You’ve heard what Congress wants you to know. You’ve heard what the news media wants you to know. Here’s what they haven’t told you about the mortgage bailout bill being passed. And not a peep out of the person who vows to protect us from corruption on the hill.
The President vows to veto it. Here’s why…
The recent mortgage rescue bill, apparently includes a $35 million payout to the trial bar. Along with the Energy and Tax Extenders Act of 2008 is just the latest example of a taxpayer-funded payout straight into the pockets of the “struggling” trial bar.
This bill has 235 amendments – apparently it grew legs and can walk now.
The “ChamberPost” offers a pop quiz entitled “who are the victims of the recent housing crisis” and goes on to say that if congress votes for the bill it will help fund plaintiffs bars and if they don’t vote for it we voters will be angry.
“The Hill” editorializes that 90% of homeowners are meeting their mortgage payments on time and the bill is a $300 Billion bailout for those who were scamming the market.
Republicans criticized a $25 million earmark for the Raza Development Fund to provide assistance to nonprofits involved in community development and affordable housing projects. The Raza Development Fund is connected to the National Council de la Raza, a Hispanic advocacy group.
Republicans also raised objections to language added in committee to earmark $35 million for legal counseling, which they called a slush fund for trial lawyers to sue lenders.
(S.Amdt.4494) — To make additional funds available to the Neighborhood Reinvestment Corporation to increase legal assistance available to homeowners at risk of foreclosure and assistance to community organizations working to preserve homeownership and prevent foreclosure, with an offset.
“The Washington Times” ran an article entitled “GOP criticizes mortgage plan.” In the article House Minority Whip Roy Blunt, Missouri Republican, criticized the Democrats’ plan … the legislation advanced by Democratic leadership fails to meet even these basic standards of common sense, even going as far as to include a $15 million earmark for a left-leaning pro-amnesty organization, and a $35 million slush fund for its friends in the trial lawyer bar,” he said.
“CNN Money” ran an article with this quote “It’s baffling why the White House would oppose a bill that would help so many American families at risk of losing their homes on the same day hundreds of mortgage fraud arrests were announced,” said Barack Obama, the presumptive Democratic presidential on June 19, 2008
The bill is entitled `An Act moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation.’
The short title is: American Housing Rescue and Foreclosure Prevention Act of 2008
Renamed as the New Direction for Energy Independence, National Security, and Consumer Protection Act
What the media isn’t covering is the 5 MILLION illegal immigrants that HUD (allegedly) said have mortgages in this country. Are we bailing 5 MILLION ilegal immigrants out with our tax dollars? When the election is over I will investigate this allegation and report back on it.
My question to all Americans remains the same … Do you believe the government has enough of your tax money to accomplish what it needs to do?
You can see a video from a newscast describing the Bill here at this link. (it’s the 2nd video)
UPDATE 7/29/08: According to The Institute for Legal Reform there are 48 Trial Lawyers Earmarks in the current Congress. According to the ILR article “…the out-of-control U.S. lawsuit system already costs the average American family of four $3,200 every year.” These two links are a MUST READ and I will address more fully at a later time.
UPDATE: Career voting records: Currently, Senator Obama has voted 94 times to raise taxes. Senator McCain has NEVER voted to raise taxes.