The White House is now backing away from its threat to veto the pork-filled bills that would bail out government-backed mortgage giants Fannie Mae and Freddie Mac. Fannie Mae’s executives engaged in massive accounting fraud to inflate their multimillion dollar bonuses. They also used heavy-handed tactics against the press and lawmakers like Paul Ryan and Richard Baker to fight off reforms that would have curbed their risky practices. Fannie Mae’s liberal supporters on Capitol Hill, like Barney Frank, Charles Schumer, and Chris Dodd, are now using mortgage bailout legislation to subsidize left-wing groups that support them, like ACORN and La Raza, at taxpayer expense.
White House Wimps Out
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Those lenders and borrower should not be helped with a bailout. Those borrower should not have brought a house they couldn't afford in the first place. The market should be left how it is so that many of the people who actually saved up and can afford a home can be able to buy a house. If your house is going to foreclose, then it's your fault because you took the risk to buy that house in the first place. Irresponsible borrower should not get any help. There are many people who didn't buy a house because they couldn't afford it but decided to continue to save up to afford and they get nothing for it? They are responsible and all they get in return is a slap in the face by the government. Their taxes are going to help those who were irresponsible while they continue to not own a home. This bailout is so unfair and should not even pass.
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