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It's not secret that H.R. 3221 is about to move on to the president for signing. What's less understood is that a section entitled "Hope for Homeowners Act of 2008" was written by Bank of America. The effect of the bill is to offload from lenders some $300,000,000,000 of some of the worst performing loans to taxpayers. Senator Dodd (D CT) introduced the bill stating there would be no investor bailout, but a reading of the bill shows clearly that's what it is. Dodd has been in the limelight more recently for improprieties related to preferential treatment he received from one of the main beneficiaries of this bill Countrywide … (6 comments)
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