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House Passes Housing Bill w/ $7,500 tax credit... Bush Threatens Veto

Thirty nine Republicans in the House of Representatives joined Democrats in approving a new housing bill that focused on rescuing hundreds thousands of homeowners current at risk of foreclosure.

Even though the White House threatened to veto the bill, the bi-partisan effort was attempting to steam through the House... hoping to miss hitting President Bush's brick wall.

Hoping to break the current log jam in the mortgage markets, the bill would expand the authority of the FHA, and would strengthen both the Federal National Mortgage Association (commonly referred to as Fannie Mae) and the Federal Home Loan Mortgage Mortgage Corporation (commonly known as Freddie Mac.)

An additional feature of this rescue bill would create a $7,500 tax credit for first-time homebuyers that would hopefully encourage sales and slow falling home prices.  The bill, if passed, could have a major effect on home purchasers considering buying homes in Texas during the coming months.

As is typical of many in their party, Republican House leaders criticised the bill as an early Christmas Present that would have the effect of bailing out home speculators and irresponsible borrowers.

When those same Republican House leaders were asked about previous "bailouts" that rescued major businesses, the questions went unanswered.

Comment balloon 11 commentsKaren Anne Stone • May 08 2008 10:40PM

Comments

Karen.....is this the bill that encourages buyers to purchase one of the bank owned properties, short sales or preforclosures by giving them a tax credit of $7500?  If so, this can be a good thing.
Posted by Pam Winterbauer, "Providing Blue Ribbon Service" (Pam Winterbauer Real Estate) almost 10 years ago
Pam... I don't know if this is a new bill, or a re-working of an old one.  The Washington Post article wasn't clear... but it did seem that it was not a re-hashing of a bill that was already presented.  It the bill can get through with such bipartisan support... this would be great news.
Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) almost 10 years ago

In referance to your comment about opponents and how did they feel about the corporate bailouts.... 

I often wonder if any of these people really think about and dissect what is put before them....or simply spew a canned learned and ingrained response? What ever happened to independant thinking? 

I have a brother I love dearly who is kind and generous and very intelligent...but if we ever drift to something "political" I can close my eyes and hear Rush....I know this is not who he is so I am consistantly taken aback (we purposely avoid politics)...I just don't get it!

Posted by Joan Mirantz, Realtor, GRI, CBR, SRES - Concord New Hampshire (Homequest Real Estate) almost 10 years ago

The GOP remains the party of the wealthy.  Welfare for the rich is fine.  God forbid we should do anything to help the middle class!

Posted by Eric Kodner, Wayzata Lakes Realty: Twin Cities, Madeline Island (Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes) over 9 years ago

There is a lot of fine print regarding the $7500. It is actually a loan that must be repaid.  And it's only for 10% of the purchase price.  Not many first time buyers will buy a $750,000 home.

Check money.com for more details.

 

Posted by Tyrone Biggums over 9 years ago

Tyrone:  Thanks for your comment, but if it is for $7,500 and is limited to ten percent of the purchase price, that would make the purchase price $75,000.  Not $750,000.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Joan:  I know exactly what you mean about being surprised when someone you know to be somewhat "normal" opens their mouth, and Rush Limbough spews out.  I have heard the same thing happen and then listened to Sean Hannity come straight out of people's mouths.

That Hannity is another blowhard.  Honestly, I think he is worse than Rush.  Lots of venom-spewing.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Eric:  Yes... the party of the wealthy.  As this election goes on, and now with the delightful Mr Dobson from Focus on the Family chiming in... I fear there is a possibility that McCain just might be able to win.  If so... bye, bye Supreme Court.  Hello Iran.  These people are insane.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Party of the Rich?  The individuals that donate the highest amounts are in the Democratic party.

I wish people would open up their minds and not recite old outdated comments that are not accurate.

Obama is the first Democrat Candidate that has been receive small donation from many people.

Clinton is the typical Democrat Candidate receiving large donations from a small number of donors.

Posted by Dave B. over 9 years ago

If Mcain is elected you may thank the Democrats for not lifting the oil drilling restrictions.

Posted by Dave B. over 9 years ago

Oil drilling will have no effect, short term or long term. But yes, unfortunately Republicans will pander to ignorant voters and tell them that it will have an effect (like lowering gas prices, HA!). The American public doesn't want educated decisions, they want false promises. The ship is sinking fast. Enjoy it while you can.

Posted by Anonymous over 9 years ago

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