Schumer’s kind words for Bush
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- August
- 31
Sen. Chuck Schumer is praising President Bush today, as Erin Kelly of Gannett News Service writes in this dispatch from Washington:
Schumer praised Bush for “sounding more Democratic” by announcing steps to help homeowners facing a spike in foreclosures as the result of the escalating subprime mortgage crisis.
â€Å“Just when it looked like millions of homeowners would be left with nothing more than a Hail Mary pass to save their homes, the president has decided to call a few plays from the Democratic playbook,” Schumer said. “This is a good and promising first step, but we must do more.”
Bush pledged to modernize and improve the Federal Housing Administration, which provides mortgage insurance to borrowers. The president is asking Congress to pass legislation that would help more low-income homeowners and people with less-than-perfect credit qualify for the insurance protection.
He also said the FHA will soon launch a new program to help homeowners who have good credit histories but cannot afford increased payments as their adjustable rate mortgages escalate. The program would allow them to refinance their home loans into FHA-insured mortgages.
“It’s not the government’s job to bail out speculators, or those who made the decision to buy a home they knew they could never afford,” Bush said. “Yet there are many American homeowners who could get through this difficult time with a little flexibility from their lenders, or a little help from their government.”
Schumer, who has been a leader in the Senate on the issue, said the president’s proposals mirror provisions in Democratic bills pending before the Senate.
He said the White House and Congress also need to raise loan limits for Fannie Mae and Freddie Mac so they can finance bigger loans for families in high-priced regions such as the New York City area.
This entry was posted
on Friday, August 31st, 2007 at 3:07 pm by Liz Anderson.
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