The foreclosure rescue bill is almost a done deal.
Of course, President Bush is threatening a veto.
It’s absolutely amazing to me the things that can happen during an election year.
Here’s a brief summary of the bill that will affect all of us.
HUD will back $300 billion (that’s with a ‘b’) in nice new home loans that will be cheaper, of course. Those loans will go to the distressed borrowers who can’t qualify otherwise.
Where will the loan limits be?
$625,000?
$730,000?
They’re still debating about that. And as we know $730,000 just ain’t as much as it sounds with higher inflation.
There will also be $14.5 billion in tax breaks.
Will the real estate investors who played fairly and by the rules and didn’t contribute to this mess get any of those breaks?
I like what Sen. Mike Enzi, R-Wyo had to say about this windfall for distressed homeowners.
“They expect the federal government to turn their backs on responsible lenders and borrowers and renters waiting-waiting- to become first-time borrowers, and support those groups that have pushed our housing market into decline with bad loans and bad investments.”
Amen.
Where will the money come from?
Part of it will be the losses lenders will have to take. The rest will come from you and me, the taxpayers.
And oh, yes, the distressed borrowers will have to give back part of the profits they make on their homes when they finally sell them. Yeah, right.
This may be off the subject just a tad, but what about those mysterious Countrywide loans allegedly made to Sen. Dodd and Sen. Kent Conrad? Hmmmm?
So I'm still trying to figure all of this out, and perhaps I'm not alone. It just doesn't make a whole lot of sense to me. And I still have questions.
Why can’t the government allow these real estate markets to correct themselves?
Where will this so called bail-out end?
And what about the other distressed Americans? Those with bad credit card debts and gambling debts?
Shouldn't they be bailed out also?
One thing sure and certain. The government can’t keep on printing extra money forever.
Read more about the foreclosure rescue bill in housing rescue plan passes key senante test
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