A wide sweeping package of federal housing relief passed the House Friday, bringing hope to the millions of consumers who foolishly overextended themselves by purchasing homes they couldn't possibly afford. The bill promises to stave off foreclosure for Americans who took out ridiculously large sub-prime mortgages, finally relieving them of all responsibility for their own actions.
"We need to protect the most vulnerable homeowners," said Senator Blee Ding Hart (D-California), "Gone are the days when consumers are burdened with having to bear the consequences of their own foolish decisions."
The bill's drafters replaced the word "borrower" with "victim" and shifted 100% of the blame for the mortgage crisis on mortgage brokers, who are referred to as "devils."
"These criminals encouraged homeowners to take out these huge loans," said Hart. "Even though they disclosed the terms of these sub-prime mortgages -- they should have known that their customers would be so excited about owning a home that they wouldn't pay attention to the realities of the transaction."
In a last minute amendment to the bill, Congress also approved a measure that would provide relief to compulsive shoppers carrying huge credit card debt.
"Consumers are bombarded with credit card offers," said Hart. "Credit cards are easy to get and once consumers receive the cards, it's easy to buy lots of merchandise and run up huge bills. It's a vicious cycle in which the consumer is victimized twice -- first by the credit card company and then by the evil merchant whose only motivation is to make money!"
Congress had hoped to amend the bill by adding a provision that would have provided similar relief to gamblers. However, that amendment failed by a slim margin. Lawmakers compromised by adding a measure that permits gamblers to claim up to a $100,000 annual tax credit for gambling losses provided they can show they suffered from "bad luck."
The terms of the bill require taxpayers to make monthly payments for any homeowner facing foreclosure. Taxpayers also have to pay off any credit card debt that exceeds $5000 over a six month period. Critics say the bill amounts to a "free ride" for the most irresponsible of Americans.
"Free ride?" said Hart. "You want to talk about a free ride? For the last twenty years, taxpayers have not had to pay a cent to fund their neighbors' delinquent mortgages or overdue credit card bills. The taxpayer's free ride is over, and thank God for that!"
"We need to protect the most vulnerable homeowners," said Senator Blee Ding Hart (D-California), "Gone are the days when consumers are burdened with having to bear the consequences of their own foolish decisions."
The bill's drafters replaced the word "borrower" with "victim" and shifted 100% of the blame for the mortgage crisis on mortgage brokers, who are referred to as "devils."
"These criminals encouraged homeowners to take out these huge loans," said Hart. "Even though they disclosed the terms of these sub-prime mortgages -- they should have known that their customers would be so excited about owning a home that they wouldn't pay attention to the realities of the transaction."
In a last minute amendment to the bill, Congress also approved a measure that would provide relief to compulsive shoppers carrying huge credit card debt.
"Consumers are bombarded with credit card offers," said Hart. "Credit cards are easy to get and once consumers receive the cards, it's easy to buy lots of merchandise and run up huge bills. It's a vicious cycle in which the consumer is victimized twice -- first by the credit card company and then by the evil merchant whose only motivation is to make money!"
Congress had hoped to amend the bill by adding a provision that would have provided similar relief to gamblers. However, that amendment failed by a slim margin. Lawmakers compromised by adding a measure that permits gamblers to claim up to a $100,000 annual tax credit for gambling losses provided they can show they suffered from "bad luck."
The terms of the bill require taxpayers to make monthly payments for any homeowner facing foreclosure. Taxpayers also have to pay off any credit card debt that exceeds $5000 over a six month period. Critics say the bill amounts to a "free ride" for the most irresponsible of Americans.
"Free ride?" said Hart. "You want to talk about a free ride? For the last twenty years, taxpayers have not had to pay a cent to fund their neighbors' delinquent mortgages or overdue credit card bills. The taxpayer's free ride is over, and thank God for that!"
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