Do these measures help poor people who face foreclosure?
$4 billion to buy and rehab properties that are already foreclosed.
$14.5 billion in tax credits for first time homebuyers.
FHA insurance for $730,000 homes.
Think carefully...how do they help the people Obama, Pelosi and Chris Dodd say they will help?
- wrennightwindLv 41 decade agoFavorite Answer
I was reading about this just a few minutes ago in hopes that there would be some real relief in sight. This doesn't look like it will help me or anyone I know at all. I just don't understand the logic...
- CMLv 51 decade ago
It is FHA insurance for homes worth UP TO $730,000.
For the person who does not know what she is talking about in terms of Congress, the dems took over in 2006 and the housing crisis also started in 2006. The dems have been in Congress with a majority since the housing bubble started. Why would Congress have anything to do with starting the bubble? They DIDN'T. The banks are the ones who made it happen and the dems are the one who have done nothing about it.
- Anonymous1 decade ago
Considering that republicans have had control for years now -only two democratic presidents since trick Dicky Nixon -and we have not had a Democratic congress until fairly recently. ........ Perhaps you should be looking in your own back yard . Funny foreclosures were not a common word or happening until Bush took over. See the Repubs cry now (talk about whining) and do they ever place the blame.
- bmoc2525Lv 61 decade ago
Market correction! No bailout is going to help in the long run.
I am sorry but if we keep artificially inflating the market it will crash harder