2nd Biggest Bunch of Crooks
So, the homebuilders, the second biggest bunch of crooks in this nation (following the bankers who sliced, diced, traded, sold, and misrepresented all those mortgages and the frankensteins that followed), want a $250 billion taxpayer-funded bailout.
Of course, the shameless, serial liars of the National Association of Realtors want taxpayers to subsidize a new wave of housing porn as well, with taxpayers footing the bill on cheap loans so that more people can be conned into overpaying for overprices houses.
The homebuilders' proposal would offer home buyers a tax credit equal to 10% of the home's value, capping it at $22,000, nearly three times the $7,500 credit Congress offered to new buyers earlier this year. Builders say the earlier credit didn't work because it wasn't big enough and had to be repaid.
Builders also want subsidies for interest rates on 30-year fixed-rate mortgages for government-backed "conforming" loans, which currently are around 6.2%, to bring rates down to 3% for loans made in the first half of 2009 and 4% for those in the second half of the year. Realtors are pushing a 4.5% interest-rate buy-down for new loans. Lawrence Yun, the chief economist for the National Association of Realtors, estimates that each 1% decline in interest rates could generate between 500,000 and 800,000 home sales.
Fix Housing First argues (incorrectly) that all we need to do is stop the falling prices of homes and everyting will be fixed. What the jerk homebuilders won't get through their greedy skulls is that homes simply aren't worth the market "ask" in many places, because those bubble values were built on bullspit.
If anyone in Congress makes a move on this, I'll provide the feathers. You guys give me a call, we'll pick up some budget tar, a few rails, and head to town.