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2008-04-03 — yahoo.com
The $15 billion measure, announced Wednesday by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky, contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.
That's good news for big homebuilders such as KB Home and Pulte Homes Inc., which have been saddled with massive losses over the past year.
...
Homeowners facing bankruptcy, however, won't find relief in the proposal.
The mortgage industry fought fiercely to spike a provision to let bankruptcy judges rewrite the terms of distressed mortgages. It won that battle; the provision was left out.
Wow; it's amazing such a gross insult to the people can be passed today even with so many eyes watching. Usually this sort of legislation has to be passed in the dead of night, on Friday, before a holiday.
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