Pending Legislation Will Overhaul Student Loans
With a 253 to 171 vote last week, the Democratic-led House of Representatives easily passed landmark legislation that would bring an end to the Federal Family Education Loan Program (FFELP), the program initiated by the Higher Education Act of 1965 to offer college students federally guaranteed student loans via private lenders.
Currently, the government pays these private FFELP lenders a subsidy for the federal student loans they originate. A second federal student loan program
FHA Bill Approved by Senate Vote 19-2
The changes to the bill mainly are that the government will have control of Fannie Mar and Freddie Macs profits, and will earmark about $500 million per year from their profits with a diversion of funds to low income rental housing. Areas hit most, like New Orleans from hurricane Katrina, will receive the first benefits. Many people speculate that Fannie and Freddie will not lobby against this since, they got busted for accounting fraud 1 1/2 years ago, and basically are doing whatever the government says at this point.
Since the foreclosure crisis started, there have been over 1.5 million foreclosures nationwide. FHA has been able to help 200,000 borrowers so far, however out that number, only 3,000 have been delinquent on their mortgage. FHA needs to dig deeper, and loosen their guidelines, so these people can save their homes, and not go into foreclosure. This bill should clear the Senate by Memorial Day, so hopefully President Bush will sign off on this in the next few weeks. With a 28% approval rate, I think he should do something good for once.
Republicans were adamant against the bill because of the cost to taxpayers, however when the democrats stated that they would take the money from Fannie Mae to fund FHA expansion plans, the White House is changing it’s tune, in a highly heated election year.
In closing, whatever happens, I expect more and more strict regulation on the mortgage broker industry, with the government slowly getting more and more involved. I would not be surprised if my industry shrinks another 30% until we find a bottom on this market.
Who Was Emmeline Pankhurst?
Emmeline Pankhurst (1858-1928) was born in Manchester to a politically active family. She was responsible for the suffragette movement in Britain which eventually in 1918 won for women in the right to vote – albeit for women over the age of 30. Emmeline’s mother Sophia came from the Isle of Man the first country to have accorded women the right to vote as far back as 1881. Perhaps it was from her mother that Emmeline inherited a sense of political awareness. Her parents played host to several dissident international political figures who had a significant influence on Emmeline’s future outlook.
Emmeline studied at the Ecole Normale de Neuilly in Paris. At the age of 20 she met and Richard Pankhurst, a barrister 24 years her senior and a supporter of women’s right to vote. They had five children over the next 10 years. Emmeline had no wish to be domesticated and the children were left in the care of a governess.
With Richard’s support, she actively involved herself in social affairs. Emmeline joined the Women’s Franchise League and later tried to join the Independent Labour Party which declined her application on grounds of gender. Later she founded the Women’s Social and Political Union (WSPU) an all-women’s organization dedicated to militantly fighting for the women’s right to vote. Their motto was ‘Deeds not Words’. The group quickly became notorious with violent incidents of political activism such as smashing windows, for which Emmeline and her colleagues were incarcerated on several occasions. Whilst in prison they continued to remain in the public eye with hunger strikes but were often brutally force-fed. With its policy of continued arson, prominent members of the WSPU left the organization including two of Emmeline’s daughters.
At the outbreak of World War I Emmeline called an immediate cessation of political activism to fight what she called the ‘German Peril’. They encouraged men to join the forces and women to play their part for the war effort. Later they campaigned vigorously against according Germany any peace concessions.
In 1917, Emmeline Pankhurst visited Russia where she exhorted the Russian people to continue their fight for justice. But after meeting the Bolshevists she became disillusioned with leftist politics.
In 1926, Emmeline Pankhurst joined the Conservative party. Two years later she stood for election from Whitechapel, but her campaign was forestalled by ill-health. Years of militancy, incarceration, touring and campaigning had taken its toll. In June of 1928 she died at the age of 70.