President Bush is threatening to veto a mortgage reform bill being considered in the Senate. While some had hoped it would be voted on this week, it looks as though wrangling about the bill is likely to put it off until next week. And, President Bush is threatening to veto the mortgage reform bill. The National Journal reports on the Bush Administration's objections to the mortgage reform bill:
In a Statement of Administration Policy [PDF], the Bush administration listed many items that it objected to in Senate Majority Leader Harry Reid's bill of direct aid and consumer-friendly initiatives designed to help homeowners who cannot afford to pay their mortgages because they took predatory loans. It said many of the provisions are "unnecessary, costly, and counterproductive."
Others, however, said that allowing a bankruptcy judge to modify loan terms (the main sticking point of the bill) would lead to longer-lasting fixes for subprime loans, rather than short-term fixes that would just delay the inevitable.
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