Senate Bill Will Cause, Not Prevent Foreclosures, and Rip Off Taxpayers

Posted by Hans Bader

The Washington Post today editorialized against the Senate housing bill, the so-called “Foreclosure Prevention Act of 2008,” noting that it is actually ”A Pro-Foreclosure Bill” that contains “perverse incentives” that will “encourage foreclosures” while sticking the taxpayers with the tab.  The bill is also “studded with economically questionable sops” to special interests, and contains subsidies for local government borrowing that have “proven notoriously inefficient.”  We earlier criticized Congressional mortgage bailout proposals and subsidies to left-wing housing groups.  The American public opposes mortgage bailouts.

 Email This Post  Print This Post

04/07/2008 @ 10:26 am | Economic Liberty, Politics as Usual, Precaution & Risk | Comments

One Response to “Senate Bill Will Cause, Not Prevent Foreclosures, and Rip Off Taxpayers”

  1. Posted by: Senate Foreclosure Bill Bails Out Irresponsible Tycoons, at Taxpayer Expense | OpenMarket.org - 04/08/2008

    [...] we wrote about how the Senate “foreclosure relief” bill will actually increase, rather than reduce, foreclosures, while costing taxpayers a bundle, and how it contains pork for left-wing housing groups.  Daniel [...]

Leave a Reply of Your Own