The House Approves Massive Housing Bill – But Will it Help You?

Let’s take a look underneath the hood of this new bill and see if we, the people, can decipher the truth.

• $300 billion to provide more affordable mortgages to troubled homeowners
• Nearly $4 billion in grants to help communities fix up foreclosed properties
• $7,500 tax credit for first-time homebuyers

Now, what are the qualifications to get help? Come one ladies and gentleman, help from our government does not come with some strings and a few chains, you know that!

• The tax break only applies for homeowners who purchase between April 9, 2008 and July 1, 2009. The full amount of the credit also is only available for individuals with incomes under $75,000 or couples earning less than $150,000. Moreover, it will have to be paid back, interest-free, over 15 years
• Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must be spending at least 40% of their gross monthly income on all household debt to be eligible for the program.
• Homeowners, who are spending more than 31 percent of their income on their house payment, may qualify for a new, more-affordable loan backed by the Federal Housing Administration under the bill. Lenders, however, would have to agree to take a loss on the existing loans, and would walk away with at least some payoff and avoid the costly foreclosure process. Lender participation is also voluntary.
• Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must be spending at least 40% of their gross monthly income on all household debt to be eligible for the program.
•  Homebuyers who purchase a property with an FHA loan will no longer be able to receive financial assistance from the sellers. The bill closes a loophole that let sellers channel money to buyers through charities.
• The bill allows the government to buy stock in them and extends a line of credit to the companies

This bill clarifies that lender and servicer participation is ”voluntary” and that if they decide not to help you, then that is their choice.

If anyone who knows anything about what these creeps are “really” doing on the street, the people on the front lines will testify that this is the BIGGEST problem we face fighting for people’s homes. You cannot have cooperation form uncooperative people who lie, cheat and steal homes from the American people!

Here lies the “major problem” with our Senate.

They are asking these very uncooperative lenders and servicers to help when in fact they are doing the exact opposite and they have been doing this the whole time. The lip service continues as thousands of people in your states are losing their homes, when in fact, many could be saved.

How long is it going to take for our ”representatives”, yes, the people who represent the people, to understand that these companies are exploiting the great people of their state and asking them to cooperate, will NEVER get us anywhere?

Excuse me, but shouldn’t lenders and servicers be “MADE” to clean up the mess they created? 

 Shouldn’t we demand that they do more to help the homeowners who need help, but are not getting it because they simply do not have enough man power to help you? Shouldn’t we demand that they open additional foreclosure prevention centers and hire thousands of people to assist struggling homeowners?

YES WE SHOULD!

But, it looks like to me, that we have another cleverly packaged bill disguised to provide help and hope for the millions of American losing their homes. When in reality, it is just another bail out backed by tax payer blood.

Business as usual in Washington.

Excess use of bolding was needed because this is really, really getting ridiculous.