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This is just what we should expect if the Big Money Corporations owned our politicians and they do.
It is all about the money and those with the money have control.
A Foreclosure Prevention Bill That Will Not Pevent Foreclosures
 April 7, 2008 -- Posted by Catherine Morgan
It seems to me that a Foreclosure Prevention Bill that encourages home foreclosures, really isn't so helpful. It also hurts families with homes that happen to be near a home that forecloses, because even people paying their mortgage on time will see their property values drop when there is a foreclosure in their neighborhood. What is needed is a bill that helps homeowners before they are foreclosed upon, by either helping with refinancing at a more affordable rate, or helping these homes get sold before foreclosure. A bill that gives incentives to people to buy a foreclosed home is hurting the people it should be helping, and it makes no sense. From The Associated Press... It's touted as easing the foreclosure crisis and boosting demand for housing, but critics warn that a bill before the Senate might actually encourage foreclosures and drive down house values. At issue is a proposal to award a $7,000 tax credit to people who buy foreclosed homes or homes on which foreclosure has been filed, one piece of a broader measure that awards tax breaks to homebuilders and banks yet offers little for families in foreclosure. It's chiefly sponsored by Republicans, but it has gotten a chilly reception from the Bush administration, as well as Democrats in the House. From Politics As Usual... When Senate Democrats and Senate Republicans work together you get a housing bill that helps just about everyone BUT those losing their homes. From Robert Reich's Blog... The housing bill emerging from the Senate is something Herbert Hoover would have been proud of. Like Hank Paulson’s much-touted plan for “overhauling” Wall Street by deregulating it, the Senate housing bill “helps” distressed homeowners by giving them lots of little things that won’t really help them at all. Lesson: The Fed (and, indirectly, taxpayers) can bail out investment banks but there’s no stomach for bailing out regular folk who got caught in the downdraft. From OpenMarket... The Washington Post today editorialized against the Senate housing bill, the so-called “Foreclosure Prevention Act of 2008,” noting that it is actually ”A Pro-Foreclosure Bill” that contains “perverse incentives” that will “encourage foreclosures” while sticking the taxpayers with the tab. The bill is also “studded with economically questionable sops” to special interests, and contains subsidies for local government borrowing that have “proven notoriously inefficient.” We earlier criticized Congressional mortgage bailout proposals and subsidies to left-wing housing groups. The American public opposes mortgage bailouts. From Prometheus 6... WE'RE REALISTS. We know that legislation can involve a certain amount of moral and intellectual corner-cutting. But is it too much to ask that a bill called the "Foreclosure Prevention Act of 2008" not contain a provision that might, at the margin, encourage home foreclosures? Apparently so, because the bipartisan Senate housing relief package includes just such a measure. What do you think of this? |
Christine Gilbert
Wednesday April 9, 2008, 3:10 AM
Nothing surprises me anymore. Pigs aren't pigs & cows aren't cows they're clones. Weapons of mass destruction in Iraq didn't exist. We continue on the path that ensures the tipping point in Global Warming will be reached. The Foreclosure Prevention Act encourages foreclosure. OUR REPRESENTATIVES represent, not the people, but CORPORATIONS. Nothing short of an American Revolution seems likely to change the course of the big money which threatens to crush us all. It had better happen soon.
Julia Y.
Tuesday April 8, 2008, 9:49 PM
As a Realtor and Appraiser, I am up close and personal with the housing disaster. Do you know who buys foreclosures at discounted prices? It isn't easy to buy one unless you have money so that means speculators and investors are up front with homeowners way back in line. A $7,000 tax credit really does little to prevent or stop the problem. Redoing the bankruptcy laws will help prevent home loss. Bankruptcy is all that is keeping many in their homes now but the law was slanted to lenders and credit companies so often those taking that path lose anyway. Funny how the top contenders can't see how to fix a problem except from the top when the foundation is what is crumbling.
Thursday April 10, 2008, 1:04 PM