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Scant Support for Senate Housing Bill
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Contributor | ArmyDem |
Last Edited | ArmyDem Apr 10, 2008 12:34pm |
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Category | News |
Media | Newspaper - Washington Post |
News Date | Thursday, April 10, 2008 06:00:00 PM UTC0:0 |
Description | By ANDREW TAYLOR
The Associated Press
Thursday, April 10, 2008; 12:35 PM
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 its supporters acknowledge it's tilted too much in favor of businesses such as 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.
The measure, titled the Foreclosure Prevention Act, will be significantly redrawn by House critics who say it favors businesses such as home builders instead of borrowers.
"Quite candidly, what we've done does not quite live up to the title," said Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee and the measure's top sponsor. "We have more work to do. We do not do enough in preventing more foreclosures in the country." |
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