STOP THE BAILOUTS!: IMPORTANT UPDATE -- CALL THE WHITE HOUSE
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Type of Content: Article Several Republicans on both sides of the House are now trying to block the bill. 14 Representatives have written a letter to President Bush asking him to renew his veto threat. Let's support them in this! Call and e-mail the White House TODAY! I think the lines are open from 9-5. Since the bill may pass on Saturday, it is imperative that we act today! The phone numbers: 202-456-1414 and 202-456-1111 The email address: comments@whitehouse.gov The message should be: "I am calling to ask you to veto the housing bailout bill H.R. 3221." That these Congressmen are standing up and asking for a veto is encouraging news. The support for this bill was overwhelming just a few weeks ago. The tide is turning, lets keep calling! Here's the latest news: http://news.yahoo.com/s/nm/20080725/pl_nm/fannie_freddie_dc Thanks again! Laura
Created 18 weeks 4 days ago
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AP's version--
WASHINGTON - The Senate cleared the last hurdle Friday to passing a housing rescue aimed at sparing hundreds of thousands of homeowners from foreclosure and bolstering troubled mortgage giants Fannie Mae and Freddie Mac.
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The 80-13 test vote showed broad support for the election-year package and put it on track to pass the Senate by Saturday. The White House says President Bush will sign it, having earlier dropped a threat to veto it over $3.9 billion in neighborhood grants.
The bill — regarded as the most significant housing legislation in a generation — is designed to help an estimated 400,000 homeowners escape foreclosure by letting them refinance into more affordable loans backed by the Federal Housing Administration.
It was set to clear Congress as a private company reported that the number of households facing the foreclosure process more than doubled in the second quarter of 2008 compared with a year ago. Irvine, Calif.-based RealtyTrac, Inc., said that 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households.
"The American people can begin to see they're going to get some relief and some help from their Congress," said Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman.
The plan gives the Treasury Department power to spend unlimited amounts to prop up Fannie and Freddie, should they need it, to calm investor fears about their financial stability at a time of rising foreclosures and falling home values. Treasury Secretary Henry M. Paulson calls the authority a "backstop" which he has no intention of using.
Paulson's request for the emergency power helped forge a bipartisan deal on the legislation, which also creates a new regulator with tighter controls on the government-sponsored mortgage firms — something Republicans have long sought.
Democrats also won key concessions as part of the compromise, including a permanent affordable housing program to be financed by Fannie and Freddie profits and the $3.9 billion in grants for buying and fixing up foreclosed properties in neighborhoods hit hardest by the housing crisis.
Many conservative Republicans are vehemently opposed to the foreclosure rescue, which they call a bailout of irresponsible homeowners and unscrupulous lenders. They are equally furious about the help for Fannie Mae and Freddie Mac, companies they say enjoy lavish profits in good times and wield their outsized political clout to resist regulation while depending on the government to bail them out should they falter.
Sen. Jim DeMint, R-S.C., was single-handedly delaying a final vote on the package until Saturday because Democrats refused to allow a vote on his proposal barring the two firms from lobbying and making political contributions.
"These organizations that are now guaranteed by the American taxpayer should no longer be able to spend millions of dollars buying influence in Congress. That's a conflict of interest," DeMint said.
Dodd called Republican efforts to delay the measure's passage "tragic" given how many people are losing their homes each day.
More than three-quarters of Republicans voted against the measure when it passed the House on Wednesday.
Bush to Sign Mortgage Bill Quickly, buy Quietly
http://blogs.wsj.com/washwire/2008/07/25/bush-to-sign-housing-bill-quick...
Usually bills of this magnitude are signed with fanfare. To the chagrin of Reps. Franks and Waters, there will be no photo op. Why do you think this will be done so quickly and quietly? Keep calling. Maybe we can shame Bush into a veto.
WHat if we say, "I am calling to demand that you to veto the housing bailout bill H.R. 3221." We are talking about our rights, arent we? We don't have to ask.
Tom Mullen
www.tommullen.net
www.myspace.com/skepticsongs
"Question with boldness even the existence of a god; because if there be one he must approve of the homage of reason more than that of blindfolded fear."
-Thomas Jefferson
Sounds good to me!
I was in contact with someone from Freedom Works a few months ago when they put out the Angry Renter petition (over 58K people have now signed; you don't have to be a renter to sign just angry and opposed the the bailout -- http://www.angryrenter.com/). Freedom Works has been very active in trying to stop this bill. They have put out a lot of great information regarding why the bill is bad, including the privacy violations. They are the ones who provided me with the phone numbers, e-mail address, and the message (I just changed it to add the H.R.#) for the White House. We (anti-bailout websites and housing bubble bloggers) had a call the White House campaign going a few months ago. Shortly after it, the President announced his intent to veto. He continued to say he'd veto it until two days ago.(?) [It's been a long week; my days are all starting to run together. :)] Needless to say, I've been following and fighting this for a loooong time. It's really nice to find others who are concerned and willing to stand up and take action!
Paulson told him that bailing out Fannie and Freddie were too urgent to wait for another bill, and Bush backed up on his pledge to veto. Of course, bailing out fannie and freddie - INCLUDING BUYING SHARES WITH OUR MONEY - is one of the worst parts of the bill, but who can expect logic.
Tom Mullen
www.tommullen.net
www.myspace.com/skepticsongs
"Question with boldness even the existence of a god; because if there be one he must approve of the homage of reason more than that of blindfolded fear."
-Thomas Jefferson
It appears that the White House lines have been tied up this morning. If the line is busy when you call, please wait to make your comment. The wait when I called wasn't long at all. Making the call is really easy. They just ask for your zip code and comment. It only takes a couple of minutes. Let's keep the lines tied up with calls to veto the bill!
Thanks!