The AP is running an article about the bill signed into law today by President Bush to help provide mortgage relief. I’ve been following this bill after my mom brought it to my attention with the claim that it will provide a $7,500 tax credit to home buyers if they purchased their home between April of 2008 and April of 2009. It turns out that was an inaccurate claim (it only helps those who purchase foreclosed homes, which are usually banks and fix/flip scams, ironically), but that’s neither here nor there.
What really caught my attention was Bush’s motivation for signing the bill he had, until recently, threatened to veto.
Bush didn’t like the version emerging from Congress, and initially said he would veto it, particularly over a provision containing $3.9 billion in neighborhood grants. He contended the money would benefit lenders who helped cause the mortgage meltdown, encouraging them to foreclose rather than work with borrowers.
But he withdrew that threat early last week, saying hurting homeowners could not wait — and even blaming the Democratic Congress’ delays in action for forcing an imperfect solution.
I know, it’s probably a typo and was intended to say “helping homeowners,” but I found it amusing.
UPDATE 2008-07-30_14-33:: Ahh, I get it! He meant “homeowners who are hurting!” What a poor choice of words!