The New Bailout Plan Foreclosures How will it be different?
55Is 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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Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy
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Bailout: What the Rescue of Bear Stearns and the Credit Crisis Mean for Your Investments
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Bailout: An Insider's Account of Bank Failures and Rescues
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$700 Billion Bailout: The Emergency Economic Stabilization Act and What It Means to You, Your Money, Your Mortgage and Your Taxes
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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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The New Bailout Plan Foreclosures How will it be different? in the News
- Miami-Dade Hopes Online Auctions Will Help Reduce Backlog of ForeclosuresNew York Times1 second ago
County officials expect the number of properties sold, now about 450 a week, to triple, slowing the growth of an inventory of 110,000 foreclosures.
- Foreclosures may not kill housingOrange County Register14 minutes ago
The chief economist of the National Association of Realtors told reporters recently last week that foreclosures no longer are such a drag on the market because there are multiple bidders for such properties.
- Foreclosures decline for third monthThe Record and Herald News15 hours ago
Foreclosures were filed on 332,292 U.S. properties in October, a decrease of three percent from September, but still up nearly 19 percent from October 2008, according to foreclosure sales site RealtyTrac.
- Imagine Florida home prices without anchor of foreclosuresSt. Petersburg Times23 hours ago
If Floridians want home prices to start rising again, they had better get a grip on foreclosures.
- JEFFERSON COUNTY FORECLOSURES DOWN FROM JUNE HIGHPine Bluff Commercial20 hours ago
There were 12 foreclosures in Jefferson County in October — 10 in Pine Bluff and two in White Hall — according to RealtyTrac, a California-based firm that reports foreclosure figures nationally.
- How to Determine If It Is the Perfect Home to Buy In Miami ForeclosuresTurks.US21 hours ago
Due to the price drop of many homes in Miami foreclosures, quite a lot of homebuyers and property investors today are clamoring around to find the perfect low-cost home as a quality investment -- either to be used as their primary residence, profit, or as a long-term investment.
- Fort Lauderdale Foreclosures Tips: Contacting the OwnerTurks.US22 hours ago
With the number of foreclosures sweeping the market listings across the country by storm, it’s no wonder that more and more people either from the country or around the globe are banking in some of the most affordable properties currently in the market today.
- Pitching the upside of foreclosuresMinnesota Spokesman-Recorder29 hours ago
St. Paul has seen a 16-percent increase in foreclosures over a nine-month period this year.
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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.