housing bailout pork

More Welfare for the Housing Sector

It wasn't enough to bailout the financial conglomerates with $12 trillion and then provide a first-time homebuyer tax credit that helps them and homebuilders. No, that wasn't enough. Homebuilders needed something more direct and definite. How about huge corporate tax refunds? That's the ticket.

That's right - huge tax refunds to another industry that benefited tremendously from the cheap money that was flowing like water. Now they are helped on the down side And what about us - fu*k the little guy - foreclosures and unemployment keep increasing.

NYT has the story.

ON Nov. 6, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 into law, extending unemployment benefits by 20 weeks and renewing the first-time homebuyer tax credit until next April.

Housing bailout being extended to people who never intended to pay back the money

I can see the wisdom in setting up a program to help out people who got scammed and suckered into mortgage's they couldn't afford.
But there is no way we should be bailing out speculators and irresponsible people who simply wanted to live large off the boom.

The Obama administration sought to expand its $50 billion plan to reduce home foreclosures, announcing a new program on Tuesday to help troubled homeowners modify second mortgages or piggyback loans.

Under the new plan, the Treasury Department will offer cash incentives and subsidies to lenders who agree to substantially reduce the monthly payments on second mortgages or forgive those loans entirely.

"Housing" bill bails out Cerberus

Hey, Democratic Senators and Congrresscritters, thanks so much for looking out for the little guy/gal once again!

, buried in the "housing" bailout bill, is a nice little gift for Cerberus, the private capital company that bought Chrysler from Mercedes:
(I've attached the entire gobbledygook showing what the credit is, and then check the bolded section for who it applies to!)

(b) Application to Certain Automotive Partnerships-
(1) IN GENERAL- If an applicable partnership elects the application of this subsection--