Don't worry - Bush is still an idiot, and he's doing this because his banker buddies at the Mortgage Brokers Association were against it. But hey, at least he's doing the right thing, regardless of the "why"...
But shame on the Democrats for thinking they could destroy the sanctity of contracts. Shame on Harry Reid and the brain-dead Dems for trying to prop up housing gamblers and overvalued house prices in an election year. Shame on the Democrats for trying to pass a law that would have let judges tear up contracts.
And Bravo to Bush for pulling his head out of his ass long enough to threaten a veto of this mess.
Message to Congress: The United States is (was) a nation of laws and contracts. Don't fu*k with it.
We're run by monkeys folks. Corrupt, brain-dead monkeys. Be afraid. Be very afraid.
White House to veto foreclosure bill
$4 billion housing bill is too expensive for the administration and would 'slow the recovery of the housing sector.'
The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what's owed on troubled borrowers' mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes, and improve disclosure of subprime mortgage loans in hopes that borrowers won't be surprised by big payment increases.
But the White House said the $4 billion for purchases of foreclosed homes is too expensive and "would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners."
The provision rewriting the bankruptcy code, the White House said, would allow borrowers to effectively rewrite their mortgage contracts, leading lenders to tighten their standards and raise interest rates.