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AABL News Digest
Plan Emerging for Gulf Coast - Finally
- Politics/Government
The future of Gulf Coast residents and business owners displaced by the hurricanes of 2005 remains uncertain. Lawmakers agree that something must be done, but so far, there’s no set plan. A bill introduced by Rep. Richard Baker (R-La.), proposes a $30 billion federal buyout. Under the plan Congress would create an entity called the Louisiana Recovery Corp. to purchase property from willing sellers at no less than 60% of its equity based on pre-hurricane values, and settle mortgages at up to 60% of the loan obligation.

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