With an 81 to 16 vote, the Senate passed an amended version of H.R. 5140, a $150 billion plan to jumpstart the economy with temporary tax breaks for consumers and businesses, extended benefits, and most imageimportantly, two provisions designed to assist the housing market.

According to CNN, the House is expected to consider and pass the amended bill as early as tonight, which could put the bill on the President's desk as early as Friday.

The bill temporarily increased the size of loans that may be purchased by Fannie Mae and Freddie Mac, raising the current level of $417,000 to reportedly up to $730,000 in the highest cost regions of the housing markets. The bill also increases the size of loans the Federal Housing Administration could insure.

 
Post is included in group: Phoenix Arizona Real Estate Connection
Post is included in group: Scottsdale Real Estate

7 Comments on Stimulus Package Passes Senate: What Now?

FEB
07
2008
182,790 Points 2 Featured Posts Localism Sponsor Outside Blog
Now we get to go out and buy more tv's and toys and our grandkids can pay for them  later
6:06pm • #1
451,356 Points Outside Blog
I sure hope that this helps...... :)
8:11pm • #2
451,356 Points Outside Blog
I sure hope that this helps...... :)
8:11pm • #3
601,664 Points 111 Featured Posts Localism Sponsor Outside Blog
That sounds like our market...(the highest)...oh geez.... like they can afford the payments ....I have a 500 sq. ft townhouse with fenced courtyard. :)
11:34pm • #4
FEB
08
2008
150,381 Points 9 Featured Posts Outside Blog

Hi Jeff,

This should be a great help to our middle market.  It will sure help the move-up buyers!  Thanks for posting some good news.

12:09am • #5
488,825 Points 84 Featured Posts Localism Sponsor Outside Blog Hit Router
Even with the $730,000 cap there are areas that you still can not buy a median priced home.
12:45am • #6
265,188 Points 59 Featured Posts Outside Blog
Jeff - I've read about this and think it will help some people but is by no means an across the board solution.  I want to take a look at the bill and as I said on another post, "Read the fine print, as fine print usually scares the pale off of my skin."
10:03am • #7

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Jeff Pickering

Anthem, AZ

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Pickering Group

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