Who’s Pulling for Struggling Americans?
Posted by John Atlas on October 3, 2008
Everyone should be outraged that the proposed economic bailout package passed by the Senate on Wednesday night and being debated in the House this morning does virtually nothing to assist troubled borrowers.
The House and the Senate bills abandoned help for homeowners who need to modify their loans and save their homes. The provisions that would have addressed the root cause of the current economic crisis by helping to stop the decline in home prices are gone.
Homeowners needed relief through the bankruptcy courts, but the provisions that would have required affordable loan modifications and spared families the unfair tax burden associated with restructuring predatory loans were cut.
An opportunity to help communities recover from the devastating effects of the financial meltdown has been squandered. Does anyone in Washington care about the struggling families left behind?