Senate Passes Bloated Mortgage Bailout Bill

The Senate has passed the bloated mortgage bailout bill by a 63-to-5 vote, over objections from Senators like Jim DeMint (R-SC) who say it will rip off taxpayers. The White House has threated to veto the bill, “calling it a bailout for lenders who helped cause the mortgage meltdown.” The bill would cost the taxpayers billions and provide handouts for corrupt left-wing groups like ACORN, which helped spawn the mortgage crisis by pushing “liar loans,” and which is responsible for vote fraud and concealing embezzlement.

Comments

Kate says:

July 12, 2008 at 9:06 am

Thanks for this post. There are many hard working Americans like myself who think this bill is wrong. Senator DeMint is right and I hope that Bush will veto it.

Massive Bank Failure, While Congress Pays Off Special Interests | OpenMarket.org says:

July 12, 2008 at 7:06 pm

[...] But rather than fixing what’s wrong with the financial system, the Senate chose Friday 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 [...]
Bigger Than Enron: Bailout for Fraud-Ridden Fannie Mae | OpenMarket.org says:

July 14, 2008 at 9:55 am

[...] massive bank failure, and the Senate’s passage of an economically destructive and pork-filled mortgage bailout bill that will further destabilize housing markets, the federal government is now moving to bail out the mortgage giants Fannie Mae and Freddie Mac.Â [...]
Public Opposes Mortgage Bailout Bill Supported by Congress | OpenMarket.org says:

July 14, 2008 at 8:49 pm

[...] the House and Senate have passed similar mortgage bailout bills by lopsided margins, although Bush has threatened to veto them.Â Â But the American people dislike mortgage bailout [...]
Paulson Let Liberals Block Reform of Fannie Mae | OpenMarket.org says:

July 18, 2008 at 1:08 pm

[...] We earlier explained how the bailoutÂ legislation,Â orchestrated by Frank, Schumer, and Dodd, would furtherÂ destabilize housing markets and reward irresponsible lenders and borrowers, while siphoning taxpayers’ money to left-wing special interest groups like ACORN, which [...]