Another massive mortgage boondoggle–and one lone dissenting vote
The Senate is on its way to passing yet another massive mortgage boondoggle. It would pile billions of dollars more in stimulus-palooza spending on top of the $152 billion already passed into law and radically expand government’s role in meddling with private contracts. Last night, members voted on a cloture motion to push forward with the housing measure giving judges the authority to alter mortgage contracts and give them the power to cut interest rates on troubled subprime mortgage loans–in addition to doling out hundreds of millions of dollars for “counseling” that would go to left-wing activist groups like ACORN and La Raza (see also my column today on housing entitlement thug Bruce Marks.)
Here’s the roll call vote (just so you’re not confused: HR 3221 is an energy bill which the Senate plans to amend by the substitution of the text of S. 2636, the Foreclosure Prevention Act):
Only one lone dissenter in the Senate, GOP Sen. Jim Bunning of Kentucky, voted no. (You’ll note that all three presidential candidates were no-shows. And you may remember that McCain skipped out on another big stimulus-palooza vote in February.)
That is a true maverick. He joins the 25 House Republican mavericks who opposed the stimulus boondoggle in upholding economic conservative principles.
Sen. Bunning nails it in this summary of one of Sen. Chris Dodd’s pet proposals:
Problem: Homeowners who have fallen behind on their mortgage payments are more than twice as likely to go into foreclosure as they are to reach a loan modification agreement with their lender, according to the Washington Post.
Proposal: A Home Ownership Preservation Corp., backed with $20 billion of taxpayer money, would buy up failing mortgages in bulk and renegotiate terms with borrowers.
Status: The corporation is the brainchild of Senate Banking Committee Chairman Christopher Dodd, D-Conn., who has not yet formally introduced legislation. Sen. Jim Bunning, R-Ky., is among the plan’s most vocal critics, calling it “a bailout for borrowers and investors who made bad decisions.”
Debate on the Senate floor begins at 9:30am. Harry Reid is scheduled to make some sort of announcement at 12:30pm on what the final measure will look like. Stay tuned. And make your voice heard. Washington needs to hear from responsible homeowners, renters, and borrowers.
The Senate switchboard: 202-224-3121.
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First!
giggety giggety, giggety goo.
There sure are a LOT of RRRRRRRRRRRRRs (Republicans)voting against frugal and
responsible citizens. HMMMMM
Guess I was correct in stating that there is really no difference in the two parties
Maybe KY is a good place to move. Sen. Bunning-thanks for standing alone for the citizens of this country.
And, there would be both of my senators from Tennessee voting to give my hard earned money out hand-over-fist. Geez!
E-mailed my lying crapweasel Senators last night about this for what ever good it will do. Every time I hear the word Bipartisan I know my take home pay is going to be less and less. BOHICA!
Why is it again, that the presidential candidates come from this group of ignoramouses?
wonder if Bruce Marks is going to head up this “Home Ownership Preservation Corp.”
Interestingly enough, NJ Senator Lautenberg managed to miss the vote. I wonder why… he is coming up for re-election in November. But it’s NJ so why should it matter if he voted ‘YEA’?
At any rate, the Senate shall be hearing from me shortly.
Years ago, when I learned that social security was going to be non-existent for my generation, I started saving and investing aggressively for retirement.
I remember thinking that I wouldn’t be surprised if, someday, the government takes half of my after-tax investments when I retire, and gives it to all the others in my generation who refused to invest for their own futures.
Now with these home loan bailout proposals looming, I don’t think I was far off.
Is this why the Clintons have been building homes overseas and investing in offshore set-ups? Always follow the smart money.
Proud Kentucky cheers for Senator Bunning!! Some folks around here think he’s too old for this business, but I don’t know that I have ever disagreed with one of his votes. He’s a straight-talker and simply expects all of us to act like grown-ups. I hope he continues to represent us well.
I think it’s time to revolt against the governement!
