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The short explanation of this alert was:

Now more than ever America needs relief from the housing and mortgage crisis. As many as 3 million families face foreclosure. In 2007 alone, 232,000 construction workers lost their jobs. And the crisis threatens retirement security.

Under a little-known provision of the Foreclosure Prevention Act, corporate homebuilders would get as much as $33 billion in tax breaks—even though they made billions in profits through subprime lending and speculative investors that helped create the current crisis.

The corporate homebuilding industry in America contributed to the crisis by taking advantage of a lax—and in many cases, fraudulent—mortgage environment. Homebuilders originated tens of thousands of mortgages each year in essentially every major market through their mortgage subsidiaries. The builders’ mortgage companies also pushed predatory and risky mortgage products. For example, 40 percent of the mortgages originated in 2006 by Richmond American’s subsidiary, HomeAmerican Mortgage, were interest-only ARMs.

Now, these builders are looking for a hand-out. Tell the Senate not to reward corporate homebuilders!

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