Obama's Mortgage Relief Plan Is A Good Start: Is Congressional Approval Even Needed?

[Better Believe It]

The 75 billion dollar Homeowner Stability Initiative is a good and significant start to help homeowers (homeowners). More money may be needed down the road.

Since the 75 Billion dollars is coming out of the remaining 350 billion TARP money, is Congressional approval even needed? Some news reports are indicating new legislation is necessary.

If Congressional approval is needed, The Senate and House should quickly prepare legislation that will adopt all of President Obama's proposals and introduce it next week. If any Republicans want to co-sponsor the legislation that's fine. But no begging and no bill weakening concessions.

We need 51 Senate votes to pass it and should easily get a majority in the House to approve it.

Unless Senator Reid caves in to "moderate" Republicans who want to weaken it or surrenders to Republican Senators who want to filibuster it, this plan will pass Congress.

I don't want to hear any bull shit from Senator Reid or other Democrats falsely claiming they need 60 Senate votes to pass President Obama's plan to stop foreclosures.

If the Republicans do in fact filibuster (not just a mere filibuster threat), Senator Reid can easily change the Senate rules so that only 51 votes are required for passage in the Senate.

Does everyone know how than can be done?

[FrenchieCat]

1. I don't believe so.

Although I could be wrong.

But I believe the 75 Billion is part of the 350 Billion in remainding TARP funding already released to Pres. Obama by Congress.

[Better Believe It]

2. I think you're right but why is CNN saying Congressional approval is necessary?

From CNN:

"Already, top Republicans want several questions answered, an early sign that Obama may once again face stiff opposition to the plan when it comes before Congress. Last week, not one House Republican voted for his economic stimulus package, and only three GOP senators voted for the bill."

http://www.cnn.com/2009/POLITICS/02/18/foreclosure.plan/index.html

[Myrina]

3. ... because they like to muddy the soup ...

... so nobody actually REALLY knows what is going on.

Makes it easier for the corporate-fat-cats to steal the country blind.

[Better Believe It]

4. President Obama's proposal may require changes in the horrible bankruptcy act of 2005

That's one thing that might require legislative approval.

But, the Democratic party leadership needs to indicate now if legislation is needed and why.

We shouldn't need to guess while the mass media (along with Republicans) suggest that Congressional approval is needed if that isn't true.

[ejpoeta]

5. nope. it's money from the 2nd tarp funds. congress needs no

buttinskiness.

[Thrill]

6. I think the allowing judges to modify mortgages needs to go through Congress