Foreclosure Connections Blog

Foreclosure Housing aid bill to be voted today, will it get to the President?

A multibillion-dollar foreclosure assistance bill is being worked since yesterday by members of the House Financial Services Committee that is intended to help the foreclosure crisis.

Barney Frank said to reporters on April 25th that the House Financial Services Committee is expecting a veto threat from the Bush administration on the $15 billion dollars loan and grant assistance bill. On Tuesday the President Bush blamed the Democratic-led Congress for not passing the foreclosure bills. As we can see, there is a serious issue with the foreclosure crisis, the Congress is preparing the bills and is worried that the President will veto the bills; on the other hand, President Bush says that he is not getting the bills and urges the Congress to send him bills that he can sign. What a mess!! While one blames the other, the foreclosure crisis continues.

The senate is set for the vote today, and the bill requires a supermajority of sixty votes to pass. The problem is that many Republicans are afraid of this new supposed legislation, and they claim that they have not enough guarantees that they will be able to make amendments.

When will we get an answer on the real estate crisis? So far only proposals that have not been passed and a political issue between the Congress, the President and the political parties, as well as candidates announcing proposals to get more votes. The fact is that the current protection bills are just not enough for the crisis, or only help a minority of people facing foreclosure.