Am I missing something here? This seems like a drop in the bucket – $4 billion in grants against against many hundreds of $billions in write downs so far (and more to come!).
And a $7K tax credit for buyers of foreclosed properties – hell that will hardly pay for new carpet and landscaping. This is just a little grease for the people who are sitting on the sidelines waiting to buy. It is a $7K gift to every Piggington waiting to buy.
Sounds to me like the senate is going to let the market take its course. Might as well be giving lenders the finger and basically telling them to F.O.
