Thirty nine Republicans in the House of Representatives joined Democrats in approving a new housing bill that focused on rescuing hundreds thousands of homeowners current at risk of foreclosure.
Even though the White House threatened to veto the bill, the bi-partisan effort was attempting to steam through the House... hoping to miss hitting President Bush's brick wall.
Hoping to break the current log jam in the mortgage markets, the bill would expand the authority of the FHA, and would strengthen both the Federal National Mortgage Association (commonly referred to as Fannie Mae) and the Federal Home Loan Mortgage Mortgage Corporation (commonly known as Freddie Mac.)
An additional feature of this rescue bill would create a $7,500 tax credit for first-time homebuyers that would hopefully encourage sales and slow falling home prices. The bill, if passed, could have a major effect on home purchasers considering buying homes in Texas during the coming months.
As is typical of many in their party, Republican House leaders criticised the bill as an early Christmas Present that would have the effect of bailing out home speculators and irresponsible borrowers.
When those same Republican House leaders were asked about previous "bailouts" that rescued major businesses, the questions went unanswered.