In another display of the Administration’s failure to grasp the needs of struggling American homeowners, President Bush has vowed to veto the housing relief package put forth Congress. This legislation is on track to pass through both houses by end of this week.
The package has two primary components:
1. The Neighborhood Stabilization Act, a measure designed to provide funds for the purchase and rehabilitation of foreclosed properties so they can be restored and used as affordable housing
2. The American Housing Rescue and Foreclosure Prevention Act, legislation to expand access to federally insured mortgages to help troubled homeowners refinance their loans, primarily through an expansion of the Federal Housing Administration (FHA) insurance program.
Below, The Wonk Room debunks Bush’s arguments for vetoing the bill: Read more