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A clear reason why the American public gives Congress an approval rating currently estimated to be 9% can be found in the housing bill recently passed. Does anyone really think there is anything of value here other than shareholders and bondholders of Fannie and Freddie (I'm not suggesting we should have let F & F collapse, I'm just not sure this was the right approach to solve their problems nor will Congress' efforts result in much more than election year campaign bluster and braggadocio).
Highlights courtesy of MarketWatch.
Major elements of housing bill• A backstop plan for Fannie Mae and Freddie Mac that extends an unlimited line of credit and gives the government the authority to buy the companies' stock. • Funds to insure up to $300 billion in refinanced mortgages.• A tax break of up to $7,500 for first-time homebuyers.• A new regulator for Fannie and Freddie.An affordable housing trust fund financed by Fannie Mae and Freddie Mac.• $4 billion in emergency assistance to communities to buy and rehabilitate foreclosed homes.
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Our Representative voted FOR this baliout for investors. I emailed him with my displeasure. And, yes, I had emailed him in April advising against any "housing" bailout.
Charlie, you get to vote but it doesn't mean they listen.
Unfortunately, though well disguised as an important housing bill to help solve all the current housing problems, there will be very little real help for distressed homeowners or the real estate market in general.
The market actually does a better job of sorting this kind of stuff out than unnecessary and often useless government intervention.