FINANCIALMELTDOWNWINNERS
 
   Stop the destruction of valuable resources developer greed San diego mayor corrupt scott petersrsd
 

Bailout: Dial the Fedry


"Of course, builders had no problem selling investors as much as they would buy, at ever-increasing prices, despite an absence of demand from people actually wanting to live in these places, and their undesirable locations. "

 

"The housing industry was one of the largest components of job growth during the past few years, and so it will be one of the largest sources of job losses in the coming months. Interest rates won't help:
The hurricane is upon us -- and it is too late to put up hurricane shutters or get out of the way. "

 

I dont think it takes Alan Greenspan to tell you what happened to the billions, or better yet trillions of dollars that you and I are now on the hook for in the Fannie Mae Freddie MAC meltdown ( well just make that the whole financial meltdown ie Bear Sterns bailout and the future AIG and B of A bailout And believe me there will be a Bank of America bailout. I guarantee you that they cut a deal w/ the fed that if they resued Morgan Stanley and became "too big to fail" the Fed would swoop in for a bailout) This money and by money I'm talkin' trillions didn't just vaporize, it went into someone's pocket. The banks were just the middle-men. The only winner in all of this is the developers and speculators. They have already been paid the trillions that you and I now have to pay back. And, as if that isnt bad enough, they pocketed these trillions in profits when the market was WAY overpriced and now they get to write off billions in losses. So we have to pay for both: the money they made and the money they lost.

We narrowly got out of offering them even larger subsidies in April. A Senate Bill Offered 15 Billion in Tax Breaks to the Developers to help them through this "tough" time.

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Pat Flannery breaks it all down

Brand new Housing Development Being Auctioned

   

 

My Letter From Herry Reid

pay attention to the italics: even the Dem Majority Leader is Helping these Guys Out

May 9, 2008

Ms. Christine Mann

4304 West 58

Hendersen, Nevada 89104

Dear Ms. Mann:

Thank you for contacting me to express your concerns about the Foreclosure Prevention Act (H.R. 3221). I appreciate hearing from you.

Nevada has one of the highest foreclosure rates in the country. Since August of 2006, the number of foreclosures has gone up more than 200 percent. That is why I worked hard to pass foreclosure prevention legislation in the Senate. While H.R. 3221 may not be perfect, I think it is an important step in the right direction as Congress comes together, on a bipartisan basis, to provide needed relief to struggling homeowners.

After an earlier effort was blocked, the Senate resumed consideration of housing legislation on April 3, 2008. The Foreclosure Prevention Act will modernize the Federal Housing Administration (FHA) by introducing a more flexible lending process and permanently raising loan limits to $550,000. These changes should make the FHA program a better option for both families looking to refinance their mortgage. Additionally, this bill would provide pre-foreclosure counseling, improves disclosure, provides for additional mortgage revenue bonds whose proceeds could refinance existing mortgages, and provides tax credits for people who purchase a home that has been foreclosed. On April 14, 2008, H.R. 3221 was passed by a vote of 84-12 in the Senate; the measure now awaits reconciliation with the House of Representatives.

I took note of your specific concern with the tax relief included in H.R. 3221 aimed at assisting homebuilders while the housing market recovers. This measure includes an extension of the net operating loss (NOL) carryback, which allows businesses to apply current losses to tax returns from prior profitable years to reduce the taxes owed for those years. H.R. 3221 would extend the carryback period from the two years to four years. This change does not provide a new tax break for these companies, because current law already allows them to use these losses to offset income earned in future years. The proposal in H.R. 3221 merely accelerates the time that these businesses can realize this benefit. Measures to prevent companies from abusing the intent of this provision are also included.

As Nevada's senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation's economy and make Nevada an even better place to live. I appreciate hearing your thoughts regarding this matter and will continue working hard to assist Nevada families weather the foreclosure crisis. As Congress moves forward with housing legislation, you can be certain that I will keep all your concerns in mind.

My best wishes to you.

Sincerely,


HARRY REID

United States Senator

Nevada

   

 

 

 

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The BIA helps put Sanders in office