Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (114048)	4/1/2008 6:09:22 PM
From: Elroy Jetson	Read Replies (6) \| Respond to of 306849

The Senate "foreclosure relief" bill would help everyone . . . except home owners, . . . especially not home owners in foreclosure. The proposed bill will help Banks and Home Builders, while permitting individual States to help home owners out of their own pocket, if they wish to. #1 sounds like a bank subsidy program so lenders don't have to lower the price on their REOs as much. 1.) Democrats also want to provide $4 billion to states to buy up and refurbish foreclosed homes, a plan that the administration opposes as a bailout for lenders and speculators. #2 is another bank subsidy program so so lenders don't have to lower the price on their REOs as much. 2.) The upcoming bill also is sure to attract a GOP amendment by Sen. Johnny Isackson of Georgia to award $15,000 tax credits to people who buy and move into foreclosed homes. That would sharply boost demand, Isackson says. Lawmakers in both parties support the idea. #3 is yet another bank subsidy program so so lenders don't have to absorb any further losses. 3.) The measure is also likely to include a plan by Dodd to have the Federal Housing Administration guarantee hundreds of billions of dollars worth of refinanced loans if lenders reduce loan amounts to reflect reduced home values. The measure would force banks to make less money on the loans but would also reduce their credit exposure. #4 is a home builder subsidy 4.) permitting homebuilders and other money-losing businesses to reclaim previously paid taxes. #5 is the Federal government allowing States to give home owners subsidies at State expense if they wish to. 5.) letting states issue $10 billion in tax-exempt bonds to refinance subprime loans. Now #6 would have been actual relief for actual home owners, excluding investors, but of course this part is dead. 6.) dropping a Democratic plan — strongly opposed by Republicans and President Bush — to give bankruptcy judges power to cut interest rates and principal on troubled mortgages. news.yahoo.com .