Today the Senate is scheduled to vote on the housing bailout bill that has been circulating on Capitol Hill for so long its title today is simply “a bill to provide needed housing reform and for other purposes.” When a bill’s title includes the phrase “and for other purposes,” you know the American taxpayer is about to get a raw deal. This bill is such terrible public policy in so many different ways that it’s hard to pick which one is the worst. But we’ll try. Bails out the banks most …
Losses are mounting. The situation shows no sign of getting better. It’s clear that U.S. government intervention has made the problem only worse. The economy has been directly affected and Americans exposed to trillions in new debt risk. Leaders now talk of redoubling government efforts. It’s time for a change in course … in federal housing policy. In the second half of 2007, Fannie Mae and Freddie Mac — the two government-sponsored enterprises (GSEs) created to help Americans afford homes — recorded losses totaling about $9 billion. The National Association …
