Is Congress wasting its time, again, on housing aid?
Last week, the U.S. House of Representatives passed a plan that would provide $300 billion in housing aid to help refinance mortgage loans for homeowners facing foreclosure.
This is a nice step. Foreclosures, after all, are a huge drain on our economy. They also drag down property values in their surrounding neighborhoods.
The bill now goes to the Sentate for its consideration.
Problem is, even if the bill passes the Senate, what good will it do? Pres. Bush, whose administration has done little to either prevent the housing crisis or help bring it to a quicker end, has already vowed to veto the bill if it passes.
Maybe the members of Congress will be able to scratch out some compromises to come up with a bill that the president won’t veto. It’d be nice to see the government actually do something to help regular people. And, yes, many homeowners facing foreclosure did bring their troubles on themselves. But many more face losing their house because of matters out of their control. Let’s face it, not many of us could continue making our mortgage payments if some unforeseen catastrophe befell us: job loss, illness, these are the two that can lead even responsible homeowners to foreclosure.
Why doesn’t our president, and several members of Congress, support this bill? They fear that it is a bailout for irresponsible borrowers and speculators.
This bill would undoubtedly help some people who probably don’t deserve any help. But it will also help a whole lot more people who do deserve some assistance. Why has our country become so cold-hearted? Isn’t it a fair tradeoff to help some who are undeserving if we can prevent hard-working families — at least some of them — to avoid losing their homes?
Tags: foreclosure assistance, foreclosures, housing assistance, President-Bush, refinancingRelated Stories
POSTED IN: Breaking News, Buying a Property, Foreclosed Properties, Insights and Commentaries, Mortgage, Real Life Stories, Rights and Laws
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