Thursday, February 28, 2008

Senate Republicans Filibuster Home Foreclosure Bill

by Joel Wendland

Senate Republicans today filibustered a modest attempt to ease the home foreclosure crisis. The bill would have modified credit counseling and bankruptcy laws to ease the ability of homeowners to renegotiate mortgages with lenders. It would also have provided funds to state and local communities to purchase foreclosed homes.

Bush and the Republicans cited the bill's price tag as too steep, even though the $4 billion allocated for the measure is lest than half of the monthly price tag for the Bush-McCain war in Iraq.

In related news, John McCain was sharply criticized this week for failing to develop any ideas to ease the housing crisis.

Protesters gathered at a McCain campaign event in Cincinnati, Ohio on Tuesday to protest McCain's inaction. Protesters pointed out that many McCain campaign bundlers come out of the finance, real estate, and insurance industries.

These vested interest appear to not want to see any changes to regulations that may restrict their speculative activities or to bankruptcy laws that aid homeowners.

These charges came the same week that Federal Elections Commission Chair David M. Mason, a Republican, wrote to John McCain telling him that his current campaign spending may be illegal. Ethics charges have haunted McCain this past week, giving wings to a rumor that former Massachusetts Gov. Mitt Romney may reenter the race.

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