• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • What Congress Can't Seem to Understand

    Mortgage Madness

    The White House isn’t buying the Senate housing bill.

    As Benton Ives reports in Congressional Quarterly, President Bush is not too thrilled with the bailout proposal. Why?

    “The bill will likely do more harm than good by bailing out lenders and speculators and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations,” White House Press Secretary Dana Perino said in a Tuesday briefing.

    A key official at the Department of Housing and Urban Development (HUD) isn’t buying the House housing proposal, either.

    “We must not federalize the housing market,” Assistant Secretary Brian D. Montgomery said Wednesday in testimony to the House Financial Services Committee. “And we must not harm our economy through solutions that, however well intentioned, further erode the foundation of the nation’s housing market, hurt homeowners who are meeting their mortgage obligations, or prolong the correction.”

    Both the White House and Montgomery know something that lawmakers on Capitol Hill can’t seem to understand: Whenever Congress meddles with the free market, you can bet unintended — and bad — consequences will follow.

    Click here for more insight into the housing crisis and what Congress should and shouldn’t do about it.

    Posted in Scribe [slideshow_deploy]

    Comments are closed.

    Comments are subject to approval and moderation. We remind everyone that The Heritage Foundation promotes a civil society where ideas and debate flourish. Please be respectful of each other and the subjects of any criticism. While we may not always agree on policy, we should all agree that being appropriately informed is everyone's intention visiting this site. Profanity, lewdness, personal attacks, and other forms of incivility will not be tolerated. Please keep your thoughts brief and avoid ALL CAPS. While we respect your first amendment rights, we are obligated to our readers to maintain these standards. Thanks for joining the conversation.

    Big Government Is NOT the Answer

    Your tax dollars are being spent on programs that we really don't need.

    I Agree I Disagree ×

    Get Heritage In Your Inbox — FREE!

    Heritage Foundation e-mails keep you updated on the ongoing policy battles in Washington and around the country.