Yes, too bad our Congress and President couldn’t say no to this
Yes, too bad our Congress and President couldn’t say no to this. The bailout for homeowners is really not that good. If you look at all the requirements it’s not likely too many people will be able to thread the needle making all the qualifications and wanting to go along with all the stipulations. Furthermore, it’s voluntary for lenders. Under what conditions will lenders agree to take a 15% haircut on a loan? For the hapless homeowner, they have to agree to share any appreciation on a graduated scale with the FHA. What about depreciation? No mention of that. This law is poorly crafted and not thought through at all and unlikely to do much. My guess is we’ll see a an effort made after the elections by the new congress at making modifications to this law.
If you wanna read or print some of the pages of the new housing law you can at this free online directory at http://www.ushousingmeltdown.org/2008-housing-law. …
With just a few clicks you can locate the section of the law you’re interested in and read or print out the relevant page(s). You can do something few legislators have done….read a page or two.