Mortgage Bailout Bill Is Corporate Welfare

According to the Washington Post, provisions in the bloated mortgage bailout bill sailing through Congress were actually conceived as a way to aid politically-connected mortgage lenders — in essence, corporate welfare. If that were widely-known, that would probably reduce public support for the bill, since the public opposes bailouts for lenders even more than bailouts for borrowers (although it strongly opposes both). Another group that helped fashion the bill, according to the bill’s house sponsor Congressman Barney Frank of Massachusetts, were so-called “fair-housing” advocates — people who bully bank managers to make loans to people without good credit histories, in some cases by harassing their children at school, and in others by calling them racist or accusing them of racial discrimination if they refuse to make such loans. The bill also contains pork and slush funds for left-wing special interest groups. We’ve explained previously why the bill is a bad idea for taxpayers, homeowners, and the economy, and how it will give unaccountable agencies more ability to gamble with taxpayer money by issuing risky mortgages backed by the government.

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Affordable Housing Trust Boondoggle | OpenMarket.org says:

July 8, 2008 at 12:41 pm

[...] would alsoÂ provide millions of dollarsÂ for left-wing special-interest groups, such asÂ militants whoÂ harass bank managers’ children toÂ intimidate banks into making loans to people with bad credit, and groupsÂ that lobby [...]
Mortgage Bailout Bill Beneficiary Covered Up Embezzlement | OpenMarket.org says:

July 9, 2008 at 1:43 pm

[...] mortgage bailout legislation will alsoÂ provide porkÂ forÂ left-wingÂ groupsÂ that harass bank managersâ€™ children toÂ intimidateÂ them into making loans to people with bad credit andÂ supportÂ welfare benefits for [...]
The Mortgage Bailout Bill Gets Weirder and Weirder | OpenMarket.org says:

July 10, 2008 at 12:23 pm

[...] we earlier explained, theÂ mortgage bailout billÂ will cost taxpayers billions, bail out irresponsible lenders,Â and encourage borrowers to default, whileÂ subsizidizingÂ left-wingÂ groupsÂ that harass bank [...]
Massive Bank Failure, While Congress Pays Off Special Interests | OpenMarket.org says:

July 12, 2008 at 7:48 pm

[...] toÂ pass a bloated, pork-filled mortgage bailout bill that will rip off taxpayers to pay off politically-connected lenders and give handouts to corrupt left-wing special interest groups like ACORN that engaged in the very [...]