The New Bailout Plan Foreclosures How will it be different?
57Is the new bailout passed by the senate going to fix the sinking economy?
So far the Senate passed the measure by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Presidential candidates Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor. After a previous rejection of the proposed 700 billion dollar bailout, now all are in agreement that the Senate will allow the Treasury access to 250 Billion immediately or are they?
President Barack Obama has recently announced the Housing Bail Out Plan, What is different this time around. well a few things, the legislation still has to be voted on by the House, will it be enough to sway House Republicans?. Not all is in agreement their are those who are for it and those who are against it. gm bailout aig bailout auto bailout
Watch Video where Congressman Ron Paul Schools Bernanke on the Bailout Plan
What are the differing views?
- Advocates say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more.
- Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans.
What are the real issues, first lets take a look at the FDIC insurance, it will be raised from 100,000 to 250,000. the bill allows the FDIC to borrow from the Treasury to cover any losses that might occur as a result of the higher insurance limit.
Next to be added is the tax measures, which will extend a number of renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels, other tax breaks will include the research and development credit for businesses and the credit that allows individuals to deduct state and local sales taxes on their federal returns. The bill includes relief for another year from the Alternative Minimum Tax, (AMT). as well as a measure that would require health insurers to treat mental health issues the same way they treat physical illnesses.
Watch Video of Senate to Vote on Rescue Plan With Added Tax Cut
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Potential Costs
According to CNN, when it comes to the potential cost "The tax provisions of the Senate bill - the bulk of which come from the addition of tax breaks from other legislation - may reduce federal tax revenue by $110 billion over 10 years, according to estimates from the Joint Committee on Taxation. More than half of that is due to the 1-year extension of AMT relief."
The bailout also known as the rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.
Resources:
- CBSNews.com Home Page
- Dem, GOP senators explain 'yes' votes
- CNNMoney: Bill text (PDF) | Bailout Tracker
- Time: Why Main Street is mad
Watch Video on The Senate to Vote on $700 Billion Bailout
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Have you been looking around your neighborhood and seeing all the homes that are foreclosed? Well now is the time to start investing in real estate. Homes in foreclosure are at record highs and there are many great deals to be had. There are many websites online that list foreclosed homes. Some of these sites are free and others are pay. - 27 hours ago
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The New Bailout Plan Foreclosures How will it be different? in the News
- Miami Foreclosures Q&A: All About AuctionsTurks.US18 hours ago
One way to purchase Miami foreclosures is through an auction. Auctions are held at county offices but with the increasing popularity and ease-of-use features of the internet, more and more auctions are performed online through private auction houses.
- Real Estate Weekly: Bargain foreclosures lure investors out of hidingMarket Watch2 days ago
The number of people interested in investing in real estate has doubled since March as more folks are lured by low prices and the wide selection of foreclosures that can be bought on the cheap, according to survey results released this week by Move.com.
- Lake County foreclosures jump 82 pct.Lake County News-Sun26 hours ago
Home foreclosures rose drastically this summer in some Lake County communities. Total foreclosures in Lake County are up 82.7 percent compared to the same period a year ago. Gurnee Village Administrator Jim Hayner said foreclosures cause a variety of issues for the village, which does not have a property tax, but the impact on the budget is "not huge."
- Area foreclosures increase despite state dropping on nationwide filing scaleDaily Press32 hours ago
Local foreclosures filings increased by 77 percent last month, compared to October 2008.
- 3rd drop in foreclosures hints at recovery; state-by-state chartUSA Today3 days ago
Foreclosures fell for the third-straight month in October from September, another sign the worst of the housing crisis may be past.
- Foreclosures hit homeThe Mail Tribune2 hours ago
Sammie Pakros, her 2-year-old grandson and her ex-husband have been living on borrowed time.
- Across South Carolina, foreclosures decrease by more than 10% in OctoberCharleston Regional Business Journal2 days ago
Across South Carolina, foreclosures have decreased by 10.58% in the past month, according to data released by a national real estate tracking firm. RealtyTrac , which issues monthly reports on national, state and local foreclosure numbers, reported that foreclosures in South Carolina dropped from 3,231 in September to 2,889 in October.
- Home-price declines, job losses fuel rise in short sales, an alternative to foreclosuresSanta Fe New Mexican8 hours ago
Get FREE Daily Headlines by email! There's one in the Historic District on Garcia Street, a few more in the new La Pradera subdivision, one in tony Las Campanas and dozens of others scattered from Eldorado to Rancho Viejo and down into Bellamah.
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Comments
Yes you make a good point.
The bill as [assed by the Senate is larger, has more candy and still doesn't sem to recognize the basic danger here. However, I think that if the House of representatives doesn't pass it, the growing consesus of voters that now appear to favor it will be angry enough to punish those who vote "No" on the bill.
I just have a hard time understanding what it will do to keep me in my home? I would rather the government just hand out huge checks to every family and we can use the money to stay alive a little while longer. Dividing up the $700 billion would make a nice "tax rebate" for American families.
Chef I like the tax rebate to families, lets petition for it.
Thanks, Misha.
Doesn't fix the root cause of the problem. but it might even things out a little. :<
hot dorkage some say that it will not help the foreclosures and the job losses and that we still will be in a recession due to the credit crisis.
Storytellersrus says:
14 months ago
Well, let's hope against hope that the Bill does the job and our children don't curse us in the future for what we have done this week. Thanks for the detailed explanation, RA.