April 1st, 2008
02:57 PM ET
10 years ago

Senators agree to move ahead with stalled housing bill

WASHINGTON (CNN) - Senate leaders have agreed to move forward on stalled legislation aimed at easing the impact of the falling housing market, the chamber's top Republican and Democrat announced Tuesday.

"The time has come for us to legislate, not continue our bickering," Senate Majority Leader Harry Reid, D-Nevada, told reporters.

Filed under: Senate
soundoff (26 Responses)
  1. R

    If you get the flu but take cold medicine, what's the point?

    This is the exact same thing.

    April 1, 2008 03:38 pm at 3:38 pm |
  2. therealist

    But only after dropping a Democratic plan to give bankruptcy judges the power to cut interest rates and principal on troubled mortgages.

    i.e.., the power to cancel legally signed contracts

    April 1, 2008 03:40 pm at 3:40 pm |
  3. debra

    Michigan and Florida votes need to be counted. What is Barrack afraid of? Does he think he really doesn't deserve the nomination. Clinton would be favored if he were playing fair. Why did he waste the time of Michigan and Florida if he was going to try and stop them from having their voices counted anyway. Dividing the votes is not fair. He did not win those states and would not have. He knows this. He had his chance. Not its time to count their votes. Don't wait until the convention.

    April 1, 2008 03:44 pm at 3:44 pm |
  4. RealityKing

    Housing the homeless is just political cover..

    Just watch Detriot and other big cities, filled with thousands of empty homes stripped of copper, aluminum and value, fill their coffers off the taxpayer by charging top dollar for these wrecks to then only tear them down. Mindless socialization is worse than communism..

    April 1, 2008 03:46 pm at 3:46 pm |
  5. kathleen

    How many pages is it.? Does it include a raise for the fat cats?
    Anything good "for the people" would include an incentive for
    them to want to vote. That is what they did when the vote was up
    for the minimum raise. THEY GAVE THEMSELVES A BIGGER RAISE.
    Well, aint that wonderful!!!!!!!!!!!!!!!!!!!

    OBAMA or no one 2008

    April 1, 2008 03:47 pm at 3:47 pm |
  6. omar

    Senator Clinton is a smart lady, but when will she learn that she can't have it both ways and that rules are there for a reason. When a rule has been broken, suffer the concequences.

    April 1, 2008 03:48 pm at 3:48 pm |
  7. kathleen

    Most of these crooks voting to "help the people" shoud be in jail !!!!!!!!!!!!!!!

    April 1, 2008 03:49 pm at 3:49 pm |
  8. debra

    Dump Barrack. He is not interested in the health of the Democratic party- otherwise he would want everyones voice to be counted. Also caucuses should be thrown out because old people and service people can not participate. This doesnt allow their votes to be heard. This should be unconstitutioal. Barrack will never win after he has alienated Michigan and Florida. We know this. We are wasting our time if we can not count all the votes fairly because it will only be skew against ourselves. The Republicans wil pick up Florida and Michigan because of him and a lot of Clinton supporters will not vote for him because of his manipulating and turning this whole process into a mess. .

    April 1, 2008 03:50 pm at 3:50 pm |
  9. The Austrian

    no no no no no no no no! Your petty meddling coupled with irresponsible consumers got us into this mess! Your intervention will only make it worse!

    April 1, 2008 03:51 pm at 3:51 pm |
  10. HouseHunter

    "The measure is also likely to include a plan by Dodd to have the Federal Housing Administration guarantee hundreds of billions of dollars worth of refinanced loans if lenders reduce loan amounts to reflect reduced home values. The measure would force banks to make less money on the loans but would also reduce their credit exposure."

    Which will sure to rapidly drive down the values of all of our homes. Boy and I glad I waited to buy a house. Looking forward to buying yours at 1/2 price. Thanks Dodd!!

    April 1, 2008 03:51 pm at 3:51 pm |
  11. David M. Manes

    It's about time that the government tries to do something to specifically address the housing crisis. It isn't good enough for them to just hand out a little bit of money to everyone, and it certainly isn't good enough for them to do nothing but watch the economy tank (the McCain strategy).

    April 1, 2008 03:56 pm at 3:56 pm |
  12. jill

    I want to know why I am paying so much on the pump!

    April 1, 2008 03:56 pm at 3:56 pm |
  13. seah

    The Government can not play supporter of the nation. They can not keep bailing some people out. Sure get the scammers, those taking advantage of people when they are down. But people need to learn to be responsible for their own actions. They need to learn to read papers they sign. they need to learn not to live beyond what they can afford.

    April 1, 2008 03:57 pm at 3:57 pm |
  14. MP

    He may win the democratic nomination but he will get eaten up and spit out by McCain and the Republican party! He has no agenda, he has no solutions, he is NOT AN AMERICAN by any means,and he sure doesn't have any b***s. He's gotten this far because of the "let's not offend our messiah" attitude from the media. You'd better start doing some investigating because I guarantee there's a whole lot more to this evil man! Oh, I'm sorry, I said he doesn't have an agenda. My mistake. His agenda is to tear the United States apart!!

