Dodd-Shelby Housing Bailout Package

The U.S. Senate voted 83-9 to limit debate to expedite movement of the Dodd-Shelby Housing Bailout Package. The Bush administration has vowed to veto the measure, but even so there may be enough votes to get it passed.

The bill is controversial. There are allegations that BAC wrote the bill, and stands to gain the most by its passage. Here's an excerpt:

• "Bank of America stands to profit most from a bailout, after reexamining the bill, and not Countrywide. Countrywide is more like the pawn in a bigger game of economic chess (even though just over a year ago Countrywide was yet to feel any financial tumult from the pending subprime fallout). Bank of America is about to take on Countrywide's bad loans, and under Dodd-Shelby, it could shift the worst loans onto the shoulders of taxpayers, via the FHA; the FHA will buy the worst loans off of Bank of America, therefore, Mo