House OKs Rescue for Homeowners, Freddie, Fannie

PlusHouse OKs Rescue for Homeowners, Freddie, FannieHouse OKs Rescue for Homeowners, Freddie, FannieThe Associated PressRescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (July 23)Video: pix of foreclosed home Track: The bill throws a lifeline to hundreds of thousands of homeowners caught in the credit crunch: SOT: Manuel Berrios ''WE CAME IN HERE LOOKING FOR A LOWER PAYMENT B/C THE PAYMENT RIGHT NOW IS TOO HIGH. '' Video: pix of Fannie Mae and Freddie Mac Track: It also provides a financial safety net to mortgage giants Fannie Mae and Freddie Mac in hopes of restoring confidence in them: SOT: Congresswoman Maxine Waters, D-Calif. 12:19 p.m. This bill is about stabilizing this economy and we cannot afford to have the largest two semi-government agencies unprotected.(:11) Video: more pix of foreclosed homes Track: Helping the mortgage giants trumped the president's opposition to almost four billion dollars so communities can buy and fix up foreclosed properties. SOT: White House Press secretary Dana Perino: PERINO SOT: (4:00 approx from start of briefing) He thought it was wasteful, and that it would encourage lenders to foreclose on properties, rather than have them work with the homeowner to try to help them rework their loan and be able to stay in their house. (:12) Standup Bridge: TRACK: The administration's decision to drop its veto threat underscored a split within the GOP, with congressional Republicans blasting the measure as irresponsible--saying taxpayers deserve better: SOT: Congresswoman Michele Bachmann, R-Minn. 12:46 p.m. What will american taxpayer be getting in return for being put on hook for a deal they weren't part of Video: Homes for sale/// Track: Republicans are worried there's no dollar limit if a bailout of the mortgage giants is needed. The congressional budget office says it could cost taxpayers 25 billion dollars. Video: cover video of Paulson Track: Treasury Secretary Paulson says the bill will help turn the corner on the housing crisis. Video: picks of naca folks/dunno what we have from their event SOT: though a group working to help at risk homeowners has its doubts: SOT: DARREN HENDON NACA/COUNSELOR FROM LOS ANGELES 16:19:55 we want the gov't to be more proactive in supporting the solution rather than putting a bandaid over a bullet wound b/c Video: wide shot of senate??? Track: Senate action on the bill is expected by the weekend. Jb the ap capitol hill

Category:

News & Politics

Tags:

• congress
• housing
• house
• oks
• rescue
• homeowners
• freddie
• fannie

[912jumper]

Very few banks are helping to modify loans. Politicians including Obama are just giving us lip service. The banks can work with people but they are too greedy to do so.

[bob4this]

Now that the collapse has occurred, the reform roadblock built by Senate Democrats in 2005 is unforgivable.

We now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

[Yourdeadmeat69]

The only thing that will help is

Joe-retail-homebuyer. If he can't qualify for a home, the one he's in, the one laying foreclosed, it's no help whatsoever.

It's a bandaid over a sucking chest wound.

[jaif4]

All money will come from China, Russis and the Soud ` bia

[arubberball]

Wow. semi-government operated business! Like always congress screws-up, and pay for it! We make, and they take! Time to do some major house cleaning!

[jbryant13]

Where in the name of God do they dig up these morons who "run" our government ?

Maxine "I want to Nationalize the Oil Companies" Waters aint seen the ball since the kickoff.

This bill does NOT "stabilize" the economy - it pumps BILLIONS more in inflation further destabilizing the already anemic dollar that is on life support.

I think it should be MANDATORY for all members of congress to watch, take, and pass a written test on the Money Masters DVD before being allowed to run for office.

[Rangerpjonwebx]

The government is going to bail them out, and there's practically nothing taxpayers can do to stop it. They're "too big to fail" -- so much for the free market.

Some of those banker's club thieves are millionaires. "Greed is good". That's the way it goes...

[stonerj0e]

but they snuck another bill inside of it which allows the IRS to monitor all your credit card transactions!!!!

[dustynbones]

LOL!

Oh yes and you were educated where and you out of thin air made it all on your own all by yourself with absolutely no help? Come On?

So how do you feel about the US Homestead Act that happened back before the US Civil War, even the Territory of Texas was eventually annexed with land being sold cheap as hell, but you're not all right with that either? Or would you have been for that also?

Watching you delusional RP fanatics ignorance and insensitivity is hilarious and fun but dangerous.

[amdura]

You obviously have no idea what a "bailout" does.

It devalues your currency because they print the money they use to "bailout".

Bear Sterns or Home Owners, in doesn't matter. Everyone needs to be accountable for their own actions.

I don't need a bail out and I don't want my savings to loose 1/2 their value just by the drop in the value of the dollar.

If you don't understand this simple math, then that's proof that the poor educational system is doing exactly what the elites wanted.