Senate May Help Real Estate
February 2nd, 2009 categories: West Chester Ohio
Should real estate buyers and sellers in West Chester, Cincinnati, Fairfield and surrounding areas rejoice?
According to an article by Jeanne Sahadi in CNNMoney.com the Senate is considering several real estate incentives to incorporate into the stimulus package.
- Creation (for a limited time period) a 30 year fixed rate mortgage at 4%
- 90 day moratorium on foreclosures
- Expansion of home buyer credit
None of the programs would fix “everything” and as a realtor- I would like to see 4% mortgages- but as a taxpayer I think the long term impact will be very costly.
The one person with an idea that has been working is Sheila Bair. As the FDIC Chairman she has been working diligently on loan modification plans which allows troubled (but credit worthy) borrowers to stay in their homes. Ms Bair has been under a lot of fire -but so far, under her direction, Indy Bank is the only lender that I know who is aggressively trying to keep borrowers in their homes. Her plan is unique because each borrower is handled on an individual basis- not one size fits all. This approach, while time consuming, appears to be a good start for other lenders to start digging themselves out of the mess.
Let me know how your lender is handling your mortgage problems.
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[...] Random Feed wrote an interesting post today onHere’s a quick excerptShould real estate buyers and sellers in West Chester, Cincinnati, Fairfield and surrounding areas rejoice? According to an article by Jeanne Sahadi in CNNMoney.com the Senate is considering several real estate incentives to incorporate into the stimulus package. Creation (for a limited time period) a 30 year fixed rate mortgage at 4% 90 day moratorium on foreclosures Expansion of home buyer credit None of the programs would fix “everything” and as a realtor- I would like to see 4% mortga [...]
The Senate or government is not the answer. They are the problem. Let’s not cede more to them, but get them our of our hair.
Aloha,
Keahi
Keahi,
While I understand your stance- when it comes to dealing with foreclosures- I think we need somebody or someone to move the lenders toward resoultion or end up buying all their toxic loans. How about the Fed buys 30% after the banks renegotiate 70%?