New legislation made it out of the Senate (rider) on Thursday for relieving some of the turmoil the housing collapse created. The downside is no where in the language does it mention relief for the general public. The details of the bill include tax breaks for home builders, a $7,000 tax credit for people buying foreclosed homes, $150 million for counseling, and $4 billion for local governments to spend on said foreclosed properties. This probably goes without saying, but where in that bill do people in risk of foreclosure get relief?
The current endorsers of the bill believe only a portion of the bill will continue into law, therefore the created the overreaching bill. Other proposed legislation includes:
The Ways and Means Committee is originating a bill which will not include the tax breaks for business or credits for purchases of foreclosed homes.
Refinances of adjustable rate loans to government backed fixed rate loans is continuing, but according to government officials and advocacy groups, not nearly enough to help the 100,000 or so in risk.
On another note, all three Presidential candidates agree the current bill does not do enough to help the consumer directly.
Source doc: nytimes
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