Posted by
Always To The Right on Sunday, September 28, 2008 2:14:24 PM
Update: The funding of the Housing Trust Fund, the
slush fund that feeds ACORN and La Raza, is out. You can thank House
Republicans for enough obstructionism to get that result. Other
changes made to the final version of the bailout, according to a source
on the Hill, were the removal of several provisions:
- Provision to provide unions and other activist groups with proxy access for corporate boards
- Provision to mandate shareholder votes on compensation issues (union priority)
- Diversion of funds into a housing fund to support left-wing activist groups like ACORN
- A provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers
- A provision to require the government to sell to state and local
governments at a discount homes the government acquires as a result of
foreclosure
It also suspends mark-to-market rules and requires a study on their effects on the collapse.
Update II: Just to clarify, the bullet points are items removed from the plan. Sorry; it was very unclear.
Bailouts make strange bedfellows
Confirmed: ACORN provision was stripped from bailout bill