Foreclosures Act Does Little For House Owners
April 17th, 2008
Many organizations are unhappy about the Foreclosure Prevention Act that does little for house owners. It was passed last week by the Senate. The tax payer’s money is being used to help the construction and mortgage lobby.
Organization representatives met at a press conference in the capital to call upon the august body to think again about the legislation that will use billions of tax money without doing much for the house owners victimized by foreclosures. The group included LIUNA, ACORN and Citizens for Tax Justice. This group and their supporters contend that not much is being done to help those suffering from the lash of foreclosures and the stagnant economy. Rather it extends a helping hands to the construction and mortgage lobbies. The latter too are in a sorry condition but this has largely been due to their own machinations. LIUNA general president Terence M. O’Sullivan bemoaned that that the house builders have won while the house owners and the working class have lost. They are sure that the wrong can be undone because the organizations will step up their tirade until the ‘the Foreclosure Prevention Act lives up to its name’.
The general opinion seems to be in favour of this mood. Few years ago the construction and mortgage group merrily filled their coffers when credit was easy, borrowers were abounding and house prices rising. Today they are crying about having become impoverished.
The Act will permit house builders to tax relief for losses suffered now – totaling to $6.1 billion. But can the ordinary citizen balance their stock market profits with their losses and get away with it?
The Senate also gives tax credits to those buying foreclosed houses and repo homes. But from it does the seller of the foreclosed unit benefit? The mortgage houses saddled with too many foreclosed houses will be the winners from the Act. Yet they were the ones who peddled sub-prime loans to the unwary borrowers raking in huge commissions and gains.
The tax relief plans will create more havoc than good as there will be a scramble to buy foreclosed houses encouraging more foreclosures and a further fall in market prices. A house with a tax credit of few thousand dollars will be more attractive then others in the shop. Throwing away tax payer’s money to encourage these predators is not the way to woo the hearts of the ordinary citizens suffering under foreclosures.
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June 20th, 2008 at 7:31 am
[...] In Orange County every day 70 house owners get a foreclosure notice. Six people participated in a foreclosure prevention workshop at Northwest Community Centre, Pine Hills, hosted by Orlando city. City Commissioner Daisy [...]