Many Republicans, particularly those from areas hit hardest by housing woes, were eager to get behind a housing rescue as they looked ahead to tough re-election contests. But NOT John Mica who decided to vote NO to the Homeowner Rescue Bill!
As always we can count on John Mica to be the rubberstamp for Bush, since Bush had long threatened to veto the bill:
The bill would let hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have plummeted in value try to escape foreclosure by refinancing into more affordable, fixed-rate loans backed by the Federal Housing
Administration. Lenders would have to agree to take a substantial loss on the existing loans, and in return, they would walk away with at least some payoff and avoid the often-costly foreclosure process.
In a rare Saturday session, the Senate voted 72-13 to send the bill to the President; the House had passed it Wednesday on a vote of 272-152 to provide mortgage relief for some 400,000 struggling homeowners.
Though Bush dropped his opposition to the measure just hours before the House vote, Mica was unrelenting. Adding yet another reason why Mica scores an F with http://www.themiddleclass.org/
