July 25, 2008
Posted: 04:28 PM ET

From
Senator Menendez discusses housing bill.
Senator Menendez discusses housing bill.

(CNN) – New Jersey Democrat Robert Menendez is a member of the Senate Banking, Housing and Urban Affairs Committee. After considerable delay, the bill to aid homeowners who are facing foreclosure because of significant jumps in the their "sub-prime" mortgage rates, will almost certainly pass the Senate Saturday morning. The White House says President Bush will sign it, despite his objections of $4 billion included that would allow distressed communities to buy up foreclosed homes.

Menendez talks about that issue and the fact it is difficult to get an actual cost on the bill, because it allows struggling borrowers to refinance under Federal Housing Administration-backed loans, but in a standard mortgage format (as opposed to sub-prime). Tacked on as well, is the idea the Treasury Secretary can help Fannie Mae and Freddie Mac, as needed, at a time when the two companies' stocks have dropped significantly.

Listen: Menendez talks to CNN Radio about the housing bill

Filed under: Economy • Senator Robert Menendez


Crush Rush   July 25th, 2008 9:27 pm ET

The Jersey Jerk.

scott   July 25th, 2008 9:19 pm ET

I just closed on a home at 6.37 percent. As a responsible American why should I have to pay a highier rate. We are becoming a nanny state that bails out every bad decision in life and the entitlements will only get worse when Hussein is President. Let the market run it's course and this is from someone who builds developments for a living.

Shirley Baggett   July 25th, 2008 8:59 pm ET

CAN WE HAVE NONE OF THE ABOVE ON THE BALLET?

Shirley Baggett   July 25th, 2008 8:58 pm ET

Yes, the news media is VERY<VERY biased as far as the election news is concerned.
What was so important to interupt Wolf's program to say Barak's plane had landed safe? planes land safe every day. Just another instance of promoting barak.
I do wish we had a decent candidate to vote for. At this point even Hilary looks good. And what happened to John Edwards?

WHERE ARE YOU JOHN, WE NEED YOU!!!!!!!!!!

SHIRLEY BAGGETT

sad   July 25th, 2008 8:52 pm ET

I"m so sick and tired of the ignorant racist LOSERS who come on here to rant and rave since their lives have no relevance whatsoever. The other thread was closed for comments so I'm entering in mine right here.
Why does every one complain that Obama is an alleged "elitist"? What president isnt an elitist? Do you want some random guy off the street running your country? I'd hope not..I'd hope that you'd want a qualified educated man with experience and great judgment right? Everyone calls him an elitist like its a bad thing lol..I just don't get it. He's shown that he can relate to all ages, races, backgrounds etc. I think at this point people are grasping at straws to bring down a man who's done nothing but prove time and time again that he is the most qualified man to run this country after the hole Bush has run it into for the past 7 1/2 years.

DIZIZI31   July 25th, 2008 8:52 pm ET

How many lives does it take before Americans wake up. Families are in despair, a corrupt system allowed this to happen. And the hope is a corrupt system will fix it. Misuse of FEMA trailers, Misuse of Fema surplus for Katrina, Oil prices skyrocketing, 2M in fourclosures. If the federal reserve bailed out the banks it would be about 25% of the reserves funds. What does that mean??? Big Trouble. REALLY, WHAT CAN THE GOVERNMENT DO. Perhaps we should all pray for divine intervention.

John Turner   July 25th, 2008 8:51 pm ET

In a related story:

The Senate is also sausaging a bill to bring caloric "relief" to the morbidly obese [just those who have electively overeaten their way into oblivian mind you]by purchasing pizza and ice cream via a no bid Halliburton contract!
Comes out to about $4 bil.+$1.00! Seems the hemorrhoid-heads of state like Bush and Cheney, plus the daisy chain of corporate clowns who own and operate the Cong. insist on literally 1[.00] uping the current giveaway ante.
The real question remains: If you hired a team of gifted scientists with a Cray computer, and paid them billions in incentives to do so, could they come up with better ways and means to screw our Constitution, or the ideals our country was founded upon, any worse than the ironically named white house, or any of our three badly broken branches of government???

