About Government Refinance and Home Purchase Programs

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President Bush doesn’t have to worry about his popularity any more so opposing the Democrat-led plan in congress to help homeowners avoid foreclosure is no problem for him no matter how many Americans it alienates. Not so for House republicans who would like to be re-elected in 2008. More of them are getting on board with the bill going through congress sponsored by Barney Frank. Here are some excerpts from a recent AP article on the subject:

The Democrats’ housing rescue plan is picking up converts among Republicans who are shrugging off White House objections after getting an earful from voters struggling to stave off foreclosure.

The GOP support is coming from regions hardest-hit by the housing crisis, a sign that battle lines over how to address the mortgage meltdown are more geographic than partisan.

Rep. Steven C. LaTourette, an Ohio Republican, says housing officials in his area have warned him that “a ton” of his constituents have adjustable-rate mortgages that will reset to unaffordable rates this year or next.

Lawmakers who fail to work together on a solution will do so “at their peril,” said LaTourette, who is backing Democrat Barney Frank’s plan.

“This has the ability to keep people in their houses,” said LaTourette, a seventh-term congressman who is facing a competitive re-election race.

As for President Bush’s opposition, he says Bush and his team are “just not thinking clearly on this.”

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