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Senate Announces Plan to Help Housing Crisis

News Flash: Plan to Help Housing Crisis Underway

Members of the Senate have been hard at work coming up with legislation that would help the hurting housing market and would also give some much needed assistance to families who have lost their homes or face foreclosure. The measure has not yet been approved and is still in the process of being drafted, but so far both sides of the Senate have agreed on "4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages and a $7,000 tax credit for people buying new homes or properties in foreclosure." I'm curious to see how much the final, approved bill will help the housing crisis. It's a wait and see situation, but I'm crossing my fingers the solution will make a positive dent.

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JaimeLeah526 JaimeLeah526 8 years
The government needs to stop denying that we're in recession. There is no way any of these measures would be needed if we weren't. I hope that people are finding ways to supplement their incomes so they can keep their homes. Personally I'd look for a second and third job and not care if it were retail or waitressing as long as I was making enough money to keep my house. I know that's not always realistic though. I've resigned to selling stuff on ebay to make some more money to build my savings.
sundrops sundrops 8 years
By combined, I should clarify, we're actually a one income fam.
sundrops sundrops 8 years
To bluebell HOLY CRAP!! We have a combined income of about $47K and are thinking a $150K home is about $10K too much!! That's RIDICULOUS!
bluebellknoll bluebellknoll 8 years
I saw on the news yesterday about a couple that is trying to fight foreclosure on their home. Somehow a couple years ago they managed to get a $340K loan when only having an combined income of $30K. COMBINED! WTF!?! And now the government is going to bail them out?!?! Maddening!!
princessjaslew princessjaslew 8 years
i agree. it sucks. but i think sometimes its from lack of education. those mortage lenders can get pretty pushy. and everyone wants to own their own home (well, most anyway) and when the opportunity arises, even if it may not seem right rationally, one's emotions get the better of you. and no government wants to say they stood by the sidelines while their people lost their homes.
Shopaholichunny Shopaholichunny 8 years
Ilanic that is EXACTLY what my dad was saying this morning. He said that the gov't is getting too involved. And you are soo right tiff. I'm sorry about your dad. :(
tiff58 tiff58 8 years
ilanac13, I heard a conversation about that issue last week. It's as if people who do pay on time, etc. are actually being punished. We don't get any help for doing the "right thing", but those who have overspent on their homes get help. I do feel for people who have lost their jobs- my dad is one of them. I just really don't know what the answer is.
ilanac13 ilanac13 8 years
i think that it's great that teh government is going ot do something like this - but what about those of us who bought properties recently and don't get the tax credit? i think that it's not necessarily the most fair way to do things when people who get mortgages that they can't possibly pay get help, but those of us who manage to ALWAYS pay on time and all that dont' get help. that's one of the things that REALLY PISSES ME OFF about our government. they bail out people who don't necessarily deserve it.
tiff58 tiff58 8 years
What did your dad say about it Shopaholic? I really don't know what to think. :-/ My intuition tells me that the market should fix itself...
Shopaholichunny Shopaholichunny 8 years
Dang my Dad was really upset about this situation this morning.
melizzle melizzle 8 years
This whole situation ticks me off.
SkinnyMarie SkinnyMarie 8 years
I wish there was an easier way to shop for forclosed houses. They don't list them with all other houses for sale, so its hard to find them.
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