clock menu more-arrow no yes

Filed under:

Morning Mortgage Meltdown: Congress Gets It Together on Aid Front

The donkeys and elephants frolicked gaily on the White House lawn this morning following their particularly civil meeting on the Senate floor. Approved: a hotly-anticipated package of legislation that will help restore the common good within the housing market. A few deets: standard property deductions of $1k for couples, $500 for individuals; billions in bonds for local governments to counsel homeowners, buy foreclosed properties, refinance subprime loans, and provide new mortgages for first-time buyers. $7k tax credit to purchasers of new homes! Tax breaks for struggling home builders! $15-20 billion cost to taxpayers! Details to come— it all hits the floor on Thursday, folks. Brace. [NYT]