I was disgusted at the number of “Republicans” who voted for this massive gimme. I guess a vote for this bill is a vote for them in the next election cycle. Gotta keep the ignorant masses happy, and consequence/guilt free.
I guess all the responsible renters, homeowners, and borrowers never factored into this vote (except in Sen. Bunning’s case). Why do irresponsible borrowers and homeowners get breaks while the rest of us saved, budgeted, and planned for the expense? While some of these folks decided not to read their mortgage terms, the rest of the 90-95% of mortgage borrowers had no trouble understanding what they signed, the terms, or how much they had to pay per month. Why are these people now so special? Where is the shame?
Where’s all this money coming from, Dems and Repubs? Where? You hear that giant sucking sound….that would be not only the falling dollar but the billions you’re adding to the deficit.
When is congress going to bail me out for my gambling losses?
Disgusting. Disgusted.
Who will be the first candidate to promise to have the government pay off all mortgages if they’re elected?
And where exactly is the representation that is being paid for with our taxes? Sadly, I have to really agree that there is little to no real difference between the two parties any more. Both are being bought and sold by big-dollar lobbyists, SIGs and PACs and all of them care not a whit for anything other than more power and money for them with the cost being carried only be productive members of society who actually do obey the laws and choose wisely. The government has once again successfully created a problem and offered to step in and
fix itmake it worse at our expense. The ramifications are far more than just new powers and taxes. Unfortunately, as long as we allow them to continue this slide, they are going to do so. Does the phrase “Of the People, By the People and For the People still mean anything to them?Why not just skip the next several steps and just make their payments for them? Sooner or later that’s what is going to happen. All a person will have to do is show they are incapable of being responsible and the government will step in and say “there,there” and throw money at them.
It’s an indication to me that the majority of our electorate is rapidly becoming comprised of people who think they can vote for an endless money supply and it will be magically granted.
hmm.. the government paying for all mortgages.. that has a decidedly communist ring to it..
These are the same politicians (mostly Dems) crying about how oil companies don’t reinvest enought in “green technology,” don’t need their “tax breaks,” and aren’t doing enought to lower energy prices. Why don’t they harp on some of the real causes (like in the mortgage crisis)? Of course not… that’s what sensible people do.
Pot meet kettle….
RE: MMs article on Bruce Marks-
It looks like Marks has taken a page from Jesse Jackson’s playbook:
CEOs of the banks sitting down w/ him (Marks)and cutting deals to stave off his “terrorist” – like tactics. HMMMMM
Now thats real leadership!
Full disclosure: that was sarcasm, people!
Well government created the disaster with ADDI 2003, might as well pile on the fix. It made home loan qualification tantamount to dicrismination — I wonder who thought that brilliance up. The flippers went nuts, the illegals went nuts, everybody was buying, no qualifying, come on down!!
Isn’t that what government does best, create a mess and pretend to fix it?
Well, when you live in a society that’s not only lost its moral compass but gone off the rails regarding personal responsibility then you have a situation like this. There will not be an endless supply of money and I blame both parties for fostering this dependence not only on debt but on foreign cash bailouts. When you live a consequence and guilt free existence, as is becoming more and more evident given the weak-minded composition of the electorate these days, the mass of clamoring, “I got conned” outrage will prevail.
Hard-working people like me, my husband, and our parents just don’t understand this. Why can’t people take responsibility for their mistakes instead of leaning on the government? You know that there will always be strings attached to any government handout. There always is.
#21
Actually this goes farther back to 1977 and Jimmy Carter then in 95 by Clinton.
These tools created this mess by the Community Reinvestment Act!
This makes me ashamed to be an American. I no longer wish to financially support this Government, nor the morons who run it. Just like the Revolution, the entirety of the United States is once again being taxed without fair and proper representation in “Our Government”.
The Kings and Queens of Congress pass laws and levies upon us, and flout the fact that they are entitled to live by different laws. They then take a lifetime appointment of public monies for their short service. All while we, who work so hard, suffer the burdens they impose upon us.
