March 31, 2008

Fresh Joe

Credit crunch got your head spinning? Ours too.

While cJ can't help make head or tails of mortgage-backed securities or tell you where to - not - invest your pension, they least we can do is keep track of DC's attempts to keep the economy afloat.

This Week on Capitol Hill

Senators take another stab at passing a mini mortgage-rescue bill this week. The measure would give cities $4 billion to buy and turn around foreclosed homes and set aside $200 million for mortgage counseling as well as $10 billion to refinance homes. The likely deal-breaker is the power the bill gives bankruptcy judges, letting the courts renegotiate mortgages at lower pricetags and rates.

The House may okay a massive expansion of funding to fight AIDS and other disease in Africa this week, boosting support to $50 billion over five years.

Later this Spring

Although Congress will have its work cut out trying to triage the ongoing mortgage and credit crises, it'll also spend the next couple of months looking at: more funding for the Iraq war; a patent reform bill; alternative energy tax breaks; the farm bill and intelligence wiretapping rules.

If you want to let your Congressfolk know where you stand on any of the issues above, you can email them through Congress.org, because...

Hey, it's your democracy too.

- teamJoe

Next update: April 7

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