Senate Agrees to Mortgage Bailout for Bankers


	Senate Agrees to Mortgage Bailout for Bankers

will_ponder

4-11-2008 10:24 AM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8c2fac80-0e9e-4167-9871-8ae681df7601/6C08E842-EEFE-4F12-AC97-6F8BBEFD86C6/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net" href="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net" style="font-size: 11px;">efinancedirectory.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net"><H2 class="title">Senate Agrees to Mortgage Bailout for Bankers and Builders</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net"><I>U.S. Senators passed the ridiculously titled Foreclosure Prevention Act on Thursday. Although lawmakers are admitting their new bill isn't perfect, they are doing very little to explain why they are giving billions in tax breaks to the industries that helped to facilitate the housing crisis. </I></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net"><P>The bill, which will do very little (if anything) to prevent foreclosures, is heavily geared towards business interests--or more appropriately, the builders and banks that got us into this mess in the first place.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://efinancedirectory.com/articles/Senate_Agrees_to_Mortgage_Bailout_for_Bankers_and_Builders.html?ref=patrick.net"><P>Nevertheless, the chamber voted 84-12 to approve the legislation. The bailout plan is expected to cost a whopping $24 billion. Most of the money--$18 million-- will go to tax breaks for builders, banks and similar businesses who lost money due to their own irresponsible behavior during the boom. The rest is in the form of tax breaks for homeowners.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6C08E842-EEFE-4F12-AC97-6F8BBEFD86C6/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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