CovenantNews.com

Baldwin Calls Housing Bailout 'Citizen Robbery'

Wire Service:
President Bush signed the most expensive bailout since FDR's 'New Deal' of the 1930s. But the Presidential and Vice Presidential candidates of the 3rd largest political party in the United States call the so-called 'bail-out' is outright robbery of U.S. citizens. Said Constitution Party Presidential Candidate Dr. Chuck Baldwin, "President Bush could have been a bona fide hero of limited government and personal responsibility by vetoing this draconian unconstitutional legislation. Instead, he eagerly signed it into law, stealing hundreds of billions of dollars from every man, woman and child, who in his oath of office, he swore to protect. Is this protection?"

Related:
Bush Quietly Signs Mortgage Bailout Bill
he Associated Press:
President Bush signed a housing bill Wednesday intended to rescue about 15 percent of the cash-strapped homeowners in fear of foreclosure in the next year or so. The legislation is regarded as the most significant housing bill in decades. It won approval from lawmakers eager, in an election year, to come up with an answer to the growing housing crisis.

The measure includes $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners; $3.9 billion for communities to fix up foreclosed properties causing blight in neighborhoods; and $15 billion in tax cuts, including an expanded low-income housing tax credit and a credit of up to $7,500, to be repaid, for some first-time home buyers.

The number of homeowners who could lose their homes to foreclosure by the end of 2009 is estimated by some to be around 2.8 million. Under the legislation, 400,000 having trouble with payments could avoid it by trading their loans for new, more affordable mortgages through the Federal Housing Administration.

Democrats added an $800 billion increase, to $10.6 trillion, in the statutory limit on the national debt.

Posted by Editor at July 31, 2008 03:15 AM