Bush threatens VETO of FORECLOSURE RELIEF bill

[Bluebear]

Family values.

===

WASHINGTON - A massive foreclosure rescue bill overwhelmingly cleared a key Senate test Tuesday, drawing broad support from Democrats and Republicans alike.

The Senate voted 83-9 to speed up work on the $300 billion mortgage aid plan, putting it on track for a final vote as early as the end of the day.

The resounding vote reflected a keen interest in both parties in claiming election-year credit for helping homeowners amid tough economic times.

Still, the measure faces a veto threat from President Bush and disputes among Democrats about key details. Those challenges will probably delay any final deal until mid-July.

Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman, said the legislation "would allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country."

http://news.yahoo.com/s/ap/20080624/ap_on_go_co/congress_housing

[bdamomma]

1. * needs the shit to be slapped out of him.

[SpiralHawk]

2. "Smirk." - Commander AWOL Bush

[Cronus Protagonist]

3. Well, he's finally going to do something right?

I'll believe it when I see it.

[David__77]

4. I'm not sure I like this bill.

There should definitely be benchmarks to establish whether or not people qualify, including a ratio of income to assessed valuation. Some people gambled, getting far too much house for their income, thinking they could cash in later. I don't want to subsidize their risky financial practices. For them, exit from the housing market with minimal credit damage should be facilitated.

[Bluebear]

5. You're subsidizing bailouts of corporation after corporation.

I think we can help those who are about to lose their homes too!

[David__77]

8. I don't like that either in most cases.

I didn't say don't help them, I said there should be criteria to ensure that the net isn't cast too broadly.

[2Design]

6. no - the foreclosures will get the stupid banks who were stupid

enough to make these loans for greed

people will survive and live somewhere more reasonable - this will not help those who truly need help it will only help their buddies more - these things are not good for the whole - regulation is what is needed

[madrchsod]

7. "impeachment is off the table"

[rox63]

9. Sounds like it passed with a veto-proof majority

Couldn't they just override his veto?

[Cerridwen]

10. Unpopular, lame duck (p)Resident gives cover to fellow neo-cons

The neo-cons (aka republicans) can vote for a bill and their leader vetos so they get to point and say, "see, I tried to help the 'little' guy" but ol' lamey over there wouldn't let me.

Let's see if they rally 'round a veto override.

Yes, I'm 'cynical.' I also have some small knowledge in the strategies and tactics used in this particular 'game.'

edit: spelling, what else?

[snappyturtle]

11. He truly is an evil person. People are suffering and he

wants them to suffer more. The end to his administration can't come soon enough for me.

[OmmmSweetOmmm]

12. There is a provision hidden in the bill which is downright fascist.

See page 12 of the pdf
http://rpc.senate.gov/public/_files/L62HR3221Houseamendments0618SN.pdf

This means any purchase you make online will be sent to the Federal Government and all people selling online will also have their transactions reported to the Fed.

From the Senate Bill Summary:

Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.

[Supersedeas]

13. how much detailed policy discussion with the evening punditry dedicate to this??