Things I like from the President's speech today?
If you've read my stuff you know I am all about education. So ... "The President Will Create A Presidential Council On Financial Literacy Composed Of Leading Private Sector Individuals Who Can Help Promote Financial Literacy. This Council will work closely with the Treasury Department, HUD, and the Department of Education to make sure that we are raising awareness of these complicated issues."
I love that. LOVE IT! But how are they going to get people to show up and pay attention? I've been offering mortgage classes for YEARS for FREE! Who shows up? Investors, to the classes I charge up to $200 to attend!
Here's another thing I've long pushed for (just substitute the word "broker" for the words LOAN OFFICER - because in Georgia all BROKERS are licensed and Loan Officers who work for the broker are not - I know it's just words but using the same words in every state would help) ... "The Administration Supports State-Based Efforts To Create A Comprehensive Mortgage Broker Registration System. The President has also asked Secretary Paulson to examine the broad issues surrounding mortgage brokers and originators."
No more 1099's for people who had to sell there home on a short sale? Sound like it! "The President Calls On Congress To Change A Key Housing Provision Of The Federal Tax Code So It Does Not Punish Families Who Are Forced To Sell Their Homes For Less Than Their Mortgage Is Worth. Current tax law counts canceled mortgage debt on primary residences as taxable income. For example, if the value of a home declines and $20,000 of the homeowner's loan is forgiven, the tax code treats that $20,000 as taxable income. The President proposes temporary relief to ensure that canceled mortgage debt on a primary residence is not counted as income."
More than anything else I love the fact that he realizes that if we just start paying mortgage payments for people or handing money to any investors who lost that would encourage failure ... encouraging failure seems to be exactly what Clinton and Obama are doing. They want to "bail out" people who made bad financial decisions by handing them money. Dems will never learn I suppose.
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