Most U.S. senators spent time during their recent Easter break with constituents, who are growing increasingly worried about the recession and a deepening credit crisis. But the senators must have seen more well-connected home builders and investors than average voters, given the legislation they offered up last week.

The bipartisan proposal unveiled last Wednesday —- which had been billed as a renewed effort to help out those most damaged by the subprime crisis, struggling homeowners —- turned out to be a massive handout to those who were among the prime architects of the housing bubble. Homeowners trying to fend off foreclosure will receive, by comparison, a pittance if the legislation passes in its current form.

Even worse is that some of these provisions could pump air back into the housing bubble. Even though construction companies engaged in overbuilding, inflating the supply of housing, home builders and related industries would get $6 billion in tax credits. If home builders are rewarded for creating too much inventory, what's to stop them from doing it again?

Then there's the proposed tax break of up to $7,000 for anyone who purchases a property in foreclosure. That benefits no one more than house-flippers, those who bought houses not to live in for years but to resell them quickly for a nice profit. The "flip-this-house" mentality contributed mightily to the housing bubble. Why reward that behavior?

The tax breaks will also help lenders, who often end up owning the foreclosed property. The legislation should have aimed to pressure lenders to renegotiate mortgages with homeowners trying to fend off foreclosure.

Instead, provisions that may have done that were minimized or killed off. Republicans killed a Democratic proposal, backed by consumer groups, to allow bankruptcy judges to restructure mortgages, lowering the principal and interest payments. Sen. Richard Shelby (R-Ala.) called the proposal a "deal-breaker" because, he said, it would bail out irresponsible borrowers.

The bill does include $100 million for credit counseling, a property tax deduction for taxpayers who don't itemize, $4 billion in bloc grants for municipalities to purchase and refurbish foreclosed properties and a $10 billion expansion of tax-exempt bond authority for states to help refinance subprime mortgages, the most promising lift for distressed homeowners.

But the bureaucracy that accompanies bonds will delay any assistance until it's too late for many.

Shelby and other senators denounce bailouts, but only if they're going to struggling homeowners. Bailouts and handouts for big shots are just fine.

—- Cynthia Tucker, for the editorial board (mking@ajc.com)