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House bailout passes 272-152

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By Michelle Malkin  •  July 23, 2008 08:24 PM

Here’s the link for the roll call vote on the Foreclosure Prevention Act of 2008/Fannie and Freddie rescue, a.k.a. the latest in an endless series of massive federal mortgage bailout bills. It passed 272-152:

Oy.

Nancy “14 percent approval rating” Pelosi cheerleads for herself and her bailout cronies and prays for a public opinion boost.

Speaker Nancy Pelosi spoke on the House floor this afternoon in support of the American Housing Rescue and Foreclosure Prevention Act of 2008. The legislation passed by a vote of 272 to 152. Below are her remarks:

“Mr. Rangel, Mr. Frank, Mr. Neal, and Chairwoman Waters have brought us a comprehensive package on housing policy reforms that will help lift families facing foreclosure and stem the continuing drop in home values around the country.

“I also wish to acknowledge the contributions of Treasury Secretary Paulson. Secretary Paulson played a constructive role and helped the President reached this agreement after opposing many parts of this legislation. I’m so pleased that the White House issued the statement this morning that the President would not veto this bill.

“Under Chairman Barney Frank’s leadership, the House last year, just three months after Democrats took the majority, passed a bill very similar to the one the House is voting on today and the Administration said it will not oppose. Mr. Frank and members of the committee foresaw that there was a need for legislation.

Thank President Bush for removing the obstacles to this latest slush fund bonanza.

The Associated Press, naturally, gripes that it isn’t enough.

    “This isn’t going to be the catalyst for a better housing market,” said Mark Zandi, chief economist at Moody’s Economy.com. “It may staunch some of the downturn, but it’s going to have a very modest positive impact.”

    The highlights of the bill include: $300 billion to provide more affordable mortgages to troubled homeowners, nearly $4 billion in grants to help communities fix up foreclosed properties and a $7,500 tax credit for first-time homebuyers.

    Posted in: Subprime crisis