False News Story?

"Opinion"

07/06/2008

Paul Munnis


There is a news story, that I believe was planted by the GOP, to the effect that no matter who wins the election in 2008 that home foreclosures will continue to rise -- this because the President of the United States has little authority over home mortgages.

Nonsense!

Democrats have legislation ready to go that will put an end to the home mortgage crisis in a flash. What is preventing passage is GOP Senate blockage and a Bush veto threat.

House Financial Services Committee Chairman Barney Frank announced legislation in March to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders.

In other words, Democrats would pass a Bill that rewrites the bad mortgages thus dissolving the crisis for many people.

The GOP opposes this legislation because it also ends the huge give-away of tax money to banks.

Ending this problem will mark a huge turnaround in confidence for the dollar and is a first step in stabilizing our dollar for growth and recovery from the disaster of devaluation. Devaluation has loosened inflation and is ushering in recession.

As the dollar stabilizes and grows then the cost of oil will come down in dollar terms and the exchange rate with foreign currencies will improve.

Dump Bush and avoid electing John McCain and passage is all but guaranteed.

The story has all of the hallmarks of being GOP propaganda.