The Latest On Possible Relief

As I mentioned five days ago, Congress is getting closer to passage of a new foreclosure relief bill. Today the Senate passed it by a huge margin. Now its differences must be reconciled with the House bill, after which it goes to the desk of the President. Bush has said he will veto it, claiming it's a bailout of the banks and also rewards what he terms irresponsible borrowing by the homeowners who, in his opinion, should have known better than to assume this much debt under the conditions of the loans made. Talk about blaming both ends of the same issue. This bill, once both versions match, is by far the best idea to come out of Congress in years, in the humble opinion of this observer. It directly deals with the major portion of the largest financial crisis since at least the Savings and Loan debacle of the 80's and perhaps the Depression. If you are in need of support on your home loans, call or write your representatives in the House and Senate and get this bill to the President's desk, and do it with such a large margin that even if it is vetoed, the veto can be overridden. That is a MUST!