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The Government is giving us MONEY?!

When I was told about this yesterday, I didn't believe it. I said "you must have misread that, the government wouldn't just give us money" but that seems to be exactly what they are doing.

"The rebates would be at least $300 for anyone who earned at least $3,000 in 2007, with $300 bonuses per children. People who owe income taxes would receive gradually more, up to $600 for individuals and $1,200 for couples. The rebates would be available to those below a certain income cap, likely $75,000 adjusted gross income for individuals and $150,000 for families."

"The package is also likely to temporarily raise the conforming loan limits for Fannie Mae and Freddie Mac, beyond the current $417,000, which would allow the government-sponsored companies to buy bigger loans in areas with high housing costs. Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, said the new limit would be 125% of a metropolitan area's median housing price, up to a cap of about $700,000."

Information above is taken from an article in the RealEstate Journal.
To read the entire article click here.

Maybe this can stimulate the economy, I know I will spend the money if they give it to me! Will this plan stimulate the economy and will it help the housing market? What does everyone think about the governments plan?

Posted by First Home Team on 01/25/2008 08:16 AM

Comments (11)

government money, housing market, economy

11 Comments on The Government is giving us MONEY?!

It's not being given away to the people..it's being given back to the people.

I don't think it will do anything to stimulate the economy. It will help a few people cover a trip to the grocery store or WalMart. It's not enough to cover a house payment for most people and it doesn't make the underlying problems that exist go away--those problems will be back again the next month.

01/25/2008 08:26 AM

by Amanda Hall * Texas Real Estate Broker (Hall Team Homes )

The problem is that they've taken the money out of your other pocket! It is like placing a baindaid to fix a leak at the bottom of Hoover Dam! Too little to late, but hey its election year!

01/25/2008 08:32 AM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

And based on what I've heard, we'll be borrowing the money from the Chinese. Just another loan to have tp pay back.

01/25/2008 08:42 AM

by Al Maxwell - Real Estate Agent - (Coldwell Banker)

I like everyones comments. Very interesting to see what everyone thinks.

01/25/2008 08:51 AM

by First Home Team (JCS Realty )

So where are you going to spend your new found money Greta?

01/25/2008 09:07 AM

by Chris Pollinger (Mastery Coaching)

Maybe I will go on a vacation with my husband...we will see

01/25/2008 09:23 AM

by First Home Team (JCS Realty )

Greta...

If we have no control what they do, I am happy with the fact that they are sharing the wealth with the middle class. We will be building at that time, and the extra monies will come in handy to help stimulate the economy. If enough people actually invest, it may be of help. You never know unless you try! :) Good question. And...have a great vacation!

01/26/2008 03:31 AM

by Sarah Eubanks ~ Preferred Oregon Loan Consultant & Notary Public (Hill Valley Financial Services)

Does The Government give money to someone who is only going to school, has no income? I was just wondering.

01/29/2008 08:52 PM

by Harold

They should do something about the oil/gas prices for the people.

02/03/2008 01:21 PM

by Susan Jackowski Orange County New York (RJ Smith Realty)

I agree with Amanda and Jim.

Sums up what I was thinking :)

02/06/2008 10:20 PM

by Julia Chicago (Real Living Infinity)

It will help. Most people will spend it. If people spend it, then it will help. If they save it or pay off bills, then it won't help. It is our money, that is given back to us. The governments money is our money.

02/29/2008 08:17 AM

by Brian Kreick (Kreick, Inc.)

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