Putting people into mortgages who couldn't afford them? And have you seen the fraud in the first period?
Administration Calls on Congress to Approve Key Housing Measures
"WASHINGTON, DC – Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund.
"We welcome efforts taken by Congress to extend the First Time Homebuyers Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners. We also urge Congress to act swiftly to extend the loan limits that currently apply to most mortgages, helping make rates more affordable for middle-class families. Finally, we will work with Congress to identify a financing source for the Housing Trust Fund, which will help provide decent housing for families hardest hit by the current economic downturn."
"These three measures will help support our efforts to stabilize the housing market by providing support for the recovery in housing prices, keeping mortgage rates low, and helping people who can afford their homes to avoid foreclosure," said Secretary Geithner.
HUD Secretary Shaun Donovan said, "These three measures provide comprehensive support to our recovering housing market and continued access to affordable housing. While extending the tax credit and higher loan limits will help promote homeownership, funding the Housing Trust Fund will provide assistance to renter households impacted by the economic crisis." " from U.S. Department of the Treasury, October, 29, 2009
Sunday, November 01, 2009
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2 comments:
Murray sez:
Our government is still operating with the "everyone is entitled to a home" philosophy. This promises to help provide financial ruin to many individuals along with our great country.
There are many people, rich or poor, who would do better as tenants, either because they lack discipline, move frequently, or do not have the skills to maintain a home or cooperate with neighbors. Unfortunately, Republicans have pushed this myth of home entitlement more than Democrats because it was good for encrusted industries that cling like barnacles. Something like 66% of Americans "own" their own home, and I'm guessing for many it's a type of indentured service. It is many things, but it isn't a wealth builder.
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