Friday, March 07, 2008

Bond's Big Bailout

Sen. Kit Bond of Missouri today proposed a $10 billion-plus housing bailout plan that includes $15,000 tax credits for buyers of foreclosed homes and tax breaks for mortgage companies that have lost money recently.

Watch my KY3 News @ 10 report on the rising amount of foreclosures in the Springfield metro area and why building permits have drastically dropped in Greene County.

Under Bond's state housing finance authorities would issue $10 billion dollars in bonds to refinance mortgages. Read the L.A. Times account HERE.

"Too many families in Missouri and across the nation are feeling the pain of this housing crisis and they need our help now," Bond said on the Senate floor. "We have 57,000 people in Missouri delinquent on their mortgages,with 20% of Missouri sub-prime borrowers behind on their payments. These families, like many across America, can least afford higher housing costs as they are being hit with higher heating bills, higher healthcare costs, and more pain at the gas pump."

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