According to an article on CNN Money today, Democratic Senators are going to try and force a vote on legislation designed to help with the foreclosure crisis.
They have come up with a plan called the Foreclosure Prevention Act, which will help families avoid foreclosure and hopefully aid some of the communities that are already hurting from the backlash of the problem.
As usual, Republicans are trying to block the attempt, hoping to pull off the miracle themselves and get the credit for it...never mind the families that are hurt because of whatever delay that causes.
Senator Christopher Dodd, Connecticutt Democrat is quoted as saying,
"This is a pivotal week. Failure is not an option. The problem is growing more serious by the hour and any delay is putting more homeowners in jeopardy."
Senator Dodd is the chairman of the Senate Banking Committee. The article says "Republicans agree that the legislation is in play." I don't have any idea what that statement means. If anyone does, I would like to be enlightened.
A member of the banking panel is a Republican Senator named Wayne Allard, R-Colo. and an aid states that he has always worked well with the Chair...I assume meaning that perhaps he will help to pass this Democratic initiative.
The Senate majority leader Harry Reid states that the White House is unresponsive, and persists in calling for the lenders to take on the task instead of the government. Well, folks, it seems to be pretty clear that this is not going to happen.
I was in a deep argument recently with a friend who is a Republican about the differences in our philosophies. She, like most, feels like the government should stand back and let the chips fall where they may. If people don't work, let them starve. If their kids starve too, then that's the way it is. If folks were stupid enough or greedy enough to be sucked into the sub-prime loans, then they deserve what they get, and it's not up to her tax money to bail them out.
My counter was, fine...we can be like China. If someone is born with no arms or paralyzed, let them sit on a blanket in the street and beg for pennies. It's THEIR problem.
My point is that our country is the greatest in the world BECAUSE our government steps in and forces EVERYONE to take care of those who can't or won't take care of themselves.
Our argument escalated when I voiced my puzzled opinion as to why those who have the most money (often or usually Republicans) are the ones who most begrudge helping others.
It hurts someone in the bare middle class more to take more taxes than it does a multi-millionaire. Yet, I, and most Democrats, feel the need is warranted and welcome the government control to aid in problems like this foreclosure mess. And someone with more money than they can possibly ever spend thinks we should leave these people to be put on the street.
I just don't understand the reasoning. What makes it worse is that a good many of these Republicans who feel this way are in the real estate industry. They PROFITTED from the very loans that are now going into foreclosure.
Whatever happened to "He ain't heavy - He's my brother"?
Oh, wait...that was a song written and sung by us liberals even way back then. Just like the 60's all over again, we've got the "hippies" (liberals) that care and the "establishment" (Republicans and Conservatives) that don't seem to.
This is the worst rant I've ever made, I think...but every day I get more incensed towards our horrible president, the war, and how it seems we have no say-so against a tyrant in the White House.
Senator Dodd's proposal calls for forcing the mortgage companies to lower balances down to what the homes are worth, and taking a loss. As Dodd is quoted as saying,
"In essence, the plan gives lenders the chance to take a quick hit, versus the slow bleed that could end in foreclosure."
I hope the Republicans will see how important this issue is, and let go of their reticence against government long enough to try and save the economy.
Thanks to Richard Brooks D-SC - for passing this article along to me.
Myrtle Beach real estate