April 12, 2007
As predicted, our gutless, incompetent and brain dead congressmen are now talking about bailing out the failed housing flippers
Good god people, we're run by monkeys.
Schumer calls for subprime bailout - New York Democrat wants funds to help subprime borrowers.
The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.
"The federal government can send in an infusion of [money] to prevent foreclosure," said Charles Schumer, a New York Democrat.
The cash infusion is needed right away and should go to both help fund community groups aiding troubled borrowers and to directly fund bailouts, Schumer said.
Schumer spoke as chairman of the Joint Economic Committee, a joint committee of Congress, and appeared with Democratic senators Robert Menendez of New Jersey and Sherrod Brown of Ohio.
He said he planned to introduce legislation soon.