MASSIVE Housing Bailout
MASSIVE Housing Bailout about to happen
It used to be that the object was to pay off your mortgage, hence “the mortgage burning party”, now increasing your servitude to the government/bank by 40 years is a reason to rejoice? In essence, this will make many into permanent renters of their your own homes!
Yes, yet another great government idea, kind of like ‘interest only’ payments were. Great job government and banks . . . on keeping people in debt even longer. Democrats don’t believe in personal accountability. The government is just kicking the can down the road… This is not going to end well, apparently no one is held accountable for their actions anymore. Read more 
Home Refinance and Loan Modification Plan
The Obama Administration released detailed guidelines for homeowners to help them determine if they qualify for the Administration’s new Making Home Affordable plan to stem the current tide of foreclosures and stabilize the nation’s housing markets.
The hyper-links below will help the reader with some of the major questions dealing with this new homeowners program:
To find out if you qualify for either the Making Home Affordable Refinancing Program or the Loan Modification Program please click on the appropriate link below:
Find Out If You Qualify For the Making Home Affordable Refinance
Find Out if You Qualify For the Home Affordable Modification
Please find a list of useful resources below:
Making Home Affordable Summary of Guidelines
Making Home Affordable Borrower Q&A
Making Home Affordable Detailed Program Description
Home Affordable Modification Program Guidelines
Press Releases
Treasury Press Release
Fannie Mae Press Release
Freddie Mac Press Release
Important Contact Information:
Fannie Mae
– 1-800-7FANNIE (8am to 8pm EST)
– www.fanniemae.com/homeaffordable
Freddie Mac
– 1-800-Freddie (8am to 8pm ESP)
– www.freddiemac.com/avoidforeclosure
In addition, the Government warns homeowners to beware of foreclosure rescue scams:
– There should never be a fee charged for information or assistance regarding the Making Home Affordable Program.
– Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your home. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
– Never make your mortgage payment to anyone other than your mortgage company without their approval.
San Diego California real estate agents
Recent Related Posts:
New Mortgage Help for Homeowners
San Diego Real Estate & Mortgage Views
HOME EQUITY CASH-OUT AT EIGHT-YEAR LOW
San Diego Real Estate Recovery?
Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
Another Senate amendment 353, a proposal by Senator John Ensign (R-NV) if passed, would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of the current stimulus bill they could have a tremendous impact on our industry. Here in San Diego, we could see an immediate and dramatic turn-around in real estate. San Diego Realtor
Next … Direct Housing Bailout?
National Association of Realtors and the National Association of Home Builders are calling for another stimulus package aimed directly at assisting home buyers. Well, why not? We are bailing out Wall Street, foreign investors, banks & insurance companies.
Why not? The recent pick-up in real estate sales in the last few months show that the system works without government interference. In any area, when home prices reach a level considered to be good buy, people will step up and buy.
Sooner or later, housing prices, like water, will find their own level. That level is what people can afford to pay, not what the government can borrow and lend to them to make a down payment. Unfortunately, in many areas, it appears that we are still some distance away from housing prices finding their level.
For those who think a government intervention is the only way out, I would say do it without direct taxpayer money. The undisputed key to this recovery is housing. If the government truly wants to ignite a fire under the housing market, I personally would propose a very simplistic approach that would have immediate results.
The government should pass a bill that allows any home purchaser, owner-occupied or investor buyer, who buys a residential property within the next two years and holds that property for a minimum of three years (and a maximum of ten) to be free of federal capital gains taxes upon selling the property. The potential, tax-free profits on my idea would be a huge incentive for investors to jump back into the residential housing market. This increased demand would clear the built up housing inventory in a matter of months for most areas.
Some prior posts on the government bailout:
Real Estate Bailout Bill — How They Voted
So Much For The Bailout
Housing Bailout & Your Vote
#1 EZ Fix to The U.S. Housing Market
Emergency Rescue Package – The Devil’s in The Details
Are the Rating Agencies at The Cause of Our Financial Mess?
Housing Bailout – The Real Cause?
Government Bail-Out – Risk & Reward
Summary of the “Housing and Economic Recovery Act of 2008
Second Home Foreclosure Tax Penalty
san diego commercial real estate
Real Estate Bailout Bill — How They Voted
The vote Friday by which the House approved a $700 billion government bailout bill: Voting yes were 172 Democrats and 91 Republicans. Voting no were 63 Democrats and 108 Republicans.
The following statement was presented on the floor of The House of Representatives after Congressman Kucinich voted against the Wall Street bail out plan, H.R. 1424, the Emergency Economic Stabilization Act of 2008: The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago. I
t is the same bill plus hundreds of new pages for hundreds of millions of tax breaks. What does this have to do with the troubles of Wall Street? Driven by fear we are moving quickly to pass a bill, which may produce a temporary uptick for the market, but nothing for millions of homeowners whose misfortunes are at the center of our economic woes. People do not have money to pay their mortgages. After this passes, they will still not have money to pay their mortgages. People will still lose their homes while Wall Street is bailed out. San Diego Realtors
So Much For The Bailout
Wall street voices its opinion of the Government bailout. First it was the Government cash taxpayer rebate. Then we had a Government housing bailout effective October 1, 2008. Then, in a third step, the Government bailout program known as the "rescue bill," signed into law on October 5, 2008.
During the three business days after the latest bailout bill was voted on, Wall Street & all other world marketssaw huge declines. Note the Dow Jones Index chart shown below:
Now, Obama is already proposing another bailout plan. I would suggest that just like the Rocky movies, we name these new bills, bailout #1, bailout #2, bailout #3 … It would be much easier to reference these different bills if each was numbered.
I venture to say that somewhere around bailout #4 or #5 (the P.C. name of the next bill will most likely be "The neighborhood village revitalization Act") we will finally see the Government's real end-game: Behind on your home payments? Not to worry, we will rewrite your loan to the new depreciated value of your home and reduce your interest rate to today's rate. Plus, we will extend the 30 year term to 60 years to lower your monthly payments. If you cannot make your new drastically reduced payments, just pay what you can and we'll make up the difference by again extending your payback period beyond the sixty year term. Did I hear anyone say 100-year home mortgages?
Naturally, you can keep the new speedboat and SUV you purchased with your original home equity loan.
Housing Bailout & Your Vote
#1 EZ Fix to The U.S. Housing Market
Emergency Rescue Package – The Devil’s in The Details
Are the Rating Agencies at The Cause of Our Financial Mess?
Housing Bailout – The Real Cause?
Government Bail-Out – Risk & Reward
Summary of the “Housing and Economic Recovery Act of 2008
Housing Bailout – The Real Cause?
Being a real estate broker for over three decades, I can unequivocally state that the basic facts in this video are correct. Today, everyone is blaming Wall Street or dishonest mortgage brokers. But, one has to trace back the real cause that allowed this to occur.
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Also, be sure to read these related posts:
Real Estate Emergency Rescue Package – The Devil’s in The Details
Are the Rating Agencies at The Cause of Our Financial Mess?
The Paulson Plan – Still Wrong
Government Bail-Out – Risk & Reward
Housing Bail-Out … Pass or Depression