Senate Passes Housing Bill Supposed to Help American Homeowners Facing Foreclosure
Last week the Senate passed a new bill intended to aid homeowners that are in danger of foreclosing on their homes. The only problem is that the Foreclosure Prevention Act will not be helping the working class so much as it will big business. Apparently, the bill will provide billions of dollars in tax breaks for airlines, alternative energy producers, automakers, just about every other struggling industry… and of course the ones who helped us get into this whole mess – home builders!
So the new bill allows home builders to claim millions in tax refunds by charging their current losses against the extraordinary profits they made during the housing boom, several years ago. It also allows auto manufacturers to collect alternative minimum tax (AMT) credits, that they otherwise wouldn’t have received due to the fact they did not pay enough in taxes over the recent years. Let’s see… it just wouldn’t be right to leave our friends over in the airline industry without a tax break. So, they too will be allowed to claim AMTs too!
Despite the Senate bill’s name, it will do little to anything to prevent current homeowners from foreclosing on their homes. This has many consumers advocates and other groups in an uproar… and I don’t blame ‘em!
April 17th, 2008 at 4:13 pm
I came across your blog on Technorati. Nice site layout. I will stop by and read more soon.
Mike Harmon
April 18th, 2008 at 3:59 pm
US Senate Bill | Foreclosure Prevention Act | Politics | How F\’d Are We dot Com…
This article talks about the latest bill to be passed by the Senate - Foreclosure Prevention Act…
April 24th, 2008 at 11:22 am
Sounds about right… the government is so good at making something they’re doing look like a good deal for the American taxpayers, when in reality, it’s only screwing them even more…
Christine
April 30th, 2008 at 7:09 pm
Yeah it’s a shame that this won’t help out more homeowners; these plans rarely do. Helping out businesses isn’t such a bad idea though - I’m sure you know that the housing industry, airline industry and automobile industry are all huge industries that play a large role in our economies performance. As long as these industries struggle, our economy will struggle along with them and right now, they need all the help they can get.
It is a shame though that the bill puts up a “we’re helping homeowners” front w/o truly helping the homeowners.
July 1st, 2008 at 2:40 pm
Does anyone remember what the fed did in the 90s withthe saving and loan problem, well it looks like big business is going to get all the help from LAME DUCK.
July 15th, 2008 at 10:14 pm
I work with homeowners in default here in Illinois and the truth is, most will grab on to any life preserver they can get their hands on.
Unfortunately it’s taken many banks waaaaayyyy too long to catch on to what needs to happen to move their inventory and get these homes liquidated. My most recent short sale has been a breeze though. Maybe they are finally starting to get it?!
July 17th, 2008 at 12:18 pm
Yes, leave it to our government to screw us even more. They are intent of wiping out the middle class while at the same time getting richer themselves.
August 2nd, 2008 at 4:22 am
Well spoken Rick.
September 30th, 2008 at 12:58 am
LOL
that doesn’t even make any sense!
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