legislation

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.

Bankruptcy bill

Congress was blocked from changing the bankruptcy code last week but this report says the bill may once again have hope as Republicans are pressured to do something.

To allow bankruptcy judges to restructure mortgages to me is critical. Anybody tracking this, I'd love to learn more details.

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