What will our Tea Party be, and where will it commence? When will we cut off their travel, their pensions, their pay raises?
I will not be burdened with the debts of my neighbor, nor the poor decisions of my fellow citizens. I will suffer these vote-mongering fools no longer. The time has come for the People to reclaim our Constitutional rights, and eliminate the corruption of the Federal Feudal state.
Vented to Dole (Carpetbagger) and Burr’s Senate offices – also e-mailed both (how nice Burr has the Spanish language option on his web site).
Go UNC Tar Heels -at least you make us proud!
I am proud of my Senators, Bunning and McConnell, but more so of Sen. Bunning since his no vote on this unfair handout to people who bought more house than they had income to afford.
As I said here several months back, my family and I built only as much house as we could afford. To meet the monthly mortgage payments, we adhered to a very strict budget and made do with what we had, but we knew it was worth it. Besides, we figured once the house was paid off, there would be money and time to buy the “extras” we had been doing without.
But now that our home is paid off, and the deed safely in our hands, we find we still may not be able to buy the things we want because the government is about to increase our tax burden to help pay for the homes of people who didn’t buy/build within their means, didn’t adhere to a strict budget, and didn’t “make do.” Fair? I don’t think so.
By pulling together and keeping within our budget, we paid for our home as a family – and without asking for any of your money, via the great money transfer conduit that is our Uncle Sam – which has made us appreciate our house even more!
I only hope the people who receive the mortgage help appreciate their homes as much as we do ours.
Just to stoke the fires more. They will also, be bailing out Illegal Aliens who shouldn’t have been here and certainly should be buying homes they couldn’t afford and signing documents they can’t understand!
Will Illegal Aliens Get a Mortgage Bailout?
“President Bush will announce this afternoon an agreement with major mortgage firms to freeze interest rates for five years for financially troubled homeowners — a plan advocates say will help forestall a major foreclosure crisis but some conservatives say amounts to a bailout of people who made bad financial decisions. The plan would apply to homeowners who got adjustable-rate subprime mortgages between Jan. 1, 2005, and July 31 of this year and are facing a sharp jump in their rates before July 31, 2010. It would also offer to put them on a fast track to refinance their mortgages through lenders or through state and local housing authorities, according to several people briefed on the matter who spoke on condition of anonymity because the deal has not been officially announced,” the Washington Post reports.
Left unsaid in reports so far is if illegal aliens who purchased homes in the last 2 years will also be eligible for a bailout. The Wall Street Journal (subscription) has a story today about how legal and illegal immigrants got subprime loans during the housing boom. Some of those illegal aliens will likely be eligible for the bailout.
Also called Burr and Dole’s offices and vented.
Davidson Wildcats… you made us proud
Mott: Davidson was awesome all the way.
Is their such a thing as a liberal conservative, because I think we have two in Texas.
Brian, be sure and build a library with Saudi and Dubai money too.
And if you can sell a few pardons here and there, so much the better.
Can any one tell me the government form number I need to get a reimbursment on the four mortages I have already paid off? I worked 28 years to accomplish this so I think I should get my share of this socialist handout scheme since I contibuted to the cause.
Has anyone put a firm number of how many of the “in trouble” mortgages are either investment properties or 2nd home mortgages?
I’m flabbergasted. My flabber is thoroughly gasted. ONE vote against this lunacy? ONE voice of reason amongst all the federal legislators listed above?
Personal accountability has just been legislated out of existence as a virtue.
Now, apparently, personal accountability is a liability.
Where can I sign up for some “free” money (i.e., other people’s money) so I can buy my first house? Stupid me, saving up my own money for a house I could afford. Now I have to save to pay the taxes that will be required to cover the “stimulus” and the “bailout”.
Read “Atlas Shrugged” – the book that will clarify for you the morality of the free market, and the immorality of our socialist system.
Hey, Senator Dodd, buy me a house!