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mortgage fix: Senate makes headway on housing fix - 04/07/08 10:49 AM
Senate makes headway on housing fix
I know, I know.. another boring post about politics! I am sorry, this stuff intrigues me:
Last Thursday the Senate began debate on a $15 billion bipartisan housing relief package. Democrat and Republican lawmakers have been facing "election year pressure" to respond to the foreclosure crisis. The package could get a final vote this week.
There is a need for haste as housing experts agree the bill must be signed into law by July to prevent a substantial number of foreclosures in 2008.  1.5 Million  subprime ARMs will reset this year with May and July being the peak … (1 comments)

mortgage fix: HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix - 02/26/08 11:31 AM
HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix
1) Proposes a revision to the U.S. Bankruptcy Code that would allow judges to lower interest rates and reduce the balance on troubled borrower's mortgages.
2) Mandates $200 million towards foreclosure-prevention counseling (Doubling current funding).
3) Allows states to issue more tax-exempt bonds so housing agencies can help homeowners refinance.
4) Supporters, including the bills author Sen. Richard J. Durbin (Ill.), feel this could prevent as many as 600,000 homeowners from losing their homes. Supporters include most Democrats, labor unions, consumer advocates, and civil rights organizations such as: AARP, The Center for … (2 comments)

 

Chris Breck, Advantage Title Company

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