It is the time of the year, election time. Every two year, or four years it is time to reelected or remove people from there spot on capital hill. So when it comes to reelection time all the Congress members are trying to push bill through and making decisions faster so it looks like they will get things done when the are in office. According to an article called "Washington's housing fix taking shape" the Senate is working round clock to create a bill to help the bad housing market. The article states that the bill will include boost in funding for protection against foreclosures, help promote buying in areas where there are vacant lots, and give tax breaks to business. I think that this is very good because now Congress is really looking at the problems that the economy is having on all the areas of the our daily life. They need to start helping the people that are reelection them more and not so much on the big companies that are paying for them to back them and helping them get reelected.
According to the article there are a number of things that this bill is going to help they include:
- Modernize the FHA
- Help for troubled borrowers trying to refinance
- Tax credits for buying troubled properties
- New property tax deduction
- Bigger tax break for home builders
- Money to aid areas hit by foreclosures
- More money for consumer counseling
- Greater transparency for borrowers
I hope that Congress can get to work and make this bill pass because it is something that our economy greatly needs to stay out of a recession.
The information for this post was from CNNMoney.com called "Washington's housing fix taking shape" written by Jeanne Sahadi at http://money.cnn.com/2008/04/02/news/economy/housing_bipartisan_draft/index.htm?cnn=yes.
