Monday, January 21, 2008


And I did predict there would be big changes what with a national election looming up…

  • A one-time $100-BB tax rebate and tax incentives for employers to hire more workers
  • Temporary cut in corporate income taxes
  • Emergency assistance for owners who need extra money to helpwith high heating bills this winter
  • Proposals to expand loan modifications and payment relief for borrowers heading for serious delinquency or foreclosure
  • Widening “rate freeze” mortgage relief programs beyond just subprime borrowers to ALL borrowers, including those with prime credit, who find themselves in trouble on their mortgages
  • $MM’s for new assistance for local nonprofit counseling groups who reach out and guide mortgage borrowers in danger of losing their homes
  • Federal Tax Code amendment allowing state & local housing agencies to issue tax-exempt bonds to refinance loans of troubled homeowners (not just assisting new home purchasers) at low, fixed rates
Moratorium being discussed on foreclosures nationwide and legislative amendment allowing bankruptcy court judges to unilaterally reduce homeowners’ mortgage debts to lenders… BUT there is non-acceptance for these two issues from bankers and the mortgage industry

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