Morning Mortgage Melt... Up? Reprieve for Housing Relief Package
Triumph (if only momentary) for the the housing relief package, a bipartisan coalition of donkeys and elephants have been toiling over for months now— for the moment, they've hosed down editorial efforts by the GOP, along with President George W. Bush's veto threats. (Though neither will retreat any time soon, surely.) The GOP opposes the legislations' $4 billion plan to help the state buy and rehab foreclosures while passing the buck to Federally-backed Fannie Mae and Freddie Mac. On a more scandalous note, House and Senate Republicans are shocked and awed that two of the bill's authors— no, even better, two of the Senate Banking and Budget Committee's chairmen— received cut rate mortgages from a VIP program at Countrywide. Minds: boggled.
· Strong coalition saves housing rescue package Margins appear large enough to override veto [SF Gate]
· Stop That Save: Bush Won't Back Mortgage Bailouts [Curbed SF]
· Pelosi Begs Bush to Back Mortgage Plan [Curbed SF]
· S.O.S.: Bush Votes Down Mortgage Meltdown Measure [Curbed SF]
George W. Bush Sewage Treatment Plant Revealed

From the venerable Photoshop Master Jackson West, a rendering of the George W. Bush Sewage Treatment Plant. Sponsored by the Presidential Memorial Commission of San Francisco, this (not so) tongue-in-cheek masterpiece of a plan will be up for popular vote on June 3rd.
· San Franciscans: Help rename a sewage treatment plant after George W. Bush [Jackson West's Obsessive Compulsion]
S.O.S.: Bush Votes Down Mortgage Meltdown Measure
Some Republicans have discreetly defected to the Democratic party recently, if only to support a bill that, if enacted, would (hopefully) stave off the mortgage meltdown by allowing the Federal Housing Administration to take on up to $300 billion in refinanced loans for troubled homeowners. The FHA would then open up a few loopholes in order to allow the same people who qualified for jumbo loans in the first place— those with poor credit, missed payments, and debt up the wazoo— to secure government-backed loans currently reserved for more solvent borrowers. Lawmakers have worked a bunch of provisions into the plan in order to keep buyers from flipping on the gov's dime, staking a nice, high claim on the property should its owner even deign to do so. Major malfunction: Our Prezalicous won't sign the thing! Bush has already declared that he will veto the bill if it comes across his desk today, claiming that it will reward "speculators" rather than homeowners. G.O.P: 1. Home buyers: 0.
· Bush Threatens To Veto Housing Crisis Plan [NPR News]
· Morning Mortgage Meltdown: G.O.P. Bends to Dems' Plans [Curbed SF]