    April 1, 2008 03:57 pm at 3:57 pm |
  15. Saad

    'Not continue our bickering'..... I am impressed. Didn't know Reid was this smart... or should I say not so smart for saying 'not continue for doing what we do best'

    April 1, 2008 03:57 pm at 3:57 pm |
  16. Franco -

    There is a great opportunit to put together some form of program in where individual with bad credit, and highter risk, can mend or fix their situation. Each year over 1 million people fall into this category and there is obsolutely noghthing to get them back on their feet. they should have some form of buy back credits or so forth to place them back into main stream and to also become a postive factor in the economoy... some of these people can purchase homes.

    April 1, 2008 03:58 pm at 3:58 pm |
  17. AJ

    Why do these folks deserve a bailout? They signed mortgages that they could not afford hoping to cash in on the huge appreciation in the housing market. Any idiot should have seen that the bubble was going to burst. Whether or not they keep their homes should not be in the perview of the government. There should be stricter regulations in place for lending, for sure, but people need to take responsibility for their own actions.

    If not Hillary, then McCain '08

    April 1, 2008 03:58 pm at 3:58 pm |
  18. Mark B'ham, Al.

    If you bought a $150,000 home with an ARM then due to the housing bubble burst your house is worth $100,000 a judge should not be allowed to adjust the principle down to $100,000. The contract is legal! He should be allowed to fix the interest rate to like a point oabove the current fixed rate since you are a risk, but not adjust the principle. Anyone who thinks there is no risk in buying a house is a FOOL! People GROW UP and Be Responsible for YOUR ACTIONS!

    April 1, 2008 04:04 pm at 4:04 pm |
  19. Barb

    i truly have empthay for individuals that maybe losing their homes in this economic crisis BUT if the truth is known many of these individuals should never have been given a loan in the first place. They were aiming high above their ability.

    What is the saying–I did not ask to be born so therefor you owe me? That is the attitude of so many young people now. Recently a 20 year old young man said to me–yes everyone should have health insurance–guess what he lost his job because he continued to be late for work. I should pay for his lack of credability!!!

    It will be interesting to see what the CEO of Bear will receive when his position is terminated. That is where the corruption is. When company's declare bankruptcy that means the CEO was incompetent and not only should be fired but should leave with nothing.

    It is also time for the representatives in congress and the senate to throw out their party line and think of people.

    April 1, 2008 04:05 pm at 4:05 pm |
  20. kathleen

    Actually, just sit still until Bush is out. No big changes til the new
    President, that cares about America, takes office.Please, just wait
    on it and take a long vacation but not on taxpayers money.

    Obama 2008 or No one.

    McCain will be the ruin of our country if that has not happened already
    with cronie McBush.

    April 1, 2008 04:07 pm at 4:07 pm |
  21. Ray Ito

    "The time has come for us to legislate, not continue our bickering,"

    Do something, not talk,talk.
    The same goes for the bickering about the campaigns between Obama and Hillary. Do something NOW before the party is torn into shreds.

    April 1, 2008 04:09 pm at 4:09 pm |

    I really don't think I want to take on the sub prime mortgages, I have my own to pay thanks. We do need some regulation, so that people who buy a house, can afford the house they are buying.

    But I don't think taxpayers should pay for these bad loans anymore than I think taxpayers should build houses in New Orleans for people who didn't even own houses there before the storm.

    Let's help the ones who owned property, paid their bills, had insurance, and yet still went bankrupt when the storm hit.

    April 1, 2008 04:10 pm at 4:10 pm |
  23. Hail Marry

    Now all these Fat Cat's. An over doer's. Had to have the Biggest an Best . As last year I heard one party say, " I don't care if Gas goes to $20.00 , when the weekend comes , I am going to Play.

    Then I hear some took on these Loans , agreed to it. Now they are in trouble . An why should the Gov. bail them out ?

    I do not feal sorry for them, they signed the dotted line. Pay up ,or get out.

    Sorry , guess I am just to dam old fashion. Live with in your means. Sell that Gas guzzler, get rid of that Limo, An that Huge Party Boat .

    Then chak it up to experiance. Any left over donate it to Chairty.

    April 1, 2008 04:19 pm at 4:19 pm |
  24. DB, San Francisco

    No, Congress, this is time for irresponsibe buyers and lenders to show some personal responsibility and sleep in the beds they made. This is not the time for responsible home buyers and America's taxpayers, who are by far the majority, to foot the bill for the rash and often selfish decisions of the minority.

    April 1, 2008 04:29 pm at 4:29 pm |
  25. RightyTighty

    Why weren't they doing this last year before letting us get into the mess?? Worthless 110th Congress!!

    April 1, 2008 04:37 pm at 4:37 pm |
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