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Local Lawyer Calls B.S. on Loan Limits

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"Congress is about to sell us the biggest fraud in American history," claims San Mateo attorney Sean Olender in a diatribe aimed at Bush's economic stimulus package published in yesterday's Chron. And don't you know that he's got something to say about the proposed conforming loan limit increase, too:

In support of the economic stimulus bill, Bush will have to face "working American families" and explain that some of their tax money is going to be spent guaranteeing $730,000 mortgages on $1 million homes. It's like some sort of upside-down communism where the poor pay the rich welfare. Why should taxes from families earning $48,000 a year be used to support expensive mortgages in New York, Los Angeles and San Francisco? Welfare for the hungry and homeless is evil, but welfare for million-dollar homeowners facing a tough refi ... well, that's called "helping the economy."Discuss.
· STIMULUS PLAN A SCAM TO BENEFIT THE RICH: Higher loan limits will lead to Fannie Mae, Freddie Mac bailout [SF Gate]