Bush to coax Congress into mortgage deal

Bush to coax Congress into mortgage deal

I have a FHA home and started out with 5% interest rate, my interest rate is now 7.6% and this is because I am a “WORKING PERSON” and trying to better myself with making more money. My home is also a “single parent home loan” which means it is suppose to be affordable. I would be very interested in refinancing my home through the government program at a “FIXED RATE”.

The same people...

... , and they run the WBO, IMF, AND MOST OF THE GOVERNMENTS!

The history they have made, shows their intent is to keep you paying the maximum profits they can strip mine!

The Governments listen to them! The Governments bail the lenders out! The Governments assisted the campaign contributors of substance!

The Governments send you their best wishes!

Fearless W winnin' `em over...
;)
Mortgage rescue plan draws Senate support
Jul 8, `08 WASHINGTON (AP) - A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support, inching toward passage despite Republican objections.

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The Senate voted 76-10 Monday to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home loan giants Fannie Mae and Freddie Mac. Its centerpiece is a new $300 billion FHA program to allow debt-ridden homeowners who are currently too financially risky to qualify for government-backed loans to refinance into safer, more affordable mortgages.

The measure is on track for passage by an overwhelming margin, possibly by week’s end. It has survived several test votes in the Senate, repeatedly demonstrating that there’s enough support for it to override President Bush’s promised veto. But Sen. John Ensign, R-Nev., is blocking its progress because Democratic leaders have refused to allow a vote on attaching an $8 billion package of renewable energy tax breaks. Ensign has said he wants the tax incentives to hitch a ride on the housing measure because it has a good chance of being signed into law by Bush.

“This will be the major achievement and accomplishment of this Congress when it comes to dealing with the underlying economic crisis, which is at its heart the foreclosure crisis," said Sen. Christopher J. Dodd, D-Conn., the Banking Committee Chairman who wrote the legislation. Beyond the Senate, the election-year package still faces a tricky path.

More [url:
http://apnews.myway.com/article/20080708/D91PHQSO0.html[/url]

Senate Passes Housing Rescue Bill...
:cool:
Fighting Foreclosure: Senate Passes $300 Billion Housing Rescue Bill
July 11, 2008 - The Housing Rescue Package Still Faces Significant Hurdles

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A $300 billion mortgage rescue package aimed at struggling homeowners today received resounding approval in the Senate. In a show of bipartisan support, 63 senators voted for the bill while five voted it against it. But the economic lifeline may not reach desperate borrowers anytime soon because the House wants to change the legislation and President Bush has threatened to veto it.

The Senate bill, which is the result of months of debate, would allow subrprime borrowers at risk of foreclosure to refinance with mortgages backed by the Federal Housing Administration. The bill also includes $14.5 billion in housing tax breaks, such as a credit of up to $8,000 for first-time home buyers. The bill would create a new regulator for government-sponsored mortgage giants Fannie Mae and Freddie Mac, which this week saw their shares plummet amid concerns that they will have to raise more funds to cover growing losses stemming from the slumping housing market.

On the Senate floor Thursday, Sen. Chris Dodd, D-Conn., urged quick passage of the bill. “When you wake up in the morning and have a foreclosure, you have to face your children, have to face your spouse. Two-hundred fifty-thousand [people:
will do that in the month of June, and we’re still here debating this bill." “We can’t wait any longer," Dodd added later. “We’ve gone weeks now going through the parliamentary rigamarole here in the Senate."

More http://abcnews.go.com/Business/Economy/story?id=5357239&page=1

Now they bailin' out Fannie and Freddie...
:confused:
House OKs rescue for homeowners, Freddie, Fannie
Jul 23, `08 WASHINGTON (AP) - Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

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The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market. Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days.

The White House swallowed its distaste for $3.9 billion in grants for devastated neighborhoods. In return, the administration got both the power to throw Fannie Mae and Freddie Mac a lifeline and the legislation Republicans long have advocated to rein in the government-sponsored mortgage companies.

Treasury Secretary Henry M. Paulson and lawmakers in both parties negotiated the final deal. It accomplishes several Democratic priorities, including aid for homeowners, a permanent affordable housing fund financed by the two mortgage companies and the money for hard-hit neighborhoods. The grants are for buying and fixing up foreclosed properties.

More [url:
http://apnews.myway.com/article/20080724/D923TI9G0.html[/url]

Not what it appears at first glance...
:eek:
Beware the $7,500 'tax credit'
August 18, 2008: The housing rescue credit may prod some new homebuyers. But the money must be repaid, and the program probably won’t be enough to jump start housing market.

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Washington policy makers and housing industry insiders hope a new tax credit for first-time home buyers will get the moribund housing market moving again. But most analysts agree that the program is more of a band-aid than a cure-all for the battered real estate market. What’s more, others are quick to point out that the credit must be repaid, which means it’s actually an interest-free loan that could get some homeowners in trouble. “It’s one of those things that are more complicated than it seems at first blush, said Allen Fishbein, director of housing and credit policy for the Consumer Federation of America. “Consumers have to make sure they understand the credit thoroughly.

The $7,500 credit is for people buying their first homes, and was passed as part of the Housing and Economic Recovery Act of 2008 and signed into law in July. To qualify for the full $7,500, individuals must earn less than $75,000 annually, while couples may earn up to $150,000. Individual buyers with income of up to $95,000 and couples with income up to $170,000 are eligible for a partial credit. The Senate Finance Committee estimates that about 1.6 million people will use the credit.

The housing industry pushed for the program. “Breaking the log jam of unsold homes is something we are very much behind," said Richard Dugas, president of builder Pulte Homes, at a news conference to discuss the program. First time home buyers represented about 20% of the market for new homes in 2007. Realtors are also behind the credit. “[It:
will help chip away at inventory levels, stabilize prices and spur [sales] activity," said Richard A. Smith, CEO of Realogy, the parent company of both Coldwell Banker and Century 21.

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