Sounds like business as usual to me:
Congress is on the hot seat to ease the home foreclosure crisis, but a bipartisan bill before the U.S. Senate this week doesn’t come close to doing the job.
The legislation provides little real help to the growing ranks of homeowners facing foreclosure. But it helps just about everybody else, giving generous tax breaks to home builders, lenders and buyers of foreclosed properties.
The so-called Foreclosure Prevention Act of 2008 does little to spur restructuring of troubled mortgages. Ironically, senators threw out the provision that consumer groups believe would do the most to help subprime borrowers: allowing bankruptcy judges to alter mortgage terms on primary residences. It’s hardly a revolutionary idea. Judges can do it now with vacation homes and investment properties.
$6 billion handout to the people who created the mess in the first place? Free market ahoy!
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