Bush Outlines Plans To Help Homeowners

Staff - August 31st, 2007 - Associated Press

Bush said the Federal Housing Administration, a government agency that provides mortgage insurance to borrowers through lenders in the private sector, would launch in coming days a program called FHA Secure. The program would let homeowners who have good credit histories but can’t afford their current mortgage payments to refinance into mortgages insured by the FHA.

“This means that many families who are struggling now will be able to refinance their loans, meet their monthly payments and keep their homes,” Bush said.

Bush also urged Congress to modernize and improve the FHA so more homeowners could qualify for the mortgage insurance provided by the agency. Last year the House passed legislation to modernize FHA, but Congress has not yet sent a bill to the White House. “I look forward to signing a bill as quickly as possible,” Bush said.

Bush also pledged to work with Congress to reform a key housing provision of the federal tax code, which will make it easier for homeowners to refinance their mortgages.

“Let’s say the value of your house declines by $20,000 and your adjustable rate mortgage payments have grown to a level you cannot afford,” Bush said. “If the bank modifies your mortgage and forgives $20,000 of your loan, the tax code treats that $20,000 as taxable income. When your home is losing value and your family is under financial stress, the last thing you need to do is to be hit with higher taxes.”

Geroge W. Bush, America's leading socialist, once again spits on the concept of accountability and insists that your tax dollars should be used to bail out your neighbor when they make bad decisions. To George W., it is never the fault of the person who signed up for a loan they can't afford. That they were trying to get rich taking a gamble and the gamble failed, cannot be held against them. Lets just take tax dollars and BAIL THEM OUT.

There you go George W. Compassionate Conservatism in action. Actually, the only thing you can call it is socialism.