One thing it did was lower your taxes. Money Editor Stacy Johnson explains… (video runs 1:15)…
What do you think? Other than the tax breaks mentioned in the video, is the bailout bill a good thing, or a bad thing? Give us your comments by clicking the "comment" link below. your email address will NOT be published at this site!
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Now that a new President has been elected, the question becomes what kind of changes are we likely to see and how will the policies of the new Administration shape the different economic markets.
Will Obama help or hurt the real estate market?
According to a recent article in the Daily Real Estate News, the Obama Administration and the new Congress will quickly focus on regulatory reform of the financial services industry. The main thrust of the focus will be on "proper regulation of mortgage-and other asset-backed securities."
Of course Fannie Mae and Freddie Mac, currently under the long arm of the government, will be scrutinized as well. Are we to trust these same people to regulate these agencies again? Did you know that the securities and investment industry, including Fannie Mae and Freddie Mac, contributed close to $10 million to Obama's campaign?
What do you think? We'd love to hear your opinion, pro or con. Do you think Barrack Obama will be good, or bad, for real estate? Use the comment link below to sound off. And don't worry, even though your email address is required in order to post a comment here, it will never be published with your comments in order to protect your privacy. Hope to hear from you on this question.
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What will it take to get consumers off the sidelines to buy more houses and help stimulate the economy?
How about a mortgage at a 2.99 percent fixed rate for 30 years for anyone who purchases a home before July 1? Or how about a non-repayable federal tax credit of 10 percent of the home price up to $22,000?
Would enticements like these be sufficient to shift you into buying mode? Alternatively, if you preferred a plan that cost the Treasury less, would you go for a mortgage in the 4 percent to 5 percent range, fixed for 30 years, along with a $7,500 tax credit?
Though these may sound like wish-upon-a-star daydreams, some major housing groups are asking the incoming Obama administration to put hefty home buying incentives like these at the center of any national economic stimulus plan.
We'd love to get your feedback on this. Would any of these "real estate stimulus plans" entice you into the home buying mode of thinking? Sound off and tell us by clicking the comment link below. Your privacy is 100% protected, as no email addresses ever get published here by anyone commenting, even though it is needed to post your comment. We look forward to hearing from you on this…
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Online shopping has become a staple for many Americans, and that's especially true when the holidays roll around. But with that extra convenience can come extra risk. Money reporter Stacy Johnson has some tips to keep your online shopping safe. The video runs 1:31…
What about you? Where do you plan to do most of your holiday shopping? In stores, or online? We'd love to hear your plans. Just click the comment link below and sound off. Your privacy is 100% guaranteed, as we NEVER publish email addresses on this site.
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Fifteen months into the worst credit crisis in decades, major banks and the federal government are coming together on a solution for struggling mortgage borrowers.
The goal is to hasten the process for renegotiating hundreds of thousands of delinquent loans, either those held by major banks or held by Fannie Mae and Freddie Mac, the mortgage finance giants that faltered and were taken over by the government this summer.
Renegotiating loans for struggling homeowners has taken on more urgency as jobless claims rise and the economy declines. Housing prices continue to fall, leaving many with mortgages greater than the value of their homes, and banks continue to suffer major credit losses as a result.
The Federal Housing Finance Agency, the regulator for Fannie and Freddie, has announced its own sweeping plan.
The agency is targeting delinquent borrowers who haven't filed for bankruptcy. The goal is to modify mortgages for borrowers who can support payments but make sure those payments don't make up more than 38% of their income.
James Lockhart, head of the agency, urged U.S. mortgage servicing firms–companies that process payments of loans rather than owning them outright–to adopt the plan as a national standard.
For the government, halting the steady slide in housing prices is the holy grail of all of its big plans to prop up the ailing banking system. It is throwing trillions of dollars at shoring-up banks caught in the housing mess, but nothing has, so far, put a floor under the plunging housing prices at the heart of the credit crisis. Going at the problem from the perspective of a borrower is yet another way to achieve that end.
We'd love to know your opinion. Do you think this latest plan will do anything to halt this mortgage meltdown? Use the "comment" link below to tell us what you think.
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