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(AP)By boycotting a key House committee vote last week and threatening to abandon support for banking regulations, members of the Congressional Black Caucus got $4 billion added to a Wall Street regulation bill and $2 billion to a proposed House jobs bill in spending they sought for African American communities.
House Financial Services Committee Chairman Barney Frank, D-Mass., this week inserted $3 billion to the legislation to provide low-interest loans to unemployed homeowners in danger of foreclosure. He added $1 billion for neighborhood revitalization programs.
The money would come out of the $700 billion financial rescue fund. (more…)
Hmmmmmm! “…low-interest loans to unemployed homeowners”. That sounds very familiar.
2 Comments
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That article has it wrong. The money has more to do with assisting people in foreclosure than is presented here.
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Providing low-interest loans to the unemployed is dumber than the last low interest loan scheme. At least those loans went to people who had to prove an income.