M.S. Indiana   July 25th, 2008 8:47 pm ET

A Nightingale Sings in Berkley Square, Hey guess what, Obama Rocks !!!
McCain made a fool out of himself for telling Obama to go, and the media wants to be where Obama goes…

Please give me a speech McCain have given, that do not include Obama ?? (i think McCain is in love with Obama)

Guess what to too, drilling for oil is a saga.. It wont help you me or any one else.. and the oil companies already sits in enough land to drill, ask them why they are not doing it, nor did we tap into our reserve, thanks to Bush and Republicans..

Why should he talk about Iran every day ?? he talked about the day before, and if Iran are so dangerous, with them saying we want to vipe out Israel, what about McCain and bombing Iran ??

Have you heard his tax program are for people over 250.000 a year ?? Even the clintons are for it, so suck it up buddy..

I will rather take fluff and candy ant day over warmongering McCain, he brings no solutions nor any hope.. He can give you fear and no rights, if you are a woman..

And last, with our work shipped to china mexico and other places, there are no work !!, well maybe we could replace you

Phil, FL   July 25th, 2008 8:38 pm ET

TMorgan - if you want to believe talking heads instead of researching on your own for information, for heaven's sake go with the haters. You will be welcome in McCains Hate Camp.

Phil, FL   July 25th, 2008 8:35 pm ET

Come on CNN - cover McCain's gaffes - at least they are funny - some are full of hate, but that makes them even funnier.

Cover McCain with a microscope instead of making excuses of him.

Cover McCain !!!!!!!

Phil, FL   July 25th, 2008 8:30 pm ET

This from another blog showing how prejudiced the republicans are. (The userID is “Obama is unfit to be president of this country”.)

obama is unfit to be president of this country July 25th, 2008 1:13 pm ET
Do you people think France,Germany and England wouyld elect a black man to lead their country???? NOOOOOOOOOOOOO…….they would not. They know that obama = the dumbing of America.
.
——————————————————-
Obviously, in come minds, you have to be a WEALTHY WHITE MALE to be smart (according to a LOT of the republican posts in a lot of the rooms). It’s sad, and HATE-Filled.
Wake up people.

Daniel, VA   July 25th, 2008 8:27 pm ET

Menendez is another liberal who is inexperienced in th senate. I think he should apply for VP job for obama.Then our lives will be turned upside down.

Earl, Manchester, Wa   July 25th, 2008 8:24 pm ET

Greed = Financials allowed to perpetrate fraudulent schemes duping the blissfully ignorant into buying something for nothing with the backing of congress and the approval of the president. All on the backs of joe-6-pak taxpayer.

Or is that the definition of Free Market?

Phil, FL   July 25th, 2008 8:16 pm ET

This from another blog showing how prejudiced the republicans are.

obama is unfit to be president of this country July 25th, 2008 1:13 pm ET

Do you people think France,Germany and England wouyld elect a black man to lead their country???? NOOOOOOOOOOOOO…….they would not. They know that obama = the dumbing of America.
.
——————————————————-

Obviously you have to be a white, wealthy, male to be smart (according to a LOT of the republican posts).

Wake up people.

Peter Thickwood   July 25th, 2008 8:08 pm ET

Hmm… All I know is that when McCain came to my town, he called us some other city that we've never heard of. What's up with that guy?

Belle   July 25th, 2008 8:06 pm ET

TMorgan…your post is misleading.

The hospital contacted Senator Obama, and said there were RULES in order to visit. ONLY Senator Obama, a staffer and a security person would be allowed in. NO CAMERAS OR REPORTERS.

So Senator Obama decided NOT to visit. What does that tell you about him?

