Is this the worst possible housing bill possible?

I would love to see a housing bailout bill that refinanced loans for primary homeowners who are in homes at high-rate ARMs that they could actually afford with a 30-year-fixed at, say, 5-6%. Cuts down on foreclosures, but doesn't waste money on hopeless cases or reward speculation.

But the Senate just stripped that out of their "housing relief package"! Luckily, "forty percent of the cost of the bill will fund a business tax break expected to help homebuilders." Yay! Anything in the name of preserving jobs.

Unbelievable.

Comments

[Roman]

This is when you start wondering how and why we elected them in the 1st place. Its just like the tax refunds that we are getting this year are just loan of next year. How can they think of these things?