The Democrats and the White House are still bickering over the best way to assist the many homeowners facing foreclosure due to interest rate resets and job loss.
The Democrats, including House Financial Services Committee Chairman Barney Frank, Senator Charles E. Shumer of N.Y., House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, have proposed a temporary increase in the portfolios of Fannie Mae and Freddie Mac, along with creation of a position that would oversee a limitation on foreclosures.
Republicans, including the President, have fired back at Democrats for not taking action legislatively. They say that they have heard a lot of talk from Congress, but no action and no plans on the table.
Republicans also are not in favor of creating a new position to oversee the foreclosure problem, and believe that Housing and Urban Development Secretary Alphonso Jackson and Treasury Secretary Henry Paulson are doing enough to alleviate the problem by meeting with mortgage counselors, lenders and servicers.
So, the beat goes on....
As always, 'til next time, it's all good!
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