Ailing Homeowners Could Soon Get Boost

PlusAiling Homeowners Could Soon Get BoostAiling Homeowners Could Soon Get BoostThe Associated PressCongress signs off on a massive housing bill that may offer relief for 400,000 strapped homeowners and two troubled mortgage giants. The Senate passed a bill in a rare Saturday session. (July 26)[Notes:ANCHOR VOICE] [Notes:VO housing file][Notes:VO Senate chambers] IT IS THE MOST SIGNIFICANT HOUSING LEGISLATION IN DECADES ... APPROVED SATURDAY BY THE U-S SENATE IN A RARE WEEKEND SESSION.THE $3.9 BILLION DOLLAR-PACKAGE IS DESIGNED TO HELP NEIGHBORHOODS HIT HARD BY THE HOUSING CRISIS ... ALLOWING PROPERTIES TO BE BOUGHT AND RENOVATED. [Notes:SUPER: Sen. Chris Dodd / D-Connecticut][Notes:12:12:28]SOT: Today for the 8 or 9 thousand people who again face a foreclosure notice, we're stepping up. We're getting something done for them. I can't promise it's going to work in every detail, I can't promise we've designed a silver bullet here.PRESIDENT BUSH IS EXPECTED TO QUICKLY SIGN THE BILL ... ALTHOUGH HE HAS RESERVATIONS.THE LEGISLATION ALLOWS THE GOVERNMENT TO HELP AILING MORTGAGE COMPANIES FANNIE MAE AND FREDDIE MAC ... ALL TO PREVENT THESE PILLARS OF THE HOME LOAN MARKET FROM FAILING.HOMEOWNERS COULD ESCAPE FORECLOSURE BY GETTING MORE AFFORDABLE LOANS BACKED BY THE FEDERAL HOUSING ADMINISTRATION.THE BILL HAD STRONG BACKING FROM DEMOCRATS ... BECAUSE IT CREATES AN AFFORDABLE HOUSING FUND AND OFFERS NEIGHBORHOOD GRANTS. REPUBLICANS CALL IT A BAILOUT OF RECKLESS HOMEOWNERS AND SHADY LENDERS. [Notes:SUPER: Sen. Kay Bailey Hutchison / R-Texas][Notes:10:01:36]SOT: The U.S. Senate can and should spend time debating these issues and improving the bill instead of rubber stamping additions that impose a taxpayer liability of billions and maybe trillions.BUT NOW ... A PROMISE OF HELP FOR THE NATION'S HOUSING MARKET THAT IN TURN MAY HELP STABILIZE A WOBBLY ECONOMY. ___ ___, The Associated Press.(****END****) ANCHOR VOICE:-------------------------VIDEO PRODUCER: Lee Powell------------------------------VIDEO SOURCE: Pool, file--------------------------VIDEO APPROVAL:------------------------------VIDEO RESTRICTIONS:----------------------------------SCRIPT/WIRE SOURCE: Congress-Housing, 6th------------------------------------

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• housing
• bill
• ailing
• homeowners
• soon
• boost

[ninanwk69]

I warned you about Countrywide. Wachovia is going down next. Stay tuned...more to come.

[itubeutude]

I wanna know how banks make money giving loans to people they know can't be paid off?

who wins?

[TECHKLEC]

Wrong. I understand 100% because Ive been directly involved in realestate closings for over thirty years and every mortgage comes with a truth in lending statement. Some buyers sign shit they don't understand, to put it in plain english, and that's not my problem. The fact is that there are just too many people living on borrowed money and now it's time to "pay the piper". Life's a bitch, and then you die.

[Voidka]

Why would an individual make a deal that can't be repaid and will result in the individual losing everything? No one in their right mind would do this, but for some reason it is happening on mass scale. They were obviously deceived by deceptive practices.

[Voidka]

No, you don't understand. A majority of the loans were deceptive loans. This has nothing to do with living within your means, it has to do with getting screwed over on having to fulfill a contract that is impossible to fulfill. Why would a loaner make a deal with an individual, if the individual can't fulfill it? Many had a down payment, so if the individual is faulty, the bank keeps the deposit.

[TECHKLEC]

Voidka,that may be in some cases,but I know a lot of people who bit off way more than they can chew in getting a big house.Most of that happened when Countrywide,Eloan and other subprime lenders were advertising heavily and no/low downpayments made it easy to get trapped in.I blame this situation on those who have been living way beyond their means and not the banks.Also,Iv'e always been careful to keep my living requirements modest,not extravagent,and that was the point I was originally making.

[Linguist29]

They do not give a toss about the people.

[Voidka]

Don't blame the homeowners, blame the banks. They gave out deceptive loans. The question is why all of a sudden did the banks give out deceptive loans? Its because they were given a heads up that the ship is sinking so they are trying to soak up as much wealth as possible then bail.

The economy is collapsing, which the housing crisis only sped up the inevitable.

[Voidka]

They aren't bailing out homeowners. All it does is bails out Fannie Mae/Freddie Mac and safeguards other banks. Whether homeowners get bailed out or not is left up to the bank they are under that received support.

What is good about Fannie Mae/Freddie Mac getting bailed out? Lets see, they are for the middle and lower class and if they collapse then investors will drop the dollar. That means the economy will collapse.

[conciseusa]

Great, I have been saving since 2004, sat out the crazy housing market and now I need to buy a house. But these bailouts just mean I need to wait even longer for the market to return to a reasonable level. Great, reward the reckless and punish the responsible!