Mortgage bill advances in Senate

[Army_of_One]

WASHINGTON, April 3 (UPI) -- Senate Democrats and Republicans struck an agreement on a bill that would offer aid to people and cities hit hard by the housing slump and mortgage crisis.

The multibillion-dollar compromise could be approved by the Senate as early as Thursday, The Washington Post reported.

The bill would allow a standard property tax deduction of $1,000 for couples and $500 for individuals for tax filers who don't itemize. It also would provide $10 billion in tax-exempt bonds for local housing agencies to refinance subprime loans and offer mortgages for first-time home buyers; $4 billion in grants for local governments to buy foreclosed properties and $100 million for counseling programs for at-risk homeowners.
It would give a $7,000 tax credit to purchasers of foreclosed homes and would permit hard-hit home builders to charge off losses this year and next against taxes paid for the four previous years, up from two. Officials said the proposals would cost taxpayers $15 billion to $20 billion, the Post said.
"We helped Wall Street. We're all glad that Bear Stearns was taken care of," Senate Majority Leader Harry Reid, D-Nev., said Wednesday. "But now it's our opportunity to take care of people on Main Street."


Mortgage bill advances in Senate - UPI.com

[Army_of_One]

Ok...Once again the gov't is going reward stupid people for making bad decisions. This is going to cost responsible tax payers BILLIONS.

100 Million for "Counseling"...what the hell is that? Talk about a boondoggle.

Where is the reward or benefit for those Americans that do what is right and don't live above their means?

Once again the guy that does the right thing gets screwed in favor of idiots. It's the American way.

[Detector]

I think the problem is in your perception. Although it has been pointed out that this does not include people who bought a second home, bought a home for $200k thats on minimum wage or bought a home as a rental, you seem to be putting everyone that has ever made a mistake in the "stupid" category.

All I can say is I'm happy you have never been a victim of circumstance, and have never made a mistake when it comes to financing a home, but should that time come and you joint the ranks of the "stupid" you will probably see thing in a different light.

[Army_of_One]

Originally Posted by Detector

I think the problem is in your perception. Although it has been pointed out that this does not include people who bought a second home, bought a home for $200k thats on minimum wage or bought a home as a rental, you seem to be putting everyone that has ever made a mistake in the "stupid" category.

All I can say is I'm happy you have never been a victim of circumstance, and have never made a mistake when it comes to financing a home, but should that time come and you joint the ranks of the "stupid" you will probably see thing in a different light.

Being in the military and moving here and there I usually rent so that puts me in the "stupid" category...lol

What IS a victim of circumstance? If I take out an interest only loan on my house because I speculate that it will appreciate X% a year and then the value actually drops and my payment goes way up....Am I a "victim of circumstance"? What is that?

[Army_of_One]

Originally Posted by Detector

bought a home for $200k thats on minimum wage or bought a home as a rental,

Where does it say that these people don't get bailed out...?

Originally Posted by Detector

you seem to be putting everyone that has ever made a mistake in the "stupid" category.

I think we have all went down the "stupid decisions road". Hell...I've been on that road more than once....but I had to work my way out of it myself. People make stupid decisions daily me included but asking other working, tax paying citizens to pay for their decisions is wrong in my opinion.

[Bubba]

Originally Posted by Army_of_One

Where does it say that these people don't get bailed out...?

It has been in the news and on the internet for weeks....

[Bubba]

Originally Posted by Detector

I think the problem is in your perception. Although it has been pointed out that this does not include people who bought a second home, bought a home for $200k thats on minimum wage or bought a home as a rental, you seem to be putting everyone that has ever made a mistake in the "stupid" category.

All I can say is I'm happy you have never been a victim of circumstance, and have never made a mistake when it comes to financing a home, but should that time come and you joint the ranks of the "stupid" you will probably see thing in a different light.

You have to realize that he is in the military and all of his pay amounts to sucking on the taxpayer teet! LOL JK

[wordsmythe]

this is more of a bailout of the mortgage companies who made it too easy for people to get loans they shouldn't have.

Too bad the republicans held up legislationa few years ago that would have provided regulation that would have kept this from happening in the first place.

[Army_of_One]

Originally Posted by wordsmythe

mortgage companies who made it too easy for people to get loans they shouldn't have.

Do you not feel that people should recognize that they can't afford a house or not Wordy? I understand that the loan companies have some responsibility but don't you think the people have a little also?

[Army_of_One]

Originally Posted by Bubba

You have to realize that he is in the military and all of his pay amounts to sucking on the taxpayer teet! LOL JK

There are PLENTY of people in the military that are in financial problems due to bad decisions. You have been to a military base before...what's RIGHT outside the front gate? Pawnshops, check cashing places and payday loan offices...

By the way..feel free to grab one of those teets ANY day and start sucking...we are hiring.