bailout: Obama Pledges $1.5B for Unemployed and Underwater Homeowners
- 02/22/10 09:43 AM
The administration announced a new initiative Friday to help the nation’s hardest hit housing markets. President Obama has allocated $1.5 billion in aid for states where unemployment is high and home prices have fallen more than 20 percent in the aftermath of the housing bubble.
Home prices across the country are beginning to stabilize since the administration’s economic policies began to take effect almost a year ago. But local conditions vary considerably, and the administration says the legacy of price declines, together with the effects of high unemployment, means that many homeowners in especially hard-hit areas are still facing serious … (3 comments)
bailout: U.S. Loan Effort Is Seen as Adding to Housing Woes
- 01/06/10 08:15 AM
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good. Since President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes. As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their … (1 comments)
bailout: Home construction: Builders step in to take over where others failed
- 01/05/10 06:11 AM
If you listen closely, you can hear the faint sound of crews delivering drywall and carpenters firing nail guns. In Aurora, M/I Homes Inc. just closed a deal with a lender to buy lots for 60 town homes at The Plaza on New York, formerly a Wiseman-Hughes Enterprises project. On Joliet's east side, Cambridge Homes recently completed the purchase of lots for 42 single-family homes and duplexes, and options for 38 more in NeuFairfield, a project started by now-defunct Neumann Homes Inc. And in Lynwood, J. Lawrence Homes LLC has started marketing homes in Ambry Estates, a single-family community where the … (0 comments)
bailout: What does the 'bailout' really mean for you?
- 10/07/08 07:45 AM
In changing times with a very volatile economic market, the impacts of the “bailout” prove that our national financial system has been tarnished but the hope for repair is the result of the country’s ability to stand up and fight through the turmoil. The economic repercussions of the “bailout” while, hopeful, may still not be enough to help our housing market recover from the immense distress we face as a nation. However, with the economy in such a difficult place, it seems that there is no other quick immediate solution to save what is left. The market is oversaturated with listing … (0 comments)
bailout: It passes! Chock full of pork, but it passes!
- 10/03/08 07:21 AM
NEW YORK (CNNMoney.com) -- After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was on the verge of enactment Friday. President Bush, speaking less than an hour after the House voted 263 to 171 to pass the bill, is expected to sign it later Friday. "By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," said Bush. The House vote followed a strong lobbying push by the White House and other … (0 comments)
bailout: Senate Passes Massive $810 Billion Bailout...Destination: House of Representatives
- 10/02/08 05:25 AM
RISMEDIA, Oct. 2, 2008-(MCT/RISMedia)-In an historic vote, the Senate approved a massive $700 billion rescue plan for the nation’s finance system Wednesday night, but only after tacking on another $110 billion in tax breaks to lure votes from both parties. A strong bipartisan majority rallied behind the controversial Wall Street bailout package, passing it by 74-25. The vote sends the measure to an uncertain fate in the House of Representatives, where lawmakers rejected the original version on Monday, 228-205. A new House vote is expected on Friday, and many lawmakers in both parties there remain opposed to it. President Bush, Treasury … (0 comments)
bailout: Real Estate Outlook: Impacts of Bailout
- 10/01/08 05:29 AM
The federal government's multi-billion-dollar bailout of bad mortgage debt could be a game-changer for home buyers, sellers and real estate professionals. But how much may not be clear for months, maybe even a year. In the short term, according to Jay Brinkmann, chief economist for the Mortgage Bankers Association, the government's plan to greatly expand purchases of mortgage backed securities by the Treasury, Fannie Mae and Freddie Mac, should "provide a signal to the market that there's going to be an underlying floor on (interest) rates." That's because when the Treasury buys mortgage securities -- and it's pledging $10 billion for … (0 comments)
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The administration announced a new initiative Friday to help the nation’s hardest hit housing markets. President Obama has allocated $1.5 billion in aid for states where unemployment is high and home prices have fallen more than 20 percent in the aftermath of the housing bubble.
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