Last week, U.S. Representative Elijah Cummings (D-MD) introduced “The Preserving Homes and Communities Act of 2011″ (H.R. 1477). The bill would provide $1 billion for the National Housing Trust Fund from profits made from the sale of warrants that the federal government received from banks that benefited from TARP bailouts. So far, the sale of warrants has generated $8.5 billion in new revenue to the federal government. The bill has 27 original co-sponsors and is the companion bill to S. 489, introduced Sen. Jack Reed (D-RI). Read More…