Congress now bailing out Homebuilders

[taught_me_patience]

I understand homeowners but homebuilders... WTF!?!?!

Homebuilders Get Breaks From Congress
Thursday April 3, 11:32 am ET
By Alan Zibel, AP Business Writer
Builders, Mortgage Companies Get Additions, Subtractions They Asked for in Senate Housing Deal


WASHINGTON (AP) -- Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.
The $15 billion Foreclosure Prevention Act of 2008, expected to be debated Thursday afternoon on the Senate floor, is drawing fire from critics who say it would do little to actually prevent foreclosures. The bill contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.


http://biz.yahoo.com/ap/080403/homebuilders_congress.html?.v=7


hmmm... what was bob toll's compensation in 2005? 50 Million!!!

http://www.forbes.com/static/pvp2005/LIR9QVQ.html

This amounts to pillaging the company when times are good then asking for a handout from the taxpayer when things go bad. This is beyond insane...

[whistle]

1. Corporate fascism hard at work

[cliss]

2. So? (to quote Mr. Cheney)

It doesn't matter because home builders are going to "bite the dust" anyway. This is one of the many sectors of the economy which is going to get hit the hardest.
The housing sector is getting "nailed" (no pun intended).
Real Estate is getting "Hammered" and they say it won't be until some time in 2009 that it will start to recover.
So local builders might get a reprieve - but for the next year; they're in trouble.

[still_one]

3. I just wrote my Senators requesting the same treatment, along with asking them how come

Congress wasn't involved in the use of public money for the bear stearns bailout?

Maybe Congress ISN'T AWARE OF THE CONSTITUTION

[EFerrari]

4. Their lobbyists must be very proud and ordering big at the Olive Garden tonight. n/t

[americanyouth]

5. Speaking of Bob Toll...

I have an insider at Toll Brothers telling me that their Austin, Texas market (one of their strongest, at the moment) is about to be so dead, they are selling off lots and considering a building freeze that could completely shut down production in the area for at least a year. Are we throwing out tax dollars to releive some one who we won't see contributing to the near-future economy like we expect them to? Lennar's production projections are down somewhere around 60%, slowing down to a near halt. Jim Walter closing doors across the country. And Legacy. And KB. And...WTF??

[slipslidingaway]

6. Here's the bill...S. 2636, the Foreclosure Prevention Act of 2008

http://democrats.senate.gov/dpc/dpc-new.cfm?doc_name=lb-110-2-35

http://www3.capwiz.com/c-span/issues/bills/?billnum=S.2636&congress=110&size=full