• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • housing

    Morning Bell: Highway Robbery

    As a general principle, conservatives believe government should not intervene to protect those who have made poor business decisions — even if those decisions have been influenced by excessive government regulation. But there can be rare situations where the cumulative effect of many bad decisions in one sector of the … More

    Text of the Bailout Legislation

    The following language was circulated on Capitol Hill this morning as Treasury’s plan to purchase residential or commercial mortgages. Heritage released eight goals and strategies that should guide lawmakers during the debate this coming week. LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS Section 1. Short Title. This Act … More

    Morning Bell: A Vicious Cycle of Their Own Making

    In what some observers are calling a reshaping of Wall Street, two of the world’s largest investment banks, Merrill Lynch and Lehman Brothers, are set to disappear. Lehman has announced it will file for Chapter 11 bankruptcy protection, and Merrill Lynch was bought by Bank of America. For all the … More

    Morning Bell: Big Government Fails Again

    This weekend Treasury Secretary Henry Paulson announced that mortgage giants Freddie Mac and Fannie Mae will be placed in a government conservatorship that closely resembles a bankruptcy reorganization. The move puts U.S. taxpayers on the hook for $5.4 trillion in outstanding mortgage debt and commits the government to provide as … More

    High Cost of Energy, Food Hurt August Employment Numbers

    Heritage’s James Sherk says the employment estimates for August are being affected by the collapse of the housing bubble and the high cost of energy. The unemployment rate rose to 6.1%, a five-year high, primarily the result of large job losses among automobile manufacturers. He talked about the August employment … More

    Morning Bell: The Left's Crony Capitalism Exposed

    In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company … More

    The Baddest Seed

    The latest news out of Capitol Hill is that the Senate will take up legislation enacting a much needed update of the Foreign Intelligence Surveillance Act (FISA), pushing final passage of the mortgage bailout bill back until after the July 4th break. This should give Senators some much needed time … More

    A Sound Investment

    Senate Banking Committee chairman Chris Dodd (D-CT) may not know what interest rates currently are, but the Wall Street Journal has crunched the numbers and estimates that the discount loan Countrywide Financial gave him will save him $75,000 in mortgage payments. The WSJ also looked into how much of the … More

    Don't Forget the Fraud and Extortion

    As bad as the incestuous relationship between Sen. Chris Dodd’s (D-Conn.) and Countrywide Financial is, it probably is not even the worst part of the housing bailout compromise in Congress. At least the Countrywide bailout would be a one-time theft of taxpayer money (although this bailout would increase risky behavior … More

    Remember Who Gets the Checks

    Despite the fact that Sen. Chris Dodd (D-Conn.) now admits he was a Countrywide Financial “VIP” since 1993, Congress is still barreling ahead with the $300 billion housing bailout bill that Dodd sponsored. The important thing to remember as the debate over this massive bailout continues is that this bill … More