Belle   July 25th, 2008 8:03 pm ET

Not everyone reads fine print in contracts. Some call it bad judgment, and others simply TRUSTED their loan officers. Crooks will rip people off, whether it is a sub prime lender, or an unethical loan officer. If we can BAIL out Fanny May, then we can rewrite housing contracts to stop foreclosures, allow people to stay in their homes at a price they thought they were going to pay.

Mike, Syracuse, NY   July 25th, 2008 8:01 pm ET

If I buy a Porsche I can't afford, will the federal government bail me out too? These people signed mortgages they couldn't afford. No one held a gun to their head. It's a legal contract that they failed to honor. Why should my tax dollars support them?

mia   July 25th, 2008 7:57 pm ET

Now what about some rent control for the rest of us who can't afford a sky-high mortgage and are the ones who have to pay the mortgages for the rich?

Monica for Obama in Indiana   July 25th, 2008 7:54 pm ET

Why should the goverment bail out fannie and freddie?
I just read that they are contributing big money to the RNC and besides they have private stock holders and others that make big bucks. one minute they need the help and the next minute they don't.

I think they should go as far as they can and when they need help they should produce the papers. Don't want innocent people hurt, but don't want to fatten pockets that are already fat either.

Will, NJ   July 25th, 2008 7:49 pm ET

It's a shame that good people who were making steady payments on their loans got caught up with irresponsible parasites and now have to pay the same price. They should find a way to sort the leeches out and they can live on the streets.

Scott   July 25th, 2008 7:48 pm ET

What do the Republicans know about the economy? We have record deficit of $9.7 trillion dollars, record gas prices, record oil company profits, record home foreclosures, health savings accounts that benefit insurance companies, a falling dollar and now they want to drill more to increase our dependency on oil.

Hy. Ugwu   July 25th, 2008 7:45 pm ET

To Jack Cafferety/Wolf Blister,
Kindly help the American people to understand why Senator McCain is continually whinning, angry and utterkly undignified in his attacks on Senator Obama. We can see through all his lies, deceit and tricks.
Why should Seneator McCain not limit himself to tell the American Voters what his stand is on any of the election issues and leave us to hear what Senator has to say. Sencator McCain is not the INTERPRETER to relay to us what Senator Obama said or is interpreted to say.
The arrogance and pretences of Senator McCain are overbearing. He claims on Friday July 25th, that he knows where Osama bin Laden is hiding. This is an outright LIE. He boasts that he knows PM Maliki of Iraq "very well", yet PM Maliki supports Senator Obama's time table.
Is the PRESS being browbeaten by the corneying FOX that is
MCCain. Please puncture these empty boasts that McCain seems to be getting away with.
Every one can see that McCain's Town Hall meetings, do not reflect the diversity that is America
When he went to Mexico or Canada or Columbia, no one accused him of "having a victory lap ahead of the race", and the Press is allowing him to get away with these type of hypes. He is exhibiting unbridled jealousy. America can not afford another year of lies and deceit when President Bush leaves office in January. Obama's visit to Europe has been a huge sucess. Europeans atest that we need a different image to our friens and allies and to the world in general Obama has in a single week's visit bolstered the image of America and visibly shows he can be President and Commander-in-chief.

TJ   July 25th, 2008 7:43 pm ET

All you whiners & hypocrytes, If there was enough evidence to impeach this president, I am sure that it would have loooong happened by now. If the shoe was on the other foot, and he did'nt take action the way he did, sat on his butt and launched a few cruise missles as bubbuh did, and we had more terrorist attacks on our homeland, or on our allies, you same people would be screaming for impeachment for not doing enough…go cry me a fricken river…..

Olivia   July 25th, 2008 7:43 pm ET

I keep hearing about the terrible time some people are having trying to keep their homes in this housing crisis…….and my heart achs for them……..and also feel much anger.

When I think of all the money spent on Obama's overseas tour, the refurbished 747, the grandiose behaviour, the huge expense using peoples' hard earned money, it makes me sick.

