Foreclosure Connections Blog

Mr President, here is a bill for you to sign!

On Tuesday last week President George Bush blamed the Democratic-led Congress for not passing the foreclosure bills. He was complaining that he was not getting bills to sign and he urged the Congress to work on bills that he could sign, but despite his complaint to many Congress members, he declared yesterday that he will veto the foreclosure relief legislation under consideration in the Congress. Bush declared that the new legislation would only be beneficial to a group of speculators and lenders.

It is very strange the fact that President Bush only made that clear yesterday, and that he is saying that he will veto a bill which is not ready yet, but under development according to Sen. Christopher J. Dodd. Democrats said that the legislation package draft has been proposed in consultation with the Bush administration.

Early this week the Federal Reserve Chairman Ben Bernanke also expressed support for the legislation, and the question from Dodd remains: Who is he listening to?

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said last week that he was expecting the veto and he also disagrees with the President. According to Frank the bill will help many lenders and not just a few as expressed by the President, and it will also help thousands of homeowners facing foreclosure.