housing homebuilders bailout Senate

Taxpayers Already Bailing Out Housing Market

Submitted by on

It's the silly season again, and that means that politicians will say one thing while doing another and then pretend they are being consistent. For instance, President Bush made a big deal of opposing the Democratic-sponsored bill for using the F.H.A. to bailout distressed homeowners. John McCain also opposes a bailout for homeowners.

And yet, just a couple weeks ago, the Bush Administration proposed using the F.H.A. to bailout homeowners.

While the two plans are different, they both involve using the same agency to do the same thing.

Senate dems sell us out -- again

(sigh) Why did we bother working so hard to elect allegedly progressive Senators? I hate these b******s. They've srewed us yet again.

A few weeks ago I wrote a blog praising the Senate Bankruptcy reform act of 2008, caling it one of the few pieces of housing related legislation that had some merit.

Most importantly, it would have restored to Bankruptcy judges the power they had before 2005 to force down the amount of a debtor's mortgage. Well, the Senate republicans did one of their faux filibusters and the bill failed.
So now, our erstwhile progressive democratic senators have caucused with the Republicans and what do we get? A complete cave-in as to debtors, and huge dollops of gifties for homebuilders. In other words, "our" Senators are reaching into our tax pockets and have actually succeeded in making matters worse.

From the Washington Post story: