Required Reading Alert !!!!

The following is an op-ed piece from June 18, 2008 edition of the Wall Street Journal and should be required reading for every single home-owner in the country. The author of this op-ed piece is former House Representative Dick Armey, who details the mortgage bail-out legislation currently being considered by the Senate.

In summary, the CEO of Countrywide Credit gave preferential treatment and sweetheart deals to prominent members of the Senate, including Senator Dodd, the author of this horrific legislation. Setting aside the stench of a scandal, the legislation could cost the taxpayers enormous sums of money, potentially bankrupting the FHA:

On June 9, FHA Commissioner Brian Montgomery told reporters that he opposes the Dodd-Frank approach, saying that the FHA "is not designed to become the federal lender of last resort, a mega-agency to subsidize bad loans." Last week the Congressional Budget Office (CBO) projected that banks will use the program to offload their "highest-risk loans" to the taxpayer, and that a stunning 35% of all of the loans refinanced through Dodd-Frank will eventually default on the FHA.

Unsurprisingly, Countrywide executives have testified in support of expanded FHA refinancing. The company itself is a longtime and significant contributor to Messrs. Dodd and Frank. According to data from the Center for Responsive Politics' opensecrets.org, Mr. Dodd raised more than $6.3 million this election cycle -- 76% of his total war chest -- from banks, finance and real estate companies.

Once again, taxpayers will foot the bill for those who have been living well beyond their means or worse, speculating on the prices of homes. Contact your congress-person and voice your opposition to this garage legislation. Also, visit Dick Armey's organizaton at http://www.freedomworks.org/