The House of Representatives finally passed legislation this past week to try to help homeowners facing foreclosure. The proposed bill is quite mild, and would likely prove to be totally inadequate. The Office of Budget Management estimates that the bill could help 500,000 people prevent foreclosure, but over 2.5 million people will likely lose their homes to foreclosure this coming year.
Nevertheless, even though Banks would act voluntarily under the proposed legislation, and even though it does not include the modifications to bankruptcy law that the administration has vehemently opposed, President Bush still promised to veto the bill if it survives the Senate.
Rep. Barney Frank, the chair of the Financial Services Committee, has been working very hard to compromise on legislation so that something can be done to help distressed borrowers. He is obviously becoming tired of the whole process. The New York Times reported (May 7, 2008) that he reacted to the veto news by noting that President Bush seems to be abandoning troubled homeowners:
“I think it would be a declaration that he’s stopped trying to govern,” Mr. Frank said, “as if the president were saying: ‘I’m through governing, let’s just yell at each other for the rest of the year.’”
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