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Bush Signs the Mortgage Relief Bill
By JLP | July 30, 2008
AFM reader, Beth, emailed me a copy of this article she found on Yahoo this morning. You can read the article here. This quote from the article is astounding (emphasis mine):
“We look forward to put in place new authorities to improve confidence and stability in markets,” White House spokesman Tony Fratto said. He said the Federal Housing Administration would begin to put in place new policies “intended to keep more deserving American families in their homes.“
“…deserving American families?”
According to Merriam-Webster, the definition of “deserve” is:
transitive verb
: to be worthy of : merit [deserves another chance]
intransitive verb
: to be worthy, fit, or suitable for some reward or requital
This kind of talk drives me nuts! This is all politics.
Here’s some of the provisions of the bill:
The measure includes $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners; $3.9 billion for communities to fix up foreclosed properties causing blight in neighborhoods; and $15 billion in tax cuts, including an expanded low-income housing tax credit and a credit of up to $7,500, to be repaid, for some first-time home buyers.
I’m curious as to how the $3.9 billion for communities to fix up foreclosed properties will be allocated. Someone’s gonna get rich off that deal. I’m also not quite sure what the $7,500 credit (to be repaid) means. Other articles I have read make no mention of the credit having to be repaid.
There’s also no mention of help for struggling homeowners like me who want to add on a master suite and put in a swimming pool. Darn it!
Topics: Housing Market, Miscellaneous |