Rep. Tom Feeney (R-Fla.) and The Forgotten Man
Hang onto your wallets, AGAIN. The House passed legislation today, an amendment to H.R. 3221, the Foreclosure Prevention Act, by a vote of 266 to 154, that will bail out irresponsible lenders, speculators, and people that committed fraud for home purchases and are now in financial trouble. Here is a video by Rep. Tom Feeney (R-Florida) who speaks about people — like you and me — that pay their mortgage and rent on time but will now will foot the $300 billion price tag to “fix” the subprime mortgage crisis.
An earlier bill, H.R. 5818, The Neighborhood Stabilization Act, introduced by Rep. Maxine Waters (D-Calif.), passed by a vote of 239 to 188. This legislation would authorize $15 billion in loans and grants for states to buy and rehabilitate foreclosed properties. We opposed this legislation because this was a handout to lenders. After all, the houses are already foreclosed. In addition, it would provide grants to leftie housing advocacy groups.
Unfortunately, these bills will do nothing to fix the subprime mortgage crisis, in fact the market is already taking care of that. If anything, they could prolong the crisis. Just what we need, more Congressional meddling in the economy.
The President has threatened to veto the legislation. Let’s hope he does and fiscally responsible Members of Congress sustain the veto.
Filed under: Pork
