Congress adjourns without buyout bill vote (for NOLA)

Foreclosure fears are reignited

http://www.nola.com/news/t-p/frontpage/index.ssf?/base/news-4/113506326864110.xml

A bill to create a federal corporation to buy and repair homes damaged by Hurricanes Katrina and Rita failed to win approval from Congress before it adjourned for 2005.

Under legislation drafted by Rep. Richard Baker, R-Baton Rouge, and endorsed by Gov. Kathleen Blanco and New Orleans Mayor Ray Nagin, the Louisiana Recovery Corp. would have been able to negotiate with homeowners to buy flood-damaged homes and bargain with lenders to pay off mortgage balances. Homeowners would have gotten no less than 60 percent of the equity they had in their homes before the hurricane hit, and lenders would have gotten no more than 60 percent of what was owed them.

The failure to enact the legislation raised concerns about a rash of new mortgage foreclosures.

of everything. They should all have to spend a day living as a hurricane survivor.

Everyone will probably get callled back to prevent the sunsetting of those Patriot act provisions.

Nothing in it for them or their favored contributors...

I wish reporters would get their facts straight.

votes in committee to bring the bill to the floor for a vote?

:shrug:

we should contact him and let him know.

I don't think that the Baker Bill will get a vote in this session even if it's still going on though.

"Bruce Alpert can be reached at bruce.alpert@newhouse.com or (202) 383-7861."

I have a great deal of experience in Real Estate and this looks really bad to me.

But, what in your opnion would be the best / a useful action?

:(

i'd want it to give locals first chance at properties (instead of developers). I'm currently leaning toward supporting it, b/c if some sort of buy out doesn't happen, we could have patchy neighborhoods with long term blight mixed in with occupied properties.

I wish I understood this type of thing more, but I've not seen any other plans that could work for such a widespread and long term rebuilding effort.

I think of an elderly neighbor of mine. Under this plan, f she owns her home, can't she use the equity she already has in the house to fix it so that she can go back home?

And believe me, denying loans will be the way the Gulf Coast families will be robbed. Because time isn't on their side. :(

What in your opinion would be a good course for a DU action? To prop up the bill's authors? Or?

We can't let this pass.

:nuke:

http://2theadvocate.com/stories/120805/opi_edi001.shtml

http://www.nola.com/news/t-p/frontpage/index.ssf?/base/news-4/1133507193162130.xml

http://bayoubuzz.com/articles.aspx?aid=5737


I'd really love to hear some more discussion about this by democrats. Maybe we can break down the bill, if we actually find the full bill for analysis.

but I swear, holding onto the land is key. Even just typing it up in paper. The Thuggery have their hands full right now. That may be a GFO (golden effen opportunity).

I'll read in the a.m. We, imho, need to promote this very concrete step in any way we can.

if that helps anyone

http://www.govtrack.us/congress/billtext.xpd?bill=h109-4100

appraise her home. If it was appraised pre-Katrina, it would naturally be a higher amount then post-Katrina. I take it she didn't have flood insurance? :-(

But if her home is paid off, 60% of equity of a post-Katrina appraisal may be enough to repair her home. Remember, her lot is of value in addition to the structure.

Best of luck to her and to you FB! :-)

so are you still in the area?

These MoFos are shoving us down the drain.

I'm lying flat across the drain so as to block it.

They won't get away with it. It will be really hard but we don't let this scum get away with this.

:hug:

We are stronger and right is more attuned to victory than might!
:hug:

We are stronger and right is more attuned to victory than might!
:hug:

:kick::kick::kick:

find the home addresses of those House Reps who are blocking or opposed to this, than go an pitch a tent out on their front lawn. (best would be to get one of the newly homeless Gulf Coast or New Orleans residents to pitch the tent) and move in for the next few weeks while they are on their Christmas break.

If they then ask you what you are doing, tell them that because of all the BS "Pull the troops out of Iraq now" resolutions, and all the time they spent working on more Tax Cuts for the Rich, you have no home to go to, so you're camping here.

Would it be impossible to find those addresses?

:kick:

other than the fact that it was originally proposed by a republican