We’ve done many stories about how the housing crisis has affected people in the Las Vegas Valley. Unfortunately, people are still losing homes to foreclosure in Nevada, more so than in most other states. Renters are still learning the home they’ve been paying to rent, is in foreclosure.
Washington is trying to do something, but it may not be what most people expect. Consumer groups says it's a big government handout to big business.
The Foreclosure Prevention Act is supposed to help lots of folks stay in their homes. But it turns out there are just modest steps in the bill to do that. There is much more when it comes to the billions of dollars in tax breaks for businesses. The benefactors include automakers, airlines, alternative energy producers and home builders.
You can read the full story in the New York Times.
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2 comments:
I appreciate your view that big gov is helping their big contributors in this mess.
However, does anyone ever look into the actual homeowner that obtained these 100% loans thinking they were going to make big bucks in real estate. Many of these folks and investors crying the blues, signed anything to get the home at the lowest payment, interest only or worse, thinking they would profit in a year or two. When that didn't happen, they are now blaming everyone but themselves.
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