Some people believe that this is the only way to recover from this problem we have. Is this good news?
House Passes Sweeping Legislation to Rescue Homeowners
The U.S. House of Representatives was very busy Thursday, passing The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) by a vote of 266 to 154, and The Neighborhood Stabilization Act (H.R. 5818) by a vote of 239-188.
This sweeping legislation is Congress' most comprehensive attempt yet to address foreclosures in the housing market. The bill includes versions of H.R. 5830, H.R. 1852, H.R. 1427, H.R. 5579, and amendments to Preserving the American Dream for Our Nation's Veterans. The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over five years.
It's important to note that these measures were not voted into law and still await Senate action. If passed by the Senate, it would still need the approval of the President who has reportedly threatened to veto both bills.
To learn more about this legislation, here is a summary from the House Committee on Financial Services.
Some believe that the free market, will make the necasary adjustments and it will be self corrected?
What do you think? I have always believed Less Government is a Good Government. Wasn't it the governments suggestion that we make homes more affordable and help to get more home owners the reason we are in this position anyway.. Relax the lending standards so more people can own homes.
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This law places your tax dollars at risk. Before you answer it, think of it as spending your own personal money to bail out the crooked kid down the corner that is always running some scam. Now would you approve this? The banks knew they were doing wrong to begin with. As Ronald Reagan said To pay for one thing, we have to take money from some other place!