Today the House passed a mortgage rescue Bill that could offer as much as 300 billion in mortgage assistance to troubled homeowners. There is alot of details that are yet to be unfolded but President Bush is expected to sign it after it gets through the Senate. There will be some tax relief for First time home buyers which is the part I like. This will obviously help stop thousands from foreclosing which is great news. The bad news is someone has to pay for all of this and hmm... who do you think that will be?
This is something I was anticipating might happen as thousands of homeowners cannot refinance because they have no equity or in some cases are under water due to plummetting values. The FHA may still end up allowing borrowers to refinance if the current lender will write down some of the debt to slightly below current values. For the complete article go to CNN Money here is the link http://money.cnn.com/2008/07/23/news/economy/housing_bill/index.htm?postversion=2008072318
Have a great day,
Dan Chapman
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