Yesterday was a busy day in our nation's capital. The Senate overwhelmingly passed a housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for Fannie Mae and Freddie Mac.
In an effort to offset the rising rate of foreclosures, The Housing and Economic Recovery Act of 2008 was passed by the House of Representatives. This bill would avail up to a $7,500 tax credit for first time home buyers through June 2009. Hopefully the Senate will quickly act upon this bill and President Bush will pass it into law to further stimulate the stagnating housing market.
Thanks for clearing that up. One minute I hear Fannie Mae and Freddie Mac saying they're sound and won't need any help, then the complete opposite. Hopefully when it's passed, it's structured to actually be of assistance.
It is evident that we need the governments help as this situation is reaching national crisis level.
By the way do you use an outside blog in addition to AR?
Debbie: It will be interesting to see what type of effect this will have on the market. I wonder how they will qualify first time home buyers? As an example, if a husband owned a house before; and a wife has never owned a home; are they considered first time home buyers when they buy together? You know these type of questions will come up.
www.kathytorline.com
Trunda - I guess we'll see, but the more I read on this bill the less effective it sounds.
James - If you mean the outside blog offered through AR...yes.
Kathy - I'm sure there will be many questions.
Debbie, fingers crossed, the economy could use all the help it can get.
Duane - I would like to think so but after listening to this, not feeling real upbeat.