Posts tagged as:

Emergency Economic Stabilization Act of 2008

Uncle Sam Realty and Loans Inc.

by Moe Bedard

Sadly, recent events in Washington suggest that this optimism of some kind of meaningful rescue plan for Main Street may have been misplaced and that politicians, never the most economically intelligent of mankind, may be working towards constructing the Great Depression - Part II.

The reality now is that we are heading into a major recession and the [...]

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Bailout: Little help for homeowners

by Moe Bedard

NEW YORK (CNNMoney.com) — The $700 billion bailout legislation now under consideration by Congress calls for the Treasury Secretary to implement a plan to stem foreclosures by working with servicers to modify loans.

But many housing experts question whether the bill will help struggling homeowners refinance into more affordable mortgages. They stress that the economy won’t [...]

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Even with bailout, mortgage delinquencies will likely worsen

by Moe Bedard

The “proposal is positive for the housing market to the degree that it shores up the banks’ ability to lend and prevents banks from closing their doors, that is key to finding stability for the housing market,” says Susan Wachter, professor of real estate and finance at the University of Pennsylvania’s Wharton School. “But it [...]

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Bailout: What’s in it for homeowners

by Moe Bedard

Sunday’s revised plan calls for the Treasury to work with loan servicers to stem the tide of foreclosures, but how that will happen remains unclear.
NEW YORK (CNNMoney.com) — The revised $700 billion bailout legislation unveiled Sunday calls for the Treasury Secretary to implement a plan to stem foreclosures and to work with servicers to modify [...]

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Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

by Moe Bedard

I personally have read over the preliminary details of the 106 page Wall Street Bailout Bill, called the Emergency Economic Stabilization Act of 2008 and I am disappointed to say the least. This was the most significant federal intervention in the economy since the Great Depression and a golden opportunity to develop a loan modification [...]

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Will Congress Give the Courts Power to Modify Mortgages?

by Moe Bedard

Congress voted that primary residences would not be allowed to be modified when they rewrote the bankruptcy laws in 1978. I wonder who swayed that decision (banks maybe)? Bankruptcy judges already have the ability to modify the terms of other debt, including car loans and even 2nd homes, to help consumers with a reasonable payment [...]

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