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U.S. Senate Nationalizes More Private Banking Losses
Cryptogon
July 27, 2008
Did you take out a conservative loan that you could actually afford?
You’re going to be paying for everyone who didn’t; which means that you’re also going to be paying for the crimes of the bankers who made the toxic waste loans available in the first place.
Renters, the same goes for you, too.
What a country!
Via: San Francisco Chronicle:
Congress completed work Saturday on the government’s most sweeping response yet to the nation’s housing crisis, sending to President Bush a bill designed to help homeowners avoid foreclosure, spur home buying and prop up struggling mortgage giants Fannie Mae and Freddie Mac.
The Senate, in a rare weekend session, overwhelmingly approved the measure, 72-13, a reflection of the election-year jitters on Capitol Hill over the troubled economy. Bush has said he will sign the bill, which the House approved 272-152.
“Today, Congress did more than send a bill to the president – we sent a message to American families that help is on the way,” said Senate Banking Committee Chairman Chris Dodd, D-Conn., who helped write the legislation.
The measure’s critics attacked it as a bailout of speculators and irresponsible borrowers at potentially huge cost to taxpayers.
“This bill is fraught with too much risk and too little protection to the taxpayer,” said Sen. Christopher Bond, R-Mo., contending it would allow lenders to “dump their worst subprime mortgages” on the Federal Housing Administration.
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