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"A collaborative political resource." |
(Hurricane Katrina) Baker Buyout bill doesn't go far enough
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| Contributor | kal |
| Last Edited | kal Feb 01, 2006 02:22pm |
| Category | General |
| News Date | Feb 01, 2006 02:00pm |
| Description | The Baker bill has all but achieved that status of a sacred text.
It has become the rock on which our state is planning its rebuilding. But is our faith in it well-placed?
The bill, as reworked after some compromises, would ensure that homeowners get at least 60 percent of the equity they had in their homes, based on pre-Katrina values. Banks would get no more than 60 percent of what was owed to them by the owners of these homes.
The figures detailed in those compromises do not appear in the versions of the bill that you are apt to pull up in a World Wide Web search
"Prior to the inclusion of the 60 percent floor, it was always assumed in the drafting of the bill that the payments would be somewhere in the range of 80 percent, based on available funding, but also with the caution to folks that there was not the expectation that they would be made 100 percent whole," said Michael DiResto, a spokesman for U.S. Rep. Richard Baker, R-Baton Rouge.
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