Super Mega Housing Bill on Bush’s Desk
There's a lot the president doesn't like about the new housing bill, just passed by the House, but he'll hold his nose and sign it. The package includes huge guarantees for Freddie Mac and Fannie Mae -- the national debt ceiling had to be lifted by about $800 billion, just in case -- but also rescue for hundreds of thousands of homeowners at risk of foreclosure.
There’s a lot the president doesn’t like about the new housing bill, just passed by the House, but he’ll hold his nose and sign it. The package includes huge guarantees for Freddie Mac and Fannie Mae — the national debt ceiling had to be lifted by about $800 billion, just in case — but also rescue for hundreds of thousands of homeowners at risk of foreclosure.
Your support matters…New York Times:
Lawmakers and experts described the legislation as a landmark shift in the government’s role in the housing market, extending a helping hand to both Wall Street and Main Street. They said it would rank in importance with the creation of the Home Owners’ Loan Corporation to prevent foreclosures in the 1930s as part of the New Deal, and legislation in 1989 responding to the savings and loan crisis.
“We are at a time of considerable turmoil in the private financial markets, and that is a traditional time when government support is needed and called upon,” said Thomas H. Stanton, an author and expert on the mortgage finance industry.
Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, said: “This is the most important piece of housing legislation in a generation.”
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Economic Justice
Elizabeth Warren (D-Massachusetts) and J.D. Vance (R-Ohio) have joined forces in a rare bipartisan effort to make top executives pay for their mistakes.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
The Massachusetts senator and Democratic presidential contender wants to make it harder for big banks to prey on consumers.
The threat of a U.S. technology company taking up the model set by China's WeChat Pay and Alipay may now be materializing.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.