If anyone still doubts that government only intervenes in the economy to protect itself and reward politically-connected corporations, the ill-named Foreclosure Prevention Act should dispel any lasting misconceptions. The proposed bill would essentially steal money from homeowners and the general public in order to reward corporations and make the foreclosure process easier and more profitable for lenders.

Possibly the most corrupt part of the bill, though, is the large list of tax breaks that will be enjoyed by various industries -- but not homeowners actually facing foreclosure. Banks, mortgage companies, home builders, automobile companies and even the airline industry receive tax breaks and incentives.

For the builders, one of the provisions of the bill would allow them to go back in time to record current losses against their massive profits made during the boom. As these home building companies face bankruptcy due to the slowdown in the market, they will be able to claim tax refunds against past profits. This is a direct subsidy by government to corporations, allowing them to backdate losses they are experiencing as a result of the housing bubble they helped inflate.

Tax breaks for airlines and automakers make even less sense in the context of a bill ostensibly said to help families stop foreclosure. Both General Motors and Ford Motor Company will be able to collect nearly $40 million in tax credits. How this fits into a plan to prevent more homeowners from facing foreclosure is unexplained, especially as this provision of the bill allows the automakers to claim credits they would otherwise not be able to take because they did not pay enough in taxes in recent years to qualify.

The Foreclosure Prevention Act is little more than another example of hypocrisy by legislators to reward the same corporations who are most responsible for causing the housing bubble. After reaping record profits during the inflation of the market, they are now using money stolen from the people by the government to increase their profits on the way down.

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