Senate Subprime Bill: $25B to Business, $3B to people losing their homes

Boy oh boy is this sad, AP reports on the bill expected to pass the Senate:

A measure billed as boosting the slumping housing market showers money-losing businesses with $25 billion in tax relief in the next few years but offers just $3 billion to homeowners.

The estimates released Thursday by congressional scorekeepers lend credence to accusations that the measure helps businesses like home builders while doing little to help millions of families threatened with foreclosure.

The benefits to businesses also dwarf the $4 billion in the measure that would be provided to cities and towns to buy up and refurbish foreclosed and abandoned homes. The only direct help in the measure to homeowners threatened with foreclosure is $100 million to provide counseling to people threatened with foreclosure and help them in negotiating with their lenders.

This is pathetic. Counseling? Counseling? What kind of jack ass bill is this? People need mortgages they can afford not some racket credit counsiling. They don't have the money you congressional corrupt jackasses!

The law will not enable them to renegotiate their mortgages in bankruptcy.

So once again, they enable predatory lenders, absurd new "vehicles" in home mortgages and then when people go under they won't do a damn thing to get those loans affordable...nope just bail out those very predatory lenders or more to the point, the one left holding the bag after they traded that loan on open markets.

This makes me sick, I'm sorry.

Subject Meta: 

Forum Categories: 

my reaction too

you beat me to it. I didn't see your forum post when I made a blog entry this afternoon.

But we have the exact same reaction.

You must have Javascript enabled to use this form.