Bailout Bill, Section 124

Summarizing a section of the bailout bill, cut-n-pasted from the government's PDF:

"Section 124. Hope for Homeowners Amendments.
Strengthens the Hope for Homeowners program to increase eligibility and improve the tools available to prevent foreclosures."

The brilliant idea to "increase eligibility" is exactly what caused all this - and Congress did it. Now they are doing it again. How can a problem be helped by doing the same thing that caused it?



For those who don't think McCain or the Republicans tried to do anything about getting oversight...

In 2003, John McCain was a co-sponsor of an oversight bill for Fannie Mae and Freddie Mac that was introduced by Chuck Hagel.

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Overview

Sponsor:	Sen. Charles Hagel [R-NE] Cosponsors [as of 2006-07-09] Sen. Elizabeth Dole [R-NC] Sen. Trent Lott [R-MS] Sen. John McCain [R-AZ] Sen. John Sununu [R-NH]
Bill Text:	Summary | Full Text
Status:	Introduced Jul 31, 2003 Reported by Committee - Voted on in Senate - Voted on in House - Signed by President - This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books.

Last Action:

Apr 1, 2004: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

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The Committee on Banking, Housing, and Urban Affairs apparently dropped the ball. Guess who was the chairman at the time? Chris Dodd. Where have we heard of him before? And, did you notice? The sponsor and co-sponsors were all Republicans. The bill's summary is as follows (emphasis mine):

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7/31/2003--Introduced.

Federal Enterprise Regulatory Reform Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish in the Department of the Treasury the Office of Federal Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.

Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.

Sets forth operating, administrative, and regulatory provisions of the Director, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; and (7) reporting.

Sets forth certain retained authorities of the Secretary.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.

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Methinks there is something rotten in Denmark, and it's not the McCain or the Republicans. Research it yourself if you like. Go to official Congressional records, not the blogs or MSNBC.