses” mentality. Living beyond ones means is stipid and is gonna be more of a strain on the economy. Thanks alot to the ego-maniacal jerks. Understand me clearly, There is no pity for you or you inability to control your moneys!!
Congress? Is not looking out for our best interests.

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southfan1981 Says:

Mon, Jul 07, 2008 at 11:53 pm

Miracles occur, I agree with you RM. I am offended that people have stretched their capacity to pay for their homes far beyond reality. We live in a small home that either my
husband or I could pay for by working at KMart. We chose our lifestyle over the worry of the McMansion and keeping up with the neighbors.

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rmseek1234 Says:

Mon, Jul 07, 2008 at 9:26 pm

OK, let them refinance, but not at MY expense. It is not my fault that people try to live beyond their means and fall into traps of adjustable rate mortgages. It is their personal mess to clean up-not the governments!

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