Misblog

Originally Published March 13, 2008; Updated and Republished August 27, 2008:

Bush senate Republicans in Congress have stall legislation1 aimed at helping those caught in the mortgage crisis retain their homes—Homeless Los Angelinos and others are building tent cities. These same senators while stalling legislation aimed at helping Americans stay in their home continue sending trillions of dollars to Iraq!

Perhaps Senator Mitch McConnell, and other Bush Republicans will explain how it is that Americans are homeless while they send trillions of dollars to Iraq?

Web:

• UPDATED 08/27/2008 UPI, Official seeks foreclosure moratorium San Diego's city attorney seeks relief from the county's 213 percent increase in mortgage foreclosures.
• UPDATE 03/13/2008 Forbes, Paulson's New Anti-Crisis Playbook."Poor judgment and poor market practices led to mistakes by all participants.”—Oh, you mean like the 1998 collapse of Long Term Capital Management or today's collapse of Carlyle Capital.
• BBC Video Clip, The new homeless in the United States
• Senate Democrats Discuss Republicans' Refusal To Help Americans At Risk Of Losing Their Homes

-----notes-----

1. Foreclosure Prevention Act of 2008, (S.2636)

Originally Published May 5, 2008; Updated and Republished June 16, 2008:

Legislation (H.R. 5830) has been placed on the House calendar, which will enable an estimated 500,000 primary residence homeowners to use FHA refinancing to refinance their sub-prime mortgages.

Web:

• UPDATED 06/16/2008 WP, The [Mortgage] Bubble People's Choice filed for bankruptcy protection in March 2007—why are the lenders who created the sub-prime mess encouraged to quickly use bankruptcy to write-down their debt and buyers are prevented from accessing the same process?

• Conflict over housing crisis threatens rescue package

  Today the House passed (Roll Call Vote 299) the Neighborhood Stabilization Act of 2008 (H.R. 5818) which will enable HUD to help states mop-up existing foreclosed properties.

  Foreclosed properties are thought to create downward pressure on housing prices like the fraudulent inflated appraisals created upward pressure.