Bush Announces He Will Veto Mortgage Bill

According to the Washington Post today, Bush has announced he will veto the bills pending in Congress designed to allow homeowners to rewrite their home mortgages in chapter 13 cases.  His announced primary concern is federal spending; he will not "risk tax dollars."  He opposes legislation which "permits a select group of troubled borrowers" to rewrite their loans which will contribute to the troubles of the mortgage industry.  He opposes bailing out the mortgage industry as well by, for example, having the federal government buy distressed mortgages.  The article can be found here.