Thread: HR 3221 - Housing and Economic Recovery Act of 2008

HR 3221

A stellar example of why the US government is forbidden by the Constitution from getting involved in local issues such as housing.

First off, if you're not a law perfessor, you can't read the damn thing.

And hidden in here is a cute little tax. 0.42 percent of every $100,000 of new mortgage money, $420, or $2100 for a $500,000 mortgage, will go towards the "Housing Trust Fund" of Fannie Mae.

So people buying a house get to buy two houses, one for them, and part of one for some bum that shouldn't be buying a house because he can't actually afford it.

Is it me or is Barney Frank an idiot?

Bloomberg News

I read this, it took a couple of days, right now it means shit as the government has changed the rules. Hell if you thought this was bad, read the newer stuff. This bill/law was null and void when it was written!