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Developer bailout bill offers a sordid case study (ajc)

Republicans at the state and federal level have not exactly been sympathetic
to the plight of millions of homeowners who are struggling to pay off
mortgages on houses that may have lost 30 percent or more of their value. In
general, They take the stern approach: If you borrowed the money, repay the
money. If you can't repay the money, too bad. Hit the street.

However, it's downright amazing how quickly that tune can change when it's
rich people who might need help.

Consider Senate Bill 448, which passed the Georgia Senate earlier this year
and is now making its way through the House. If enacted into law, it would
give large real-estate developers a way to retroactively dump much of the debt
that they have personally promised to repay to banks in the state. It's a
pretty astonishing little piece of legislation.

(The bill was introduced by Sen. Don Balfour, a Gwinnett Republican and the
chairman of the powerful Senate Rules Committee. It's certainly not hard to
think of …

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