Foreclosure Prevention Bill Held Up By Lone Senator

July 1st, 2008 | Tags: Foreclosure

It is hoped that the US Senate will pass one of the pivotal bills before the year draws to an end. But this foreclosure prevention bill, initiated by Chris Dodd, has been held up by a lone senator from Nevada. Dodd took to the floor drawing attention repeatedly to the fact that a single Republican senator has been the cause for this blockade of the vital bill.

Dodd and the leader of the majority, Senator Harry Reid has put up a joint pressure on the other senator John Ensign, also from Nevada but without getting any results. It is said that Ensign is being difficult because he insists that another clause related to energy tax credits should be tagged on to this bill. He wants to encourage renewable energy development. Tony Mazzola speaking on behalf of Ensign comments that it is he who is being blocked. Mazzola argued that the matter of renewable energy is closely connected with housing because it will permit house owners to initiate energy improvement measures in their homes. It will create jobs and an atmosphere for investment. The only way of making it effective is to tag it along with the housing bill – both being interlinked matters.

In practical terms this means a delay in parliamentary procedure that will spill on to the weekend. If however Dodd’s group accepts the vote then the matter will be expedited. The respite for the 4th of July celebrations will continue for a week although Reid has warned that he will keep Senate in sitting. Till date (26th July) both sides have kept to their standpoint without either party bending.

It has also been reported that another Republican – Senator Jim DeMint of South Carolina is of the opinion that it would be beneficial to keep the housing matter pending till after the celebration week. Other Republican senators want a detailed scrutiny of the bill to find out how much the lending groups will benefit form it. This is in the trail of the controversy surrounding Countrywide Financial. In it Dodd and other senators were alleged to have availed of advantageous VIP facilities on their personal house mortgages.

If the bill is dragged to its limits the Senate will get the permission to vote on this housing bill by noon this Saturday. On the other hand with the retiring of the Senate for the recess the bill will have to wait till the first week of July.