Maxine Waters' mortgage bailout bill, 'bad idea' whose time shouldn't come

Rep. Maxine Waters, who frequently seems to have something critical to say about other people, comes under not a little heat now from our blogging colleague over at L.A. Land.

Seems she's jumped on the foreclosure bailout bandwagon, proposing and successfully prompting the House of Representatives to pass a bill spending some $15 billion of taxpayers' money to run out and buy foreclosed houses. Rep. Barney Frank has another mortgage rescue bill. But he's not from California, so who cares about him?

As blogger Peter Viles puts it about Waters' measure: "Giving local governments money to buy houses is a sweet deal for lenders -- they get a willing buyer with cash who is also a clueless negotiator. And do you really trust your government to go shopping for bank-owned properties without playing favorites?"

His whole commentary is available right now right here at L.A. Land.

-- Andrew Malcolm 

Comments

[Marks]

Way to go Andrew, blogging on substantive issues that matter to voters and consumers.

The foreclosure issue is a real sticking point between the candidates. Many ideas bad, poor and vague exist to help consumers fight rising interest rates on bad loans.

The reptivite flag pin posts have to stop. That's been the biggest complaint for media in this election cycle. Real things are happening and a major media market employee spends many words and I don't how many hours on the frivolous.

Do find answers for the general public sometime while this campaign is happening , instead of questioning, is that tacky political thing a concern.

The reason why people have misunderstandings, media keeps telling them confusing and sometimes wrong things.

The flag pin stories should have never got to the point of challenging a politican' s patriotism!

(Who said it was substantive? Are you worried about the senator's substance? It's a hilarious slip. And judging by the traffic to these items the last 2 days, an awful lot of people don't mind reading a little humor in their politics. Thanks for joining them.)