Housing.com News, Analysis & Opinion: Hurricane Housing: Bad News for Baker Bill

My problem isn't necessarily that the Baker bill is perfect, but that the Bush administration is dismissing it out of hand, and for incredibly stupid reasons. I wasn't fond of the Baker bill because I disliked the idea of the government buying property at a loss and simply reselling it at a profit, or just demolishing the homes to make way for luxury condos and what not. It's foreclosure by another name. But some of Powell's reasoning is just asinine:

Powell was careful to say the emphasis on owner-occupied property is only a recommendation and that federal rules give states wide latitude in how they spend grant money. He said other programs are available for flood-damaged homeowners, such as Small Business Administration loans and up to $26,000 in assistance from the Federal Emergency Management Agency.

Did Powell forget that the Senate diverted FEMA money to the states directly, because FEMA is completely inept, I wonder? Or how about the fact that the big NOLA housing boom is a bust?

Don't forget all those misappropriated SBA loans that went out to "9/11 victims" that had nothing to do with the disaster. :)

Landrieu obviously realizes the importance of getting the Baker bill--in some form--on the books. Here's hoping she will get her priorities right and stop trying to play softball with an administration that is definitely swinging a corked bat.

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One reason why Sen. Mary Landrieu has come out against filibustering Alito is because she wants to focus on getting the Baker bill passed. Unfortunately, if the comments from Gulf Coast Recovery Chair (and Bush Ranger) Donald Powell are any indication, Landrieu is SOL. My problem isn't necessarily that the Baker bill is perfect, but that the Bush administration is dismissing it out of hand, and for incredibly stupid reasons. I wasn't fond of the Baker bill because I disliked the idea of the government buying property at a loss and simply reselling it at a profit, or just demolishing the homes to make way for luxury condos and what not. It's foreclosure by another name. But some of Powell's reasoning is just asinine: Powell was careful to say the emphasis on owner-occupied property is only a recommendation and that federal rules give states wide latitude in how they spend grant money. He said other programs are available for flood-damaged homeowners, such as Small Business Administration loans and up to $26,000 in assistance from the Federal Emergency Management Agency. Did Powell forget that the Senate diverted FEMA money to the states directly, because FEMA is completely inept, I wonder? Or how about the fact that the big NOLA housing boom is a bust? Don't forget all those misappropriated SBA loans that went out to "9/11 victims" that had nothing to do with the disaster. :) Landrieu obviously realizes the importance of getting the Baker bill--in some form--on the books. Here's hoping she will get her priorities right and stop trying to play softball with an administration that is definitely swinging a corked bat.