The National Association of Homebuilders, who cut off funding to their poodles in Congress a few months ago, get their little bitches back in line

Ah, ya gotta love our Senate. The best that the REIC could buy. Harry Reid? Corrupt. Chris Dodd? Corrupt. Mitch McConnell? Corrupt. Chuck Schumer? Corrupt.

And the National Association of Homebuilders? Happy as a clam now that their poodles have rewarded them for stupid behavior with a massive tax break.

Vote 'em out folks. All of 'em. Our leaders have been corrupted by the REIC. The House and Senate have been sold to the highest bidder. If they don't want to reform, if they don't want to cut off the REIC money, then the voters need to do it for them.

It's time to throw the bums out. And maybe arrest a few of 'em too. This should ENRAGE YOU.

Builders Get Breaks From Congress - Builders, Mortgage Companies Get Additions, Subtractions They Asked for in Senate Housing Deal

Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.

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.

Earlier this year, the builders' trade group was so dissatisfied by lawmakers' actions -- notably not including the tax provision in the economic stimulus bill-- that it snapped shut its political purse. NAHB said it would stop making contributions to congressional candidates "until further notice."

Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics.

It's not clear if the new plan will kick back open the coffers.

Other big beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley. In fact, any company now struggling after years of healthy profits that pumped up their tax bills could benefit.

Everything that's wrong with US politics today is represented by Senator Chuck Schumer, the rent boy of JP Morgan, Goldman Sachs, Citigroup and more

Senator Charles Schumer is simply an obedient little rent boy servicing his big investment bank masters, doing their bidding regardless of what's best for his constituents and America.

Chuck Schumer is shamelessly and obviously corrupt. But the entire US political system has been corrupted by a campaign financing system run amok. Now Schumer (and his best buddy Ben Bernanke) are calling for corrupt and deceptive house-of-cards Fannie Mae to take on $1 million Jumbo loans .

Sick folks. The system is sick. And Schumer represents the disease.

CHARLES E. SCHUMER: CAREER PROFILE (SINCE 1989)
Top Contributors

1 Goldman Sachs $458,440
2 Citigroup Inc $399,716
3 JP Morgan Chase & Co $325,200
4 Morgan Stanley $298,946
5 Bear Stearns $230,350
6 Merrill Lynch $226,150
7 UBS Americas $222,000
8 Credit Suisse Group $199,044
9 Lehman Brothers $181,450
10 Time Warner $167,500

And in related news:

Schumer wants Fannie and Freddie to be able to take on $1 million loans

If Bernanke's congressional brain fart becomes law, taxpayers will no longer just be serving as the backstop for private companies charged with assisting in the national goal of expanding affordable housing. (That was the original mission of Fannie and Freddie, as pointed out by the good folks at Housing Doom, who brought this story to my attention.) Nope, if Ben gets his way, you and I will be forced into the business of guaranteeing loans for Americans who simply have to have that 4,500-square-foot McMansion.

It shouldn't surprise anyone that Sen. Chuck Schumer (D-N.Y.) thinks this is a peachy idea. Chuck -- who, of course, said absolutely nothing about the problems and excesses in lending while the housing bubble was inflating -- has been making hay about the correction for months.

That's understandable. After all, his Wall Street constituents -- Citigroup (NYSE: C), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and Wachovia (NYSE: WB) -- need a major metaphorical Heimlich to save them from choking on a diet of bad-loan dog food of their own making.

A taxpayer-sponsored plan to let Fannie and Freddie buy up big loans would certainly help them out, providing the "liquidity" that real investors -- quite rightly -- are loath to provide these days.