Friday, January 25, 2008

WHAT THE POLITICIANS ARE WORKING ON…. Maybe


… I did predict there would be big changes what with a national election looming up…

  • A one-time $100-BB tax rebate and tax incentives for employers to hire more workers
  • Temporary cut in corporate income taxes
  • Emergency assistance for owners who need extra money to help with high heating bills this winter
  • Proposals to expand loan modifications and payment relief for borrowers heading for serious delinquency or foreclosure
  • Widening “rate freeze” mortgage relief programs beyond just sub-prime borrowers to ALL borrowers, including those with prime credit, who find themselves in trouble on their mortgages
  • $MM’s for new assistance for local nonprofit counseling groups who reach out and guide mortgage borrowers in danger of losing their homes
  • Federal Tax Code amendment allowing state & local housing agencies to issue tax-exempt bonds to refinance loans of troubled homeowners (not just assisting new home purchasers) at low, fixed rates
  • Moratorium on foreclosures nationwide and legislative amendment allowing bankruptcy court judges to unilaterally reduce homeowners’ mortgage debts to lenders… BUT there is non-acceptance for these two issues from bankers and the mortgage industry

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