US government to spend $300 billion more to stem a rising tide of home foreclosures

June 25, 2008

Hello dear list members,

The US Senate is in final stages of passing a bill to devote $300 billion to stem a rising tide of home foreclosures. There may be some political bickering about how the money is allocated, which may even delay the passage of the bill. However, most observes expect it to be passed shortly, while others suggest it could be delayed for some weeks due to political wrangling, including a threat of veto by the President. If the bill is passed it should have a positive impact on the housing market, while at the same time adding to strain on the Treasury, which has seen growing deficits in recent years due to e.g. tax cuts and the war in Iraq.

In the SAMVA USA chart, the applying conjunction of transit 6th lord JUPITER and natal 4th lord VENUS in the 6th house is a big story there. This transit is having an effect to reawaken concerns about the housing market. This aspect is likely motivating the homeowner rescue efforts. However, the rescue will be costly and place a strain on the Treasury budget.

As we know, the SUN and 10th lord are the indicators of fiscal policy in mundane SA. In the SAMVA USA chart, MARS is 10th lord. Both SUN AND MARS are very strong in the SAMVA USA chart, explaining the strong spending power of the US government. However, Rahu natally afflicts the 10th house in the chart and 8th lord SATURN natally afflicts the SUN in the 7th house. The budget sometimes goes into deficit, especially related to the US participation in costly wars abroad. Presently, there is no affliction to the strong natal MARS. However, transit MARS has entered the sign of Leo and the 2nd house where it will soon become conjunct transit SATURN, peaking around July 10th. More importantly, transit Rahu is settling into a close stationary conjunction of natal 2nd lord SUN in the 7th house. Presently Rahu is also afflicted by natal 8th lord SATURN. These transit contacts suggest

increased tension over fiscal policy in July.

U.S. Senate Housing Bill Advances on 83-9 Vote to Speed Debate

By Alison Vekshin

June 24 (Bloomberg) -- The U.S. Senate moved closer to adopting legislation to shield homeowners from losing their houses, voting to wrap up debate and vote as early as today. The Bush administration has vowed to veto the measure.

The Senate voted 83-9 today to limit debate on the measure that includes a temporary program to offer insurance to struggling homeowners, a new regulator for mortgage buyers Fannie Mae and Freddie Mac. The measure also includes money for foreclosure counseling.

``We now have a staggering number of foreclosure filings on a daily basis in the country,'' Senate Banking Committee Chairman Christopher Dodd said during debate. The legislation will ``allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country.''

Dodd, a Connecticut Democrat, and Senator Richard Shelby, the committee's top Republican, negotiated the bill as home foreclosures jumped 48 percent in May and 65 percent in April from a year earlier. The U.S. House of Representatives passed a housing bill last month the Bush administration pledged to veto.

Dodd said he hoped to get the legislation to President George W. Bush for his signature by July 4.

Senator Michael Enzi, a Republican from Wyoming who opposes the measure, said it ``rewards irresponsible actions at the expense of responsible homeowners and hardworking taxpayers.''

To contact the reporter on this story: Alison Vekshin in Washington at avekshin.

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Best wishes,

Thor