Massive Mortgage Bailout Passes
From Michelle Malkin:
7:23pm Eastern. I said it was inevitable. And yea, it came to pass. The massive mortgage bailout passed this afternoon. 39 Republicans bolted and voted with the Dems.
House Democrats defied a veto threat from President Bush on Thursday as they approved a broad housing bill that would provide up to $300 billion in federally insured loans to refinance the mortgages of debt-strapped homeowners.
The measure passed by 266 to 154, more than a dozen “yes” votes short of the two-thirds needed to override a veto. Thirty-nine Republicans broke with their party’s leadership to vote for the measure, whose main backer has been Representative Barney Frank, the Massachusetts Democrat who heads the Financial Services Committee.
Similar legislation has been working its way through the Senate, which has a much narrower Democratic majority and where the legislation’s supporters have even less chance to muster a veto-proof majority.
The Congressional Budget Office has estimated that Mr. Frank’s bill would generate about 500,000 refinanced mortgages over the next five years at a cost to taxpayers of roughly $2.7 billion.
So the slackers get bailed out and the responsible get screwed…. A big KMA to those RINO’s who voted yes. At least it’s not veto proof and, with any luck, GW will veto the piece of crap…..
