Housing Bill Benefits Many: What's In It For You?

If you are ignoring the housing bailout bill because you think it benefits only troubled homeowners, you may miss out on a windfall.

The bill, expected to be passed by the Senate in the next few days and then signed by President Bush, does offer incentives to certain overextended borrowers and their mortgage lenders.

But it also includes many handouts to first-time homebuyers, longtime homeowners, returning veterans and senior citizens seeking to tap their home equity without getting hit with big fees. Millions of people have the potential to benefit in some way.

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Comments

[Troubledwawa]

I used to have respect for the NY Times, until I read this article.

Did they forget to report that the IRS now gets a report on every credit card transaction?

Did they forget to report that everyone in the mortgage industry now has to be fingerprinted?

The bill was HR 3221 - you'll want to do your own research on this one.

P.S. Anyone remember the FISA vote?

[leftLibertarian]

Dear Big Mommy Government:

I'm in debt over my head so pleas pay for my credit cards and student loans.

Your loyal citizen Kane

[dadw5boys]

HMMM......­..........

Who thinks people will rush to buy homes where people can't afford to pay rent or house payments.

unles they intend to live there this would be a investment that will be a loser for many years.

[brooklyncitizen]

Half-empty kind of analyses.

Depending on where you live properties are a real bargain; especially with the number of foreclosures.

[Troubledwawa]

I can see you haven't seen the foreclosures.

[KYJurisDoctor]

Good bill for borrowers facing foreclosure; BAD bill, if it bails out "FREDDIE" and "FANNIE" MACS and MAES!

[UnbiasView]

Fannie & Freddie are arms of the government, something you probably didn't know. They were started by government and have always had the financial backing of the government.

[wdw101]

it is bad for everyone.......it allows debtors to stay in too deep.....does not allow housing costs to reset......does not allow foreclosed property buying opportunities ......cost too much to the tax payers

[dadw5boys]

FANNIES MAE AND FREDDIE MAC NEVER ASK FOR THESE LOANS THE GOVENMENT FORCED THE LOANS ON THEM TO BAILOUT INVESTORS!!!!!!!!!

THE GOVERNMENT WILL NOT ALLOWED FANNIE MAE AND FREDDIE MAC TO PERSUE FRAUD CHARGES EITHER!!!

THE FBI MUST INVESTIAGTE THEM!!!!!!

STRANGE THE FBI REFUSES TO GO AFTER ANYONE BUT THE HOMEOWNERS AND NOT THE INVESTORS WHO HELD 90% OF THE LOANS.

[joebaggadonuts]

Hmm. I have a concern here. The "additional" benefit to non-itemizers is limited to actual expenses. So then, why not itemize? Have they thrown us a sucker punch here and limited the deduction itemizers can take on mortgage interest now?

[CharlesMac]

We still have the election year as some insurance that they would be careful to not pull something like that. However, I read into it the same way you did, and those nitwits are capable of anything. Sometimes intentionally, sometimes because they hustle through Get-Me-Reelected bills so quickly, nobody realizes there are unintended consequences. Every time they screw with the tax code, somebody ends up getting screwed. Which then takes another 4 years to straighten out.

I'm really getting p*ssed about these bailouts. I don't want to see people homeless and bankrupt because they made one stupid mistake. But, there is a perk for virtually every age group and income in this bill. Except, the Average Charlie who is fighting like hell paying/paid off his mortgage.keeping his debt low, and trying to not to have more month than monthly budget.

Which I think there is a lot of us.

There is easily going to be $300B+ covering defaults, and reserves for guarantees tied up in this. The lenders are going to get a bonus because they have a huge spread in mortgages. And anybody who is going to take a house out of inventory, or keep one out, is going to get advantages unavailable to people who played it straight.

The point being that the bill for this crap, which we will all share, seems to be endlessly growing.

Next we are going to have to bail out the FDIC.

This sucks.

That is all.

[evahartselftlanguages]

TO: Both Houses of Congress Congress Approves Housing Rescue Bill July 25, 2008


If we help other bad people who mishandled their mortgage loans, then it follows we should help other people who you may think are bad. I don't believe all poor are bad for even in Bible it says that,"The rich are wise in their own eys, but the intelligent poor sees through him." I quit evil jobs and found no one to help me with money for job faxes, EDD moved way out to Army street, and restrooms in Sfc make you pay to use restrooms, can't leave job resumes at companies, etc., There was obviously nothing in this for me since no one has addressed the problems and it has cost me money to pay into Social Security, etc. Still no one has helped me. In Bible it says in Isaiah I redress wrongs. Constitution too. This means too that I could not continue to give to the James Robison Christian org to help starving children in Africa. Let's choose a leader who decently cares for children and all peoples.

Proverbs 29:14 A King Keeps His Throne Forever If He Cares for the Rights of the Poor."

Eva Hart A Christian In Army from 62-70 670 Eddy St. Sfc 94109 Rec job Sec of Def 64

[evahartselftlanguages]

TO: Both Houses of Congress Congress Approves of Housing Rescue Bill July 25, 2008

Let me clarify and make clear a mistake I made in above post today. It is business companies make you pay to use restrooms.

Eva Hart A Christian In Army from 62-70

[evahartselftlanguages]

TO: Both Houses of Congress Congress Approves Housing Rescue Bill July 25, 2008


Well, here is some new information reference my posts in other Housing Rescue Bill from yesterday.
Sadly, we need to be consistent with people.

From The National Coalition for the Homeless nationalho­meless.org in Dream Denied it states,"One has Food Rights for there is also a International Human Rights between nations as 20 other nations have estabished Food Rights,sleeping outdoors rights when shelters full and violates Cruel and Unusual Punishment in Constitution. People can panhandle since this is violation of First Amendment in Constitution of Freedom of Speech when restrict person to much. All this just plain decent as well.

In Atlanta,Ga Katrina victim was arrested even though proved he was a Katrina evacuee. And City Council have banned supportive housing inside city limits and still cruelly prevented panhandling with the Katrina catastrophe. In Pittsburgh,Pa a poor person cannot panhandle around outside cafes,nor 25 feet from a religous assembly, nor 10 feet from bus stop or food vendor.

Sirach 4 Catholic verse states,"Despise not a beggar for if in his soul he curse you the Lord will hear his prayer."

Proverbs 29:14 A King Keeps His Throne Forever If He Cares for the Rights of the Poor.

Eva Hart A Christian In Army 62-70 670 Eddy St. Sfc 94109 Rec job Sec of Def 64

[All57States]

This is what Congress needs to get their approval up as election nears, more handouts.

[UnbiasView]

Here is the bottom line with this bill:

If you benefit from this you are one of the stupid Americans and should be ashamed.

[H2O]

Dip - You calling me a stupid American - as you rich-greedy say.

I'll have you know - I paid 580 a month to a stupid rich-greedy for-sale by owner - and he ripped us off for 15,000 - on this house.

So before you go calling Americans stupid - you might want to know all there stories.

[UnbiasView]

"I paid 580 a month to a stupid rich-greedy for-sale by owner - and he ripped us off for 15,000 - on this house"

Did he force you to buy that house?

[Jond0]

What does this even mean? That you didn't research how much the house was even worth before you bought it, and now you want a government or bank refund? I'm not even conservati­ve/liberta­rian, and I don't agree with you.

Should ebay buyers also get reimbursed for getting excited and bidding up an item more than it is worth? Or stock purchasers, new car buyers whose car depreciates, etc... ad nauseam?

[holeybuybull]

All americans are victims, and simultaneously all are heroes. Am I missing something here?

[wdw101]

for-sale by owner sales are to people that can get loans anywhere else.....first flag.....tell me how he ripped you off.....

[holeybuybull]

Congress is going to pass the bill, and W's going to sign it. Obviously, the "little people" will be fortunate if they even get the "short end of the stick". Nothing this government does is for the benefit of it's citizens. Wake up!!!

[robinhood2]

"If you are a homeowner who takes the standard deduction on your federal income taxes and does not itemize, this one is for you. You can now take an additional federal tax deduction of $500, or $1,000 if you are married and filing your tax returns jointly. Again, this one is gravy; you get it in addition to the standard deduction." This deduction will benefit the millions of taxpayers who don't itemize, but still pay property taxes. I'm not sure why this deduction was added to the bill, but since I qualify, I'll take it. This new deduction reminds me of the famous Bismark quote that the average person should not watch while sausages and laws are being made.

[americaforme]

A new package all dressed up for the loosers, you Mr.&Ms. average American...A new slice and dice game for Corrupt Business. Some more hanky panky from Wall Street...Congress is obsene if they pass this one, a wolf in sheeps clothing.

[wdw101]

well demoncrates are in charge now......we will see........yes I did mean demon

[RTIII]

I don't want this bill. Can we still stop it? (I"m pretty preoccupied at the moment... Guess I ought to get off my duff and find out where this bill is in the process...)
.

[EinChicago]

It's passed in both houses and will likely be signed today or Monday. It's a done deal.

[UnbiasView]

Thanks Barney Frank :)

[OneVoiceInACrowd]

Hmm, my hopes were up at first, but now after reading it they are dashed once again. A $7500 tax credit (although in this case an interest free loan) will help very little in getting me into my first home. If home prices were to fall another 10% I would have a much better chance. Wonder what I am hoping for?

[spqesq]

Wait. They'll be down 20% in the next 6 months.

[EinChicago]

And the world will be raining fairies and rainbows. nationally, they're nowhere close to being down that level after 2 years of falling house prices. If they drop another 20% in 6 months, you're talking armageddon. A few bubble areas have dropped more than that,. but they're already bottoming out as vulture investors flood in.

[hoopesaz]

Sounds wicked expensive to me. Sounds like one hell of a hand out.

[UnbiasView]

Wait until you get a whiff of Obama's global poverty act, the bill on that one is about $900 billion.

[sandiegoconservative]

It does not benefit me at all. I was responsible from the start, so that rules me out.

[Pquilson]

Feel not alone. I was an idiot too. Built what I could afford to pay for, and paid for it. Now, no mortgage, no car payments. What an idiot I was, doing the responsible thing. Turns out, I could have been irresponsible, bought too much house, and expect all the taxpayers to bail me out.
Oh well, I sleep well, knowing I did the right thing.