Housing rescue bill could be slowed by Republicans

[maddezmom]

Source: AP

WASHINGTON - Conservative Republicans in the Senate were seeking to slow the completion of an election-year housing rescue designed to help hundreds of thousands of homeowners avoid foreclosure and boost lawmakers' standing with voters.

Sen. Tom Coburn, R-Okla., said Wednesday he was working on ways to stop the bill, which he said would "reward stupidity on the part of people who bought homes they couldn't afford."

Amid rising foreclosures and growing public anxiety about the sagging economy, Democrats and many Republicans were eager to push the bill through the Senate and could begin voting on it as early as Thursday. They hoped to send the bill to President Bush before Congress breaks for a weeklong July 4th vacation.

However, a group of conservative Republicans, including Coburn, threatened to block the measure in light of allegations that Banking Committee Chairman Chris Dodd, D-Conn., one of its architects, and Budget Committee Chairman Kent Conrad, D-N.D., received preferential mortgages from Countrywide Financial Corp. through a special program for friends of the embattled firm's CEO.



Read more: http://news.yahoo.com/s/ap/20080618/ap_on_go_co/congress_housing;_

[jaybeat]

1. Rewarding stupidity???

:puke:

Sen. Tom Coburn, R-Okla., said Wednesday he was telling people not to reelect him, or any other Republicans, which he said would "reward stupidity on the part of people who don't know their ass from a hole in the ground (that me and our corporate buddies can pull taxpayer's money out of)!"

Showing again his adeptness at reaching across the aisle, Democratic candidate for President Barack Obama released a statement saying that he was happy that he and the Senator from Oklahoma had finally found something they could agree on.

[Edweird]

2. Now THERE"S a shock, huh? Enabling the predator class vultures......

[DBoon]

3. The only stupidity is from the lenders

It is the lender's sole responsibility to determine the credit-worthiness of the credit applicant.

If they lend to people who "bought homes they couldn't afford", then they should lose their shirts

The lenders should bear the blame for their own stupidity.

[Winterblues]

5. How about those people that had good jobs before Bush* came along

Those people had good credit and means to repay their home loans but then came Republican rule and the pillage of our National treasures and treasury. Massive numbers of people have lost their employment and thus their ability to repay their loans.. Yep they are stupid alright..I only hope the great majority of those about to lose their homes are Republican patsies..

[Robbien]

4. There are so many give aways to banks/investments firms in this bill

which dwarf any benefit which will actually trickle down to distressed homeowners.

While some GOPers are grandstanding with their objection to this bill hoping to embarrass Dodd, etal, I am sure plenty of them will vote yes. Many GOPers are also supported by bankers/investment firm lobbyists.