Publication: Progressive Review
Homeowner Relief Losing Momentum | |
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THE PROGRESSIVE REVIEW - April 10, 2008
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Chances of Homeowner Relief Losing Momentum in Senate
By David M. Herszenhorn
The New York Times
Washington - A bipartisan effort in the Senate on tax
breaks to stabilize the housing market and other aid for
homeowners at risk of foreclosure began to crumble on
Tuesday, as the White House threatened a veto, saying
the bill would only make things worse.
House Democrats, meanwhile, said they would pursue their
own, more expansive homeowner assistance bill, and would
support only a few provisions in the Senate measure.
But even as the White House reiterated its opposition to
government help for irresponsible lenders and speculators,
there were signals that it was prepared to endorse broader
aid for struggling homeowners - provided that it did not
involve new legislation sought by Democrats.
In a draft of testimony to be delivered before the House
Financial Services Committee on Wednesday, Brian D.
Montgomery, the commissioner of the Federal Housing
Administration, said the administration would look to
expand a program to help refinance the mortgages of
borrowers struggling with subprime adjustable-rate
mortgages. But the draft urges Congress not to overreach.
A spokesman for the Department of Housing and Urban
Development, Stephen C. O'Halloran, cautioned that the
draft text could change. But the testimony seemed likely
to set the stage for continued wrangling over the
competing homeowner-aid proposals in the weeks ahead.
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The relatively modest Senate bill contains tax breaks for
struggling businesses, including home builders; a $7,000
tax credit for buyers of foreclosed properties; $10 billion
in tax-exempt bonds for local housing agencies to refinance
troubled loans; $4 billion for local governments to buy
foreclosed properties; and $100 million to counsel
borrowers.
In an effort to speed the bill's passage, Senate Democrats
had agreed to delay a broader effort to assist troubled
homeowners by authorizing up to $300 billion in federally
insured mortgages, enough to help as many as 1.5 million
borrowers refinance expensive adjustable rate loans into
more stable and affordable 30-year loans.
The dimming prospects of the relief package seemed
incongruous with the 92-to-6 vote on Tuesday afternoon,
by which the vast majority of Democrats and Republicans,
including all three leading presidential candidates,
voted to curtail debate and move toward its final passage
on Wednesday.
At the White House, however, the press secretary, Dana M.
Perino, called the legislation ill-conceived. "The bill
will likely do more harm than good," she said, "by bailing
out lenders and speculators and passing on costs to other
Americans who play by the rules and honor their mortgage
debt obligations.".
Ms. Perino also suggested that the Senate bill could be
irrelevant, citing a desire of many House Democrats to go
further. "Fortunately, it doesn't appear that likely that
this bill will come to the president's desk," she said,
"as the House has indicated that it plans to go its own
way."
The comments from the White House seemed to blindside
Senator Mitch McConnell of Kentucky, the Republican
minority leader, who earlier in the day repeated his
strong support for the housing bill.
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At a news conference, Mr. McConnell said he was not
prepared to respond to the criticism from the Bush
administration. "It was unclear that the White House
had a stated position yet on this bill," he said.
House Democrats did not dispute Ms. Perino's assertion
that they planned to pursue a more aggressive rescue
plan for homeowners.
Those efforts are expected to accelerate throughout the
week as hearings begin on a Democratic plan to expand
the availability of loans insured by the federal government
and to help troubled borrowers refinance.
Representative Barney Frank of Massachusetts, who is the
main author of that plan, said House Democrats were
prepared to endorse some aspects of the Senate bill,
including the money for local governments to buy foreclosed
properties, bonds for refinancing and a proposal to
"modernize" the F.H.A.
House Democrats also have their own version of a provision
in the Senate bill that will create a property-tax
deduction up to $500 for individuals and $1,000 for couples
who do not itemize deductions on their tax returns.
Mr. Frank, who has forged a solid working relationship
with Henry M. Paulson Jr., the Treasury secretary, said
in an interview that he remained hopeful of winning
administration support for his more expansive plan to
help borrowers with more insured loans.
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Also in the House on Tuesday, Representative Charles B.
Rangel, Democrat of New York and chairman of the Ways
and Means Committee, introduced tax legislation aimed
at helping homeowners and first-time home buyers.
Mr. Rangel's bill would give individuals and families a
refundable credit, akin to an interest-free loan, of as
much as $7,500, or 10 percent of the purchase price of
the home. The money would have to be repaid over 15 years
in equal installments.
House Republicans issued a set of House Principles on
Tuesday that they said should frame the debate over any
legislation. Among them: "The best way out of the housing
crisis is to get Americans purchasing homes again. The
housing market needs a jump-start, not a bailout."
The Republicans also said they opposed "a taxpayer bailout
that rewards reckless behavior."
Mr. Frank said that Democrats shared many of those goals,
and noted that his proposal would not use tax revenue to
pay off troubled mortgages.
But whatever common ground House Republicans and Democrats
might share, the parties seemed likely to clash over the
housing issue for weeks to come. A recent Gallup poll
showed sharply different views on the issue among voters.
A majority of Democrats favored government help for
troubled homeowners; a majority of Republicans opposed it.
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