Bush threatens veto on foreclosure assistance

The subprime mortgage crisis has really put President Bush's misguided priorities in stark relief.

Yesterday, the House passed legislation to provide assistance to half a million homeowners facing foreclosure. The American Housing Rescue and Foreclosure Prevention Act is a crucial bill that will prevent desperate American families from losing their homes.

But George Bush has threatened to do the unthinkable and veto this legislation, denying help from the housing crisis to those who need it most.

According to the Pew Center on the States, between 7,000 and 8,000 people a day are filing for foreclosure on their homes. One in 33 homeowners is projected to be in foreclosure over the next two years, as a result of subprime loans made in 2005 and 2006.

As these thousands of families each day plant foreclosure signs in their yards, Bear Stearns and other Wall Street financiers are humming along -- thanks to the $30 billion bailout Bush supported last month. His administration's incompetence and inaction allowed the subprime crisis to get this bad, and now he's blocking efforts to ease the burden on American families.

As the bill's sponsor Rep Barney Frank said,

"I think it would be a declaration that he's stopped trying to govern," Mr. Frank said, as if the president were saying: " 'I'm through governing, let's just yell at each other for the rest of the year.' "

Although we'd all be thrilled if Bush actually were no longer governing, the fact is he's still in office -- and still doing his best to block any assistance for the American people.

Posted by Americans United For Change Web Team