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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (244880)4/7/2008 4:55:10 PM
From: Nadine Carroll  Read Replies (1) | Respond to of 793866
 
But, by making it cheaper to buy a foreclosed house than a comparable unforeclosed property, the tax credit makes it more feasible to sell one. The cost and hassle -- for the lender -- of foreclosure go down, and the benefits go up. Other things being equal, lenders would be that much more likely to foreclose -- rather than to help homeowners stay in their houses on modified terms.


Brought to you by the same people who bewailed the unaffordability of housing as prices went up, and are now bewailing the losses of homeowners as prices go down.

They think they can write legislation that will affect only the half of the transaction which they are currently bewailing.



To: TimF who wrote (244880)4/7/2008 7:10:33 PM
From: Lane3  Respond to of 793866
 
But is it too much to ask that a bill called the "Foreclosure Prevention Act of 2008" not contain a provision that might, at the margin, encourage home foreclosures?

Aw, Tim, they do that all the time. The titling of legislation has been filled with irony.


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