This guy is going to have a hard time living off a president's salary.

chris in va.   July 25th, 2008 7:42 pm ET

Off topic but concerning Bush Impeachment, Bush, Cheney (the one actually running things), and the whole administration should be brought up on charges of treason and war crimes. Anything less would be criminal in itself (aiding and abetting). These two should be dealt with the same as any other traitorous criminals, prison is too good for them.

Anita from Arizona   July 25th, 2008 7:32 pm ET

Does this bill specify who gets the help? It better not be the helping ones who were looking to flip a house when the market was grand. Let them take the loss on their investment mistake. Help the ones who will be homeless if they get foreclosed on. They need it, not the house flippers.

Texas Trail Dog!   July 25th, 2008 7:21 pm ET

CNN YOU ARE DIGGING YOURSELF A HOLE YOU WILL NOT BE ABLE TO CLIMB BACK OUT OF. YOUR BIASED NETWORK FULL OF SUPPORT FOR OBAMA AND YOUR UNWILLINGNESS TO POST ANYTHING SOME OF US MAKE THAT IS NEGATIVE TO YOUR CANDIDATE OF CHOICE WILL INSTILL IN US TO BLACKBALL ALL PROGRAMS OF THE TRAITOR TED TURNER TO THE UNITED STATES. SOME OF US NAM VETS REMEMBER TED TURNER AND JANE FONDA. WE WILL NOT FORGET. NOW I WANT TO THANK YOU FOR REMOVING ANY COMMENTS I HAD MADE TODAY AND OTHER DAYS. I WAS SPEAKING THE TRUTH BUT I CAN SEE THAT IS NOT YOUR CUP OF TEA. MAY YOU NOT SURVIVE ANOTHER YEAR. EVERYONE IN FAVOR OF THE CLINTONS AND FREEDOM OF SPEECH NEED TO BLACKBALL THIS NETWORK. THEY ARE OBAMAFIED.

4 THE CONSTITUTION   July 25th, 2008 7:13 pm ET

We want a public apology , CNN, for printing Obama's prayer! You should be boycotted for this. It is a SIN and a disgrace!

Rave   July 25th, 2008 7:08 pm ET

Hey, where is our Drama Queen Hillary.. We dont hear a lot from her nowadays..
OBAMA (2008 -16)

PUMA-Darragh   July 25th, 2008 7:07 pm ET

I'd take another 4 years of Bush before I'd take 4 years of NoBambi!! I'd prefer 4 years of HRC over anyone!! EVER!!

NOW rise Hilary yes yes Rise above them all and smite them!!!

Rave   July 25th, 2008 7:06 pm ET

Talk about anything, But 100 Years in Iraq and calling me a whiner from a nation of whiners.. I WILL LISTEN TO A DEMOCRAT OR REPUBLICAN.
McPAIN lost his chance.. First he wanted someone to attack US, so he could win. Then calls me a whiner.
NO WAY McPain… Anybody with self respect wont vote for you, after calling them a whiner
OBAMA (2008 -16)

ex republican   July 25th, 2008 7:04 pm ET

why would McCANE want BIG BROTHER to help homeowners? cuz he has turned into a socialist? or is he just playing to the center?

john "oil spill" mcCANE is for big government and always has been.

Franky   July 25th, 2008 7:02 pm ET

"Is it really that hard to live within your means? Is it really that hard to read, understand and ask questions about your loans/credit?"

You know, that's a good point. But you know what I say?? Since it had to take a Presidential election for the government to do something, then why not take advantage of it??? Sounds like a good deal to me…

Griff   July 25th, 2008 6:59 pm ET

But Mum, Dad. You sold my soul to the Idiot Obama."I know little one, but I was progammed by the Garbage'.
How the Hell are you going to explain, Socialism to your Child. CNN…

john williams san diego, ca.   July 25th, 2008 6:57 pm ET

When ANY New Jersey Democrat talks about protecting and helping Americans, run and hide.

jimmy velman   July 25th, 2008 6:54 pm ET

TRY yOUtUBE OR FACEBOOK

jimmy velman   July 25th, 2008 6:52 pm ET

CNN FOR BIAS

Shannon   July 25th, 2008 6:32 pm ET

Why do we continue to bail people out for making bad decisions.. Where does it stop, people built homes they couldn't afford, they took out loans that only paid the interest, they didn't manage their money, and my tax dollars now have to bail them out. What did they think would happen on this interest only loans. When do the people who do everything right get rewarded, I'm so tired of this garbage. They borrowed money they couldn't pay back, I borrowed money for a modest home I could afford, no one is paying my bills, pay your own way, is what I say. IDIOTS!

Gokul   July 25th, 2008 6:24 pm ET

Please pay more attention to your writing. The first sentence of the article has no role opening the first paragraph.

Texas trail puppy!   July 25th, 2008 6:19 pm ET

Please cover Obama's Tour rather than wasting space with such nonsence!!!!!!!!!

TMorgan   July 25th, 2008 6:17 pm ET

Bush is almost gone, why take the time and spend the money!!
Obama has people telling him not to visit troops in a hospital and he listens?! The only reason they tried to blame the military about the visit was due to the fact he could not bring his cameras and make it into a political stop. Obama who are these people telling you what is best. They are idiots!! You had my vote til today!! Go McCain!!

Carolyn   July 25th, 2008 6:11 pm ET

I am leaving a response to "obama is my buddy" as that blog is already closed. For all you big mouths that keep running down France and Germany. THEY are helping you out in Afganistan. They do not need your criticism. You talk about Bush, and you all run around sounding like little Bushes. America cannot stand alone in this Global World. You all need to grow up and get a life - or crawl back under your rocks. They're in the can for you and they're losing lives too.

Griff   July 25th, 2008 6:10 pm ET

Two people come to your door, each one promising a solution. What do you do??? You do some research!! That's what you do… So gol ahead and do it. More than that, do it with all your problems… Trust no-one….

mhm   July 25th, 2008 6:10 pm ET

i must be banned again.waaaaaaahhhhhh!

DEAL OR NO DEAL   July 25th, 2008 6:06 pm ET

Senator Menendez discusses housing bill.

NO COMMENT!!!

JK Ashburn, VA   July 25th, 2008 6:04 pm ET

The best housing that would come out of all this would be if members of Congress were housed in the nearest penitentiary. Their corrupt relationship with Freddie and Fannie is a major cause of the current housing crisis. They need to go to jail.

Travis   July 25th, 2008 6:02 pm ET

You brought up the economy too late in the week IT'S FRIDAY

MCWAR is off the weekend

Casey | Missouri   July 25th, 2008 6:02 pm ET

Honestly, I sympathize with those who were sucked into such mortgages and can sort of find a place to support re-financing some loans to prevent foreclosure, but there's a certain amount of truth in saying that those who buy over their means ought to have to face those consequences…

Before I get slammed, let me say that we are selling a house for half its worth, so I KNOW where I speak from - not from a foreclosure, but from other unavoidable requirements to sell.

That said, I think that Gramm and the likes who opened doors for companies like CountryWide ought to go to jail. And, bailing out any company, even Fannie and Freddy, should NOT be done with taxpayer dollars. Let the corporations who've benefited from the deregulation, the speculation and the economy generated around it, back up these financial institutions who OUGHT TO HAVE KNOWN BETTER.

Bush Hates America   July 25th, 2008 5:58 pm ET

If a president can be impeached for personal legal sexual behavior then surely he can be impeached for murder and treason.

Enlightened Voter   July 25th, 2008 5:49 pm ET

Bush had initially threatened to veto this bill, of course he would because it helps americans and not the rich. John McCain went on record tuesday saying he would vote against the bill, of course he would it helps average americans save their homes and it does nothing for the rich. And there are actually people thinking of voting for mccain. How sad.

Andrew   July 25th, 2008 5:43 pm ET

The prayer Obama left at the western wall should have never been published by the media.

That is sacred and between Obama and his creator.

As a McCain supporter I have to say the media should be ashamed of itself.

Really cool   July 25th, 2008 5:42 pm ET

I want a house, but the nutterbutter tribunal wont stop taxing me!

Ron, Hanover   July 25th, 2008 5:40 pm ET

It's Obama who will be impeached when he can't get this country out of a depression. He'll be 2 years into his term and still calling for "change" as bankruptcies and unemployment go through the roof.

Ian   July 25th, 2008 5:35 pm ET

Bring on the next bubble!!!

Raymond Duke   July 25th, 2008 5:28 pm ET

Mendez, the same Hispanic senator who wants open borders for any illegal and then wants to punish law enforcement for catching the illegals. Yeah I got a lot of confidience in this man . This is the same nut case with us paying 4.00 dollars a gallon for gas does not want us to drill or take our own natural resources. He probably does not want to see any illegals losing their home. Except for the elderly and the mentially ill I say anyone stupid enough to buy a 300.000 dollar house on 10.00 an hour should lose their home. They should have never been in it to began with. Put the crooks in jail who authorised the loan and let the companies on wall street go broke. It is time that americans and american corporations pay for their stupidty and greed. I already have to support to many lazy bums on welfare in the united states.

mhm   July 25th, 2008 5:28 pm ET

2,000,000 home foreclosures.thanks for the gov't oversight.way to go boys!your doin' a fine job,browney!etc,etc,……….

ex republican   July 25th, 2008 5:25 pm ET

Does john "oil spill" mcCANE support BIG BROTHER bailing out failing businesses? wow, i thought he supported free market solutions….

byard, scotch plains   July 25th, 2008 5:17 pm ET

ignore anything menendez says; he's a criminal. if he was from any other state he would be in jail for all that money he snuck into his account

A Nightingale Sings in Berkley Square   July 25th, 2008 5:15 pm ET

Bad rock made a fool of himself in Germany yesterday. I heard the speech and it was awful. A lot of good feeling words but no substance.

He didn't talk about the price of gas and drilling for new oil. He didn't talk about NAFTA. He didn't talk about IRAN and the danger it gives the world. I didn't hear him address his increase in our taxes. He didn't mention his new "tax us" programs. I didn't hear him talking solutions for the poor people, he just pointed out there are poor people.

This is the fluff and cotton candy speaker. Hey candy man how are you today? Lots of sweetness but no substance.

Hello! Bad Rock we have had poor people from day one. My advice for them is to pull up their socks and go to work.

Dayahka   July 25th, 2008 5:13 pm ET

This is just another example of how this country has socialized profit and privatized loss; this is socialism for the rich, who always get richer and are always bailed out of their mistakes, and capitalism for the poor, who always get poorer, but are too dumb to realize they've been taken for a ride.

Cindy Hussein McCain   July 25th, 2008 5:11 pm ET

McCain is sickening - every time he speaks he distorts the truth and flat out lies about Obama -I HATE JOHN MCCAIN.

Jim   July 25th, 2008 5:05 pm ET

I don't think government should bail out those who made bad choices.

Vote Nader   July 25th, 2008 5:05 pm ET

And thus the continuation of personal responsibility flushing down the toilet.

Is it really that hard to live within your means? Is it really that hard to read, understand and ask questions about your loans/credit?

I realize this probably needed to be done, but I think we're setting some dangerous precedent with much of these "bailouts".

** Nader/Gonzalez 2008 **

Belle   July 25th, 2008 5:05 pm ET

Let's see…Senator Clinton started calling for the government to FIX the housing crises OVER ONE YEAR AGO.

Too bad the DNC shoved a different candidate down our throats….

CLINTON 2012

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