President Bush aiding foreclosures?
Is President Bush throwing a monkey wrench in Congress’ plan to bail out those in the middle of foreclosures? It would seem so at first glance (although it is a bipartisan disagreement, so who knows). Two bills were recently accepted by the House of Representatives which were designed to bail out many in the midst of a foreclosure crisis. President Bush is now threatening to veto.
The first bill is intended to assist certain families from being foreclosed on, attempting to help them refinance with a government backed mortgage, as well as extending the reach of FHA programs. Supporters of the bill argue that foreclosed homes are a problem for everyone, not just those who have lost their home; they bring down the overall value of neighborhoods and further injure an already fledgling economy.
The second bill plans to deal with this issue, making $15,000,000 in loans available to states to move in on vacant homes in order to revamp them, stopping the downward spiral of declining prices in many communities.
President Bush considers both the bills nothing more than a bailout, and disapproves of the use of taxpayer funds in an attempt to stall the nationwide foreclosures. There is also resistance from the Senators from states which are not rife with foreclosure.
