Congress, already Passed a $300 BILLION Homeowner Bailout package

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lonestar2004
Live to party,work to affordit.

Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 15 years, 7 months

Congress, already Passed a $300 BILLION Homeowner Bailout package

#8973535 - 09/23/08 04:57 PM (18 years, 1 month ago)

As Congressional Democrats and the Bush Administration wrangle over the need for aid to homeowners in the Wall Street bailout plan, both sides appear to have forgotten that Congress approved a $300 billion mortgage rescue package in late July.
AP
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“We already have a rescue package for homeowners,” says Nariman Behravesh, chief economist at Global Insight, sounding a bit dumbfounded by the development. “Things get so weird in a presidential election year.”

Among the provisions of the Housing And Economic Recovery Act of 2008 is the Hope for Homeowners program, which was designed to provide up to $300 billion for the refinancing of about 400,000 mortgages whose default might lead to foreclosure. The program starts Oct. 1 and runs for three years.

Expensive, too. Put together, the Hope for Homeowners and Wall Street bailout total $1 trillion.

What’s also odd about the current debate is that the Hope for Homeowners program, closely resembles the Depression-era Home Owners' Loan Corp, which Congressional leaders have cited as a model for today’s problem.

http://www.cnbc.com/id/26839037

Fuck this no more BAILOUTS!

--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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