Senate OKs bill to boost housing market

[maddezmom]

Source: AP

WASHINGTON - The Senate on Thursday passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis.

The measure passed by an impressive 84-12 vote, but even supporters of it acknowledge it's tilted too much in favor of businesses like home builders and does little to help borrowers at risk of losing their homes.

The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes.

Despite the impressive vote, the bill will be significantly redrawn by critics in the House who say it's tilted toward businesses such as home builders instead of borrowers.



Read more: http://news.yahoo.com/s/ap/20080410/ap_on_go_co/congress_housing;_

[Oregone]

1. What kind of BS plan is this?

People still lose their homes, banks get their money when it sells, and we hand out huge tax breaks to rich individuals/entities that can afford to go around and buy up all the forclosed homes. Further, people trying to sell their homes outright will have to offer a $7000 reduction to compete with the surrounding forclosed homes around them. Maybe Im wrong on this but it sounds like crap.

[fascisthunter]

2. Yes.... dig a bigger hole. Good Job Idiots!

No I know we are all fucked. It's like watching a child plug the holes of a dam with their tiny fingers.