… I did predict there would be big changes what with a national election looming up…
· A one-time $100-BB tax rebate and tax incentives for employers to hire more workers · Temporary cut in corporate income taxes · Emergency assistance for owners who need extra money to help with high heating bills this winter · Proposals to expand loan modifications and payment relief for borrowers heading for serious delinquency or foreclosure · Widening “rate freeze” mortgage relief programs beyond just sub-prime borrowers to ALL borrowers, including those with prime credit, who find themselves in trouble on their mortgages · $MM’s for new assistance for local nonprofit counseling groups who reach out and guide mortgage borrowers in danger of losing their homes · Federal Tax Code amendment allowing state & local housing agencies to issue tax-exempt bonds to refinance loans of troubled homeowners (not just assisting new home purchasers) at low, fixed rates · Moratorium on foreclosures nationwide and legislative amendment allowing bankruptcy court judges to unilaterally reduce homeowners’ mortgage debts to lenders… BUT there is non-acceptance for these two issues from bankers and the mortgage industry
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