U.S. House Passes Housing Rescue Bill

fairbanksb

fairbanksb

Freedom Isn't Free
http://www.foxbusiness.com/story/markets/economy/house-passes-housing-rescue/

Wednesday, July 23, 2008
U.S. House Passes Housing Rescue Bill
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Associated Press


The House Wednesday approved major housing market rescue legislation that would bolster Fannie Mae (FNM: 15.00, +1.59, +11.85%) and Freddie Mac (FRE: 10.80, +1.10, +11.34%), set up a new regulator for the two mortgage giants, and create a fund to help thousands of distressed homeowners refinance their mortgages.

The bill will go next to the Senate, where Democratic leaders are urging prompt passage to send it on to President Bush, who said Wednesday he will sign it.

With foreclosures up and home values down, the deepest U.S. housing slump in decades has triggered a global credit crunch and threatens to drag the nation's economy into recession.

The sweeping bill also would provide tax breaks to spur home buying, send grants to cities and states to buy and repair foreclosed homes, and set up the first national licensing system for mortgage brokers and bank loan officers.
 
D

Double_A

TB Fanatic
Gee too bad I didn't have any of that 25 yrs ago when I got my place.

First you had to be pre-qualified. Then of course they wanted credit reports, income tax returns, income verification, verification of assets, sign over your first born child, pay off your credit cards, employment verification (you jobs last ten years, how long you've been there) For both you and your wife. Then that went to the loan committee who sat down every two weeks and went over everything.

Now people walked in and said I wanna house, and these real estate and loan people said "sure you DESERVE the American dream, sign here it's all yours".

This whole thing sticks in my craw. Lot's of people did things they all knew were either unethical or illegal. Now not only are they not going to pay for it they will get rewarded. :shk:
 
O2BNOK

O2BNOK

Veteran Member
This whole thing sticks in my craw. Lot's of people did things they all knew were either unethical or illegal. Now not only are they not going to pay for it they will get rewarded.
Click to expand...

Same here... I feel almost stoopid for finding a place I could afford and paying it off a bit early. What was I thinking?
 
Hfcomms

Hfcomms

EN66iq
The patient is committing suicide. You can lock em up, get them counseling and put them on meds but if they are bound and determined to kill themselves you ultimately can't stop them. And thats exactly what we as a nation have been doing.
 
Hiding Bear

Hiding Bear

Inactive
Latest media reports are still vague as to what is actually being voted upon in regards to F & F.

Since there is no word that this bailout will cost F & F anything except more supervision, I am disappointed. A standby line of credit for a major company with at a bank, for example, may cost them 1/4% of the standby amount annually. Why does F & F get this bailout for free? Why should their stockholders benefit at the expense of taxpayers?

Also this should not be compared to previous company bailouts, like Chysler, which were much smaller and did not involve buying stakes in the company. Since even the CBO said F & F could lose more than $100 billion, for the US to buy any stake in F & F should be viewed as a potential total loss.
 
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