Title of the article:
The bill also would increase the borrowing authority for the Federal Deposit Insurance Corporation to $100 billion from $30 billion, a move that will save banks billions of dollars by reducing the extra premiums that they would have had to pay to shore up the deposit insurance fund.
And the relief for home foreclosures?
This is a joke:
The new Senate bill does not include additional money to aid mortgage borrowers, but it does draw $2.3 billion from the Treasury’s $700 billion financial bailout fund for various provisions.
Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, said at a news conference after the vote. “The bill does other things, but certainly, a major target is to deal with peoples’ housing issues and try to stem the tide.”Another $70,000,000,000.00 giveaway to the banks and measly 2.3 Billion dollars taken from the already pissed away 700 billion is about helping homeowners? And no cramdown either.
Note to the NY Times and Sen. Chris Dodd:
A fine fuck you to you two, too!