09 May 2008

They Voted For You: Foreclosures

U.S. Reps. Alan Mollohan, D-1st, Shelley Moore Capito, R-2nd, and Nick Rahall, D-3rd, all voted for the "Foreclosure Prevention Act of 2008."

Passed 266-154, the measure reflects "a
massive homeowner rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis," The Associated Press reports.

"Supporters hope the package — which awaits action in the Senate — will serve as the basis for a broad bipartisan housing compromise that could satisfy both parties' keen appetite for delivering election-year aid to anxious constituents," the AP article said.

President Bush has threatened to veto the bill as-is, and Capito was among just 34 House Republicans who voted for it.

"Republicans argued the package reward lenders and irresponsible borrowers at the expense of homeowners and renters who made more prudent choices and are straining to cover their costs in a punishing economic climate," AP reported.

Update: Capito's office has issued a press release explaining her vote and her successful amendment to the legislation "to expand flexibility for service veterans participating in the Veterans Affairs Home Loan Programs."

1 comment:

clear eyes said...

Rewarding bad behavior and bad judgement leads to more bad bejavior and bad judgement. This attempt to pander in an election year by rewarding poor choices will damage our economy in the long run and drag out the necessary changes in the housing market in the short term.