Post by unlawflcombatnt on Sept 4, 2008 16:58:43 GMT -6
from Wikipedia:
en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008
Housing and Economic Recovery Act of 2008....
"The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, H.R. 3221) designed primarily to address the Subprime mortgage crisis, was passed by the United States Congress on July 24, 2008 and signed by President George W. Bush on July 30, 2008. It authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value. It's intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States will be authorized to refinance subprime loans using mortgage revenue bonds.
Housing Assistance Tax Act of 2008
Includes a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500.
• Phases out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
• Requires taxpayers receiving the credit to repay it over 15 years in equal installments by imposing a surcharge on the taxpayers’ annual income tax.
The Act provides emergency assistance for the redevelopment of abandoned and foreclosed homes.
FHA Modernization Act of 2008
• Increases the FHA loan limit from 95% to 110% of area median home price up to 150 percent of the GSE conforming loan limit, or $625,000, effective January 1, 2009.
• Requires a down payment of at least 3.5% for any FHA loan.
• Places a 12-month moratorium on HUD implementation of risk-based premiums.
• Prohibits seller-financed down payments.
• Allows down payment assistance from family members....
HOPE for Homeowners Act of 2008
• Authorizes the FHA to insure up to $300 billion of 30 year fixed rate refinance loans up to 90% of appraised value for distressed borrowers.
• Covers mortgage commitments made on or after October 1, 2008 through September 30, 2011.
• Requires existing mortgage holders to accept the proceeds of the insured loan as payment in full for all pre-existing indebtedness."
The Senate Vote was 84-14 in favor. All Democrats voting voted "yes" (Obama, Clinton, Kennedy, and McCain did not vote). 14 Republicans voted "no."
The House approved the measure 272-152. Except for 3 members, all House Democrats voted "yes." (Democrats Peter Defazio, Nancy Boyda, and Marcie Kaptur voted "no." 45 Republicans voted "yes," while 149 voted "no."
en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008
Housing and Economic Recovery Act of 2008....
"The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, H.R. 3221) designed primarily to address the Subprime mortgage crisis, was passed by the United States Congress on July 24, 2008 and signed by President George W. Bush on July 30, 2008. It authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value. It's intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States will be authorized to refinance subprime loans using mortgage revenue bonds.
Housing Assistance Tax Act of 2008
Includes a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500.
• Phases out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
• Requires taxpayers receiving the credit to repay it over 15 years in equal installments by imposing a surcharge on the taxpayers’ annual income tax.
The Act provides emergency assistance for the redevelopment of abandoned and foreclosed homes.
FHA Modernization Act of 2008
• Increases the FHA loan limit from 95% to 110% of area median home price up to 150 percent of the GSE conforming loan limit, or $625,000, effective January 1, 2009.
• Requires a down payment of at least 3.5% for any FHA loan.
• Places a 12-month moratorium on HUD implementation of risk-based premiums.
• Prohibits seller-financed down payments.
• Allows down payment assistance from family members....
HOPE for Homeowners Act of 2008
• Authorizes the FHA to insure up to $300 billion of 30 year fixed rate refinance loans up to 90% of appraised value for distressed borrowers.
• Covers mortgage commitments made on or after October 1, 2008 through September 30, 2011.
• Requires existing mortgage holders to accept the proceeds of the insured loan as payment in full for all pre-existing indebtedness."
The Senate Vote was 84-14 in favor. All Democrats voting voted "yes" (Obama, Clinton, Kennedy, and McCain did not vote). 14 Republicans voted "no."
The House approved the measure 272-152. Except for 3 members, all House Democrats voted "yes." (Democrats Peter Defazio, Nancy Boyda, and Marcie Kaptur voted "no." 45 Republicans voted "yes," while 149 voted "no."