The U.S. Senate has passed a version of the Foreclosure Prevention Act, the majority of which goes t

The U.S. Senate has passed a version of the Foreclosure Prevention Act, the majority of which goes to pay for taxpayer handouts to corporate home builders, not to help struggling homeowners - LIUNA Newswire



I say, if you make a decision that will effect you for 30 years of your life, you should think it through, if you bought a house you couldn't afford, get an apartment, nobody twisted your ARM.

That being stated, I continue that, if you make a bad business decision, and you lose solvency, you should go out of business, case closed.

While it was introduced as a well meaning plan to help people keep their houses, it seems that the Senate version of the Foreclosure Prevention Act is tainted with it's fair share of pork, here's the scoop:

I stayed at the Capitol Hilton in DC this weekend to help give a seminar on http://www.dailykos.com/story/2008/5/5/2397/40384?new=true">E-Activism and http://uniongal.blogspot.com/2008/05/411-on-blogging-our-presentation.html">Blogging, little did I know that just a few days before there were a group of lobbyists staying at the exact same place. Their mission was to seduce members of Congress into passing the "Foreclosure Prevention Act", which in it's little known areas will give up to 32 BILLION US DOLLARS in tax breaks, to the corporations who helped get us into this mess in the first place.

How? By letting these corporate homebuilders claim MILLIONS in tax refunds by charging their current losses against the huge profits they made 3 or 4 years ago.

They didn't mind building out of control when people were sucking up ARM mortgages like grapes. Now that the bubble has burst, they want to slide on their tax burden. According to LIUNA "The U.S. Senate has passed a version of the Foreclosure Prevention Act, the majority of which goes to pay for taxpayer handouts to corporate home builders, not to help struggling homeowners." Unfuckingreal, I'm pissed!

I wonder what would happen if you and I tried to claim this years losses against the gains we had in the last 4 years.

According to the *Metro Washington Council News, AFL-CIO (5/1/08):


NY Times (4/16/08):http://www.nytimes.com/2008/04/16/business/16bailout.html?_r=1&hp&oref=slogin">Big Tax Breaks for Businesses in Housing Bill :



LIUNA http://rohstoffe.ad-hoc-news.de/CorporateNews/en/16600641/LIUNA+Intensifies+Fight+Against+$25+Billion+Handout+for">Newswire (4/29/08) :


*You can sign up for the newsletter here-> http://www.unionvoice.org/dclabor/join">DCLabor

lobbied for repeal of banking rules which allowed them to sell homes to subprime buyers. Twenty years ago a person had to have at least 10% down(often 20%). That money could not be borrowed and had to be in the buyers account through periodic deposits commensurate with the buyer's income or in their account for a year prior to the purchase. During the build up to the bubble buyers could buy a house obtaining 100% financing on an agreement to only pay interest payments for the first 60 months all with credit scores which made them a bad risk for an auto loan. Anyone who couldn't see this train wreck coming is an idiot...but of course they did see it coming and had formulated a plan to make the problem so large that the .gov would have to bail them out. Criminal intent.

It is now A government for the corporations by the corporations...