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Bush Signs Mortgage Bailout Bill Passed by Congress

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With the economy close to a financial meltdown, a weary Congress reversed course and approved a historic $700 billion government bailout of the battered financial and mortgage industry. President Bush swiftly signed The 263-171 vote capped two weeks of tumult in Congress and on Wall Street, punctuated by urgent warnings from Bush that the country confronted the gravest economic disaster since the Great Depression if lawmakers failed to act.  “We have acted boldly to help stop foreclosures and prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said shortly after the plan cleared Congress, although he conceded, “our economy continues to face serious challenges.”

The bailout, which gives the government broad authority to buy up bad debt mortgage loan related investments and other distressed assets from struggling financial institutions, is designed to ease a credit crunch that began on Wall Street but is engulfing businesses around the nation.  Refinance mortgage options have been limited significantly from with credit restrictions and equity stripping.

“Pray for our republic,” intoned Rep. Marcy Kaptur, D-Ohio, a leading opponent of the measure. “She’s being placed in very uncaring and greedy hands.”  Supporters said the prospect of economic disaster superseded their political fears.  “I may lose this race over this vote, but that’s OK with me,” said Republican Rep. Sue Myrick of North Carolina, who switched her vote to favor the measure. “This is the right vote for the country.”

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Categories : Financial News

1 Comments

1

This financial bill stinks! This is clearly another example of our government bailing out their buddies at the bank. The government should be modifying our home loans that adjusted rather offering corporate welfare to Paulson’s golf buddies. Aren’t you tired of the banks fueling this subprime debacle?

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