President Bush is promising that if the current housing relief bill makes it to his desk, he will veto it. The New York Times reports on the President and the housing relief bill:
“I will veto the bill that’s moving through the House today if it makes it to my desk,” the president said at the White House, after meeting with Republican House leaders. “I urge members on both sides of the aisle to focus on a good piece of legislation that is being sponsored by Republican members.”
The housing relief bill in question would expand the number of people with access to using federally insured mortgages to refinance homes that are in danger of foreclosure. The government, however, would retain a stake in the sale of property in the future, and the loans could only be made for 90 percent of the home's value.
President Bush says that the bill would "reward speculators and lenders" who made poor decisions. Maybe. But what does the JP Morgan and Bear Stears agreement do? Oh right. It limits losses for speculators who made poor decisions and puts taxpayers on the hook...
image credit: US government
Comment Preview