Thread: C_Span Now...foreclosed property of illegals

Amendments to the bill (7 so far):

H.R. 5818: Neighborhood Stabilization Act of 2008
To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs.

Overview Summary Amendments Speeches

The following are amendments proposed for this legislation. Click an amendment's name to read the text of the amendment, where available.

(1) H.Amdt. 1039 by Rep. Waters [D-CA]
An amendment numbered 1 printed in House Report 110-621 to provide for direct allocations to qualified metropolitan cities and qualified urban counties, makes the definition of operating expenses consistent with other HUD programs, and caps purchase price under the loan program at the current appraised value of the foreclosed property.
Proposed: May 7, 2008. Accepted: May 7, 2008.
May 7, 2008. On agreeing to the Waters amendment (A001) Agreed to by recorded vote: 256 - 157 (Roll no. 293). [View Details]
(2) H.Amdt. 1040 by Rep. Capito [R-WV]
An amendment numbered 2 printed in House Report 110-621 to direct the funds to be administered through the Office of Community Planning and Development of the Department of Housing and Urban Development rather than directing the Secretary to create a new program within the Department.
Proposed: May 7, 2008. Accepted: May 7, 2008.
May 7, 2008. On agreeing to the Capito amendment (A002) Agreed to by recorded vote: 425 - 0 (Roll no. 294). [View Details]
(3) H.Amdt. 1041 by Rep. Mahoney [D-FL]
An amendment numbered 3 printed in House Report 110-621 to clarifie that nothing in this Act shall affect the right to bear arms under the Second Amendment to the Constitution of the United States.
Proposed: May 7, 2008. Accepted: May 7, 2008.
(4) H.Amdt. 1042 by Rep. Hensarling [R-TX]
An amendment numbered 4 printed in House Report 110-621 to strike all references in the bill to providing grants to states, but leave the underlying loan program intact. Money from the grant portion of the bill ($7.5 billion) would be re-directed to the loan portion (for a total of $15 billion in loans).
Proposed: May 7, 2008.
(5) H.Amdt. 1043 by Rep. Kucinich [D-OH]
An amendment numbered 5 printed in House Report 110-621 to modify the purposes of the legislation to emphasize the increasing rates of vacant and abandoned properties, and change the state-to-local jurisdiction funding formula to ensure that up-to-date vacancy statistics are used to allocate the funds.
Proposed: May 7, 2008. Accepted: May 7, 2008.
(6) H.Amdt. 1044 by Rep. McCotter [R-MI]
An amendment numbered 6 printed in House Report 110-621 to direct States using federal loans and grants for housing rehabilitation to give priority to veterans, members of the Armed Forces on active duty, members of the National Guard or Armed Forces reserves, school teachers, and emergency responders when reselling the rehabilitated property.
Proposed: May 7, 2008. Accepted: May 7, 2008.
(7) H.Amdt. 1045 by Rep. Altmire [D-PA]
An amendment numbered 7 printed in House Report 110-621 to clarify that illegal immigrants shall be ineligible for financial assistance under the bill.
Proposed: May 7, 2008.

http://www.govtrack.us/congress/bill.xp ... =h110-5818

The sponsor (Maxine Waters of CA) and ALL the co=sponors are DEMOCRATS!!

OK, LOOKS LIKE A DEMONCRAT ADDED AMENDMENT #7.

This stupid bill is the gov't's bailout of the subprime mess created by lending institutions. This is the same cockamamie bailout that Glenn Beck is against. The lending insitutions should be ALLOWED TO FAIL AND GO BANKRUPT instead of US taxpayers paying for it.

I think the bill is asking for $15 BILLION -- YES, WITH A B!!!

Excerpt from the Summary:

Allows such loans to be used by a state, a unit of local government or its entity, or a nonprofit organization.

Is this were La Raza comes in with the $25 million???

VOTES ON AMENDMENT 7 (the one to make illegal aliens ineligible):

House Roll #297
May 8, 2008 11:30 AM Amendment 7 to H.R. 5818: Neighborhood Stabilization Act of 2008 (On Agreeing to the Amendment)
Agreed to 391-33, 14 not voting

THANK GOD!! I bet 390 of those were all Repubs.

Click on this link to see how they voted (thank God both my Idaho reps voted NO): http://www.govtrack.us/congress/vote.xpd?vote=h2008-289

Originally Posted by Ex_OC

Excerpt from the Summary:

Allows such loans to be used by a state, a unit of local government or its entity, or a nonprofit organization.

Is this were La Raza comes in with the $25 million???

Exactly!!!

Originally Posted by SOSADFORUS

Originally Posted by Ex_OC

Excerpt from the Summary:

Allows such loans to be used by a state, a unit of local government or its entity, or a nonprofit organization.

Is this were La Raza comes in with the $25 million???

Exactly!!!

SINCE WHEN DID LA RAZA GET INTO THE REAL ESTATE LENDING??? I don't understand!!!

This bail out bill will do nothing to stop greedy banks and real estate speculators from doing the same risky business again. Who is responsible for the foreclosure mess? Not me. I have lived in the same home for 26 years. We resisted the urge to "move up" when rates were low and we could have qualified for a larger home in a better neighborhood.
Where is the help for those of us who are financially responsible? Why do WE have to bail out all the subprime loan makers?
I knew this would happen. Just like the Savings and Loan bailout in the 1980's. Why don't these banks face strict regulation against writing loans for those with risky credit? Why does our federal government allow so many of these risky loans that our national economy crashes?
If I make a bad investment, I lose money. That truth helps me to steer away from bad investments. Investment banks and companies should face the same fear of loss.
Have the Interest Only loans been outlawed? If a person has bad or questionable credit, are they "entitled" to a mortgage loan?
I don't like this bail out. It is unfair to those who pay their mortgages each month, while cutting back on other needs.
All the breaks in this bill go to the very people who created the mess.

And since the Feds have NO CHECK-AND-BALANCE, HOW ARE WE TO KNOW THAT LA RAZA ISN'T GOING TO USE THOSE FUNDS FOR SOMETHING ELSE???? Ooooo, like say, attacking Lou Dobbs?