"The Senate is considering legislation that would do more to bail
out lenders and speculators than to help homeowners keep their homes,"
he said. "The Senate bill would actually prolong the time it takes for
the housing market to adjust and recover, and it would lead to higher
Earlier this week, the Bush administration said the president would veto
the Foreclosure Prevention Act of 2008 if it passes Congress because it
objected to two key elements. The first is a provision that would
change the bankruptcy law to let judges reduce the amount of principal
and interest due on mortgages of those filing for bankruptcy.
Bush: Foreclosure bill will 'bail out lenders' - Feb. 28, 2008