I’ve been chronicling the continued, depressing, bipartisan push to adopt Hillarycare for the housing market. The US Senate took the latest step this afternoon to rescue strapped homeowners from their own bad decisions–with our money:
The thousands of Americans facing foreclosure because of the ballooning interest rates on their subprime mortgages would get help from the federal government under legislation overwhelmingly approved by senators Friday.
The legislation, approved 93-1, is the Senate’s first attempt to address the looming subprime mortgage crisis through stand-alone legislation…The bill would allow the Federal Housing Administration to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial “teaser” levels.
An estimated 2 million to 2.5 million adjustable-rate mortgages are scheduled to “reset” this year and next, jumping from low “teaser” rates for the first two or three years to much steeper rates that could cost borrowers their homes.
The wave of resets could crest during the presidential and congressional election campaigns next year, and the issue has brought politically charged debate in recent weeks over possible responses by the government.
The legislation will help the Federal Housing Administration “be a source of salvation for those families who were tricked into unaffordable loans,” said Sen. Charles Schumer, D-N.Y.
“Tricked.” Right. It’s never their fault. Always someone else’s. Not long now before the Coffmans get their handout and poster family status, I’m tellin’ ya.
Only one–yes, one–US Senator voted against the bill: GOP Sen. Jon Kyl. Here’s the roll call vote:
Like I said: Depressing.