1. A standard property tax deduction for filers who do not itemize deductions.
2. Bonds for refinancing sub-prime loans, mortgages for first-time homebuyers, and multi-famly rental properties.
3. Extending the net operating loss carry-back from two years to four years for businesses.
4. Raise the dollar limit on FHA insured mortgages.
5. A $7000 tax credit for new homeowners who buy foreclosed properties.
6. Community Development Block Grants for states to buy up and refurbish foreclosed homes.
7. Provide funding for programs to reduce foreclosures and provide mortgage counseling.

Regardless of who you think is responsible for the current mortgage and housing issues, it should be obvious that not all of these items actually address the issues.

On the property tax standard deduction – it is my experience that having a mortgage is what gets you to where you itemize deductions, so this would mostly benefit those who already own their home free and clear, not those struggling to make mortgage payments.

The tax credit for those buying foreclosed properties will benefit the banks which foreclose and further depress property values for everyone else. This will most likely increase the number of foreclosures, which does not fit with the stated purpose of the bill.

Extending the net operating loss carry-back period will allow builders to get back taxes they paid during profitable years. How does this help anybody but builders who don’t want to adapt to the market changes? It amazes me how the politicians most in favor of free markets and against welfare for individuals are the first to propose corporate welfare.