So, the New $700 Billion Dollar Mortgage Bailout Bill (aka. HR 1424) has been passed by both houses of Congress and signed by the President.
Now What? How does this Bill help Main Street?
There are 4 major components designed to help Joe Sixpack on Main Street.
While the over all Goal of the Bill is to give the Market a "Shot in the Arm", markets did not react favorably. Stocks, Gold and Oil all closed down after the signing.
So how does the plan work to Free up the Credit Markets? The plan is by the the Fed buying up the debt that nobody else wants, banks can then lend money more freely. The Banks will not have to increase their reserves to cover delinquent loans and foreclosed assets, because they have sold these notes to the taxpayers.
Since the Banks don't have to increase their reserves they can lend money more freely in the market and the leverage can get the economy rolling again.
These Loans and other debt that the Feds have procured can be renegotiated to help troubled borrowers regain financial stability. Since the Feds are buying the debt at a discount the goal is that restructuring the payments could stop the default hemoraging and eventually turn a profit.
To help mitigate "Runs on the Bank" on institutions like Wachovia, currently seeking refuge in the arms of Citi Bank or Wells Fargo, a provision to temporarily increase the FDIC insured deposit limit to $250,000. This should help big and small banks that are struggling from having their deposits wiped out keeping them in business.
There have been several riders and amendments stuffed into the Bail Out Plan. These include money for rural schools, mental health benefit inclusions and a bunch of tax extensions and exemptions. The most important of which is the delay of implementing the Alternative Minimum Tax (AMT) for one year.
The delay of the AMT will save save middle class Americans from a tax increase and help them have more money that can be spent to help the economy.
To read the $700 Billion Bail Out Bill in its entirety use this link.
http://www.govtrack.us/data/us/bills.text/110/h/h1424.pdf
Danke Schoen,
Nate Ellis
So you have been scouring the web for Freebies. You have found the Ultimate List of Free Stuff that Everyone Should Know About. have you been searching for a Free alternative to Microsoft Office? What about a program to edit your photos Professionally. Maybe you just want to make free calls from your computer to any phone. You will find these and many more solutions here.
So why is this the ultimate list? Because you can add your own freebies to the list. If you write a review about the item I will link the notes to your review. So submit away.
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Just got this announcement from CalHFA. This is a huge blow to First Time Home Buyers in California. These programs help a lot of people bridge the down payment gap. I hope we get these back soon!
Effective immediately and until the financial markets stabilize, the following CalHFA first mortgage products are temporarily unavailable:
Effective September 23, 2008, the interest rate on all 30-Year Fixed Mortgages will be 6.750%. This situation is being monitored daily and these rates and loan products are under continual review. When conditions warrant, programs will be reinstated, announced by Program Bulletin and posted on CalHFA’s website.
View the complete CalHFA Bulletin #2008-31
Danke Schoen,
Nate Ellis
888-808-6283
You must cut your expenses!
But how do I cut my expenses? I have already cut everything I can. Have YOU?
After you have trimmed your budget, take a look at Other options you may have.
Danke Schoen,
Nate Ellis
888-808-6283
The first thing you must do is seek the advice of the following professionals:
All of the professionals above will need the following information from you in order to be able to give you the information you need to decide which option is the best for your situation.
Make sure you make multiple copies of your documents so you always have a set available to give to one of the professionals.
Your options will be based on the professionals you contact. Start with the Non-Profit Housing Counselor. They will give you unbiased options for your situation. In most cases they can not tell you what your next step should be. They will only give you the options.
Then seek out the advice of the other professionals. When selecting the other professionals to consult look for people that give back to the community and work directly with local housing agencies and cities. Make sure you ask for and check the references of each of the professionals. Real Estate Agents and Mortgage Lenders should not be charging you up front for their services. There may be fees however once documentation is being submitted to the lender or for requesting documents like deedsa and credit reports.
You should always be able to get a free consultation.
Danke Schoen,
Nate Ellis
888-808-6283
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