Four senators are putting their muscle behind a new housing bill intended to prohibit lenders operating in the U.S. from foreclosing on home owners without first having discussed reasonable modification options with the borrowers.
Under this bill, lenders will be forced to the negotiating table under the threat of stiff fines and other legal penalties.
All lenders will be required to perform what the bill terms as a "net present value" test for all seriously delinquent borrowers. The test would be a financial analysis weighing the benefits of a modification of loan terms against the benefits of foreclosure.
For borrowers who do not fit into this program, the bill would create a multi-billion national fund for states to make loans or grants in order to prevent foreclosures.
The senators' rationale behind the creation of this bill is that they are frustrated with the slow pace of current loan modification programs and feel that they are not keeping up with the record numbers of foreclosures this year.
"Voluntary efforts to keep families in their homes have failed," said Durbin. "This bill will force lenders to modify qualified mortgages rather than letting them move quickly to foreclosure, which destroys households and neighborhoods."
The act will also set up a mortgage payment assistance program to provide money to state housing agencies to assist people who have lost income and face the prospect of foreclosure.
The most significant aspect of this bill would be to create "mandatory mediation" requirementsforcing lenders to allow some mediation efforts between them and their borrowers before being able to file foreclosures against home owners.
This proposal will, no doubt, be met with opposition by banking and mortgage lending groups. It is, however, currently favored to be supported in the House.
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We only have a few more short days left to take advantage of the homebuyer tax credit.
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
Countown clock for the $8,000 homebuyer tax credit!
I recently found out about slugging the other day and wanted to share with the Active Rain community and visitors.
What is Slugging?
Slugging is a term used to describe a unique form of commuting found in the Washington, DC area sometimes referred to as "Instant Carpooling" or "Casual Carpooling". ' It has thousands of vehicles at its disposal, moves thousands of commuters daily, and the best part, it’s FREE!
How the Slugging Works
The system of slugging is quite simple. A car needing additional passengers to meet the required 3- person high occupancy vehicle (HOV) minimum pulls up to one of the known slug lines. The driver usually positions the car so that the slugs are on the passenger side. The driver either displays a sign with the destination or simply lowers the passenger window, to call out the destination, such as "Pentagon," "L’Enfant Plaza," or "14th & New York." The slugs first in line for that particular destination then hop into the car, normally confirming the destination, and off they go. No money is exchanged because of the mutual benefit: the car driver needs riders just as much as the slugs need a ride.
BECOME A SLUG AND HELP WITH LESS CARS ON THE ROAD!
WASHINGTON, DC
1. 14th & NY
2. 14th & D Street
3. 14th & Const
4. 14th & Independence
5. L'Enfant Plaza
6. 19th & F St.
7. Pentagon
8. Rosslyn
Crystal Park
Ballston
SPRINGFIELD
9. Bob's
10. Daventry
11. Cardinal Plaza
12. Rolling Valley
13. Huntsman
14 Mobile Station
WOODBRIDGE
15. Old Hechinger's
16. Tackett's Mill
17. Dillingham
18. Horner Rd
19. Potomac Mills
20. Montclair Fire Station
21. Montclair * Nothgate
Rt. 234 (Dumfries Rd)
STAFFORD
22. Route 610
23. Route 630
24. see below
25. Route 17 (not shown)
FREDERICKSBURG
24. Fredericksburg
For more information, click on http://www.slug-lines.com/Slugging/Map.asp
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Four senators are putting their muscle behind a new housing bill intended to prohibit lenders operating in the U.S. from foreclosing on home owners without first having discussed reasonable modification options with the borrowers. 
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