Bloated, Pork-Filled Mortgage Bailout Bill Advances
The Senate voted by a lopsided 83-to-9 vote to expedite passage of a bloated, pork-filled mortgage bailout bill. The president has threatened to veto it, although the bill has so much support it might pass even over his veto. The bill contains pork for left-wing special interest groups, encourages borrowers with little equity to default on their mortgages, will cost taxpayers billions, and will give the Federal Housing Administration, which helped spawn the mortgage crisis, new power to gamble with taxpayers’ money.