Bush threatens to veto foreclosure bill

A bill in the Senate that would ease the foreclosure crisis is - predictably - now under a veto threat by the Bush White House. The bill that Bush is threatening to veto would let bankruptcy judges erase some mortgage debt and help fund the repair of abandoned and foreclosed properties. But Bush cries that the bill would give the judges too much power to modify mortgage terms and "undermine existing contracts."

Like Bush has ever given a shit about breaking contracts before? You can say the Constitution and the Geneva Conventions are like contracts, and he sure hasn't been too worried about following those over the years.

Like other private contracts, mortgage terms can be trumped by laws. There are some contracts between private parties that have not been able to be enforced, because a law prevents it. Sometimes when you sign a contract, it even says that it shall only be enforced within the terms of federal or state law. So Bush's excuse is bogus.

Bush is siding against consumers - and with the Mortgage Bankers Association, an industry lobbying group that has already succeeded in weakening the bill.

If Bush gets impeached this very minute over lying to start a war and his phone spying scandal, it would be such a relief.

(Source: http://www.reuters.com/article/governmentFilingsNews/idUSN2636698920080226;
http://ap.google.com/article/ALeqM5hhsOwOsGhKflopz_JpXK3wHVsCTAD8V28ICG0)