Friday - August 31, 2007

Panderer in Chief

President Bush will announce a laundry list of initiatives today to “help those hard hit by the housing slump”.  Good grief, this is about as liberal as HillaryCare.

The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.

So right from the start, we see that the President, again, is willing to spend Federal money on “correcting” poor choices by the masses.

The official said Bush will direct Treasury Secretary Henry Paulson and Housing Secretary Alphonso Jackson to work on an initiative to help troubled mortgage holders get services and products they need to keep them from defaulting on their loans

Bush also planned to:

• Urge Congress to pass Federal Housing Administration overhaul legislation that would give the FHA more flexibility in assisting mortgage holders with subprime mortgages.

• Pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans.

• Call for rigorously enforcing predatory lending laws and strengthening lending practices.

Keep shoveling the pie and people will keep eating it.  Damn.

What exactly is “preditory lending”?  Did someone take these poor folks off the street, tie them to a chair and beat them senseless until they signed a closing statement and loan form?

Don’t forget, its not like these houses would dissapear after they are foreclosed on.  After all, when that happens, someone with a little more financial ability will come and purchase that home, bringing more money into the economy.  What good will propping up bad mortgage holders do?

Rob, at Say Anything sums it up:

Posted by Drew458     on 08/31/2007 at 09:43 AM   
Filed Under: • Politics •  
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