July 25th, 2008
04:28 PM ET
10 years ago

Menendez talks housing bill

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
soundoff (65 Responses)
  1. Peter Thickwood

    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?

    July 25, 2008 08:08 pm at 8:08 pm |
  2. Phil, FL

    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.

    July 25, 2008 08:16 pm at 8:16 pm |
  3. Earl, Manchester, Wa

    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?

    July 25, 2008 08:24 pm at 8:24 pm |
  4. Daniel, VA

    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.

    July 25, 2008 08:27 pm at 8:27 pm |
  5. Phil, FL

    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.

    July 25, 2008 08:30 pm at 8:30 pm |
  6. Phil, FL

    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 !!!!!!!

    July 25, 2008 08:35 pm at 8:35 pm |
  7. Phil, FL

    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.

    July 25, 2008 08:38 pm at 8:38 pm |
  8. M.S. Indiana

    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

    July 25, 2008 08:47 pm at 8:47 pm |
  9. John Turner

    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???

    July 25, 2008 08:51 pm at 8:51 pm |
  10. DIZIZI31

    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.

    July 25, 2008 08:52 pm at 8:52 pm |
  11. sad

    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.

    July 25, 2008 08:52 pm at 8:52 pm |
  12. Shirley Baggett

    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?



    July 25, 2008 08:58 pm at 8:58 pm |
  13. Shirley Baggett


    July 25, 2008 08:59 pm at 8:59 pm |
  14. scott

    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.

    July 25, 2008 09:19 pm at 9:19 pm |
  15. Crush Rush

    The Jersey Jerk.

    July 25, 2008 09:27 pm at 9:27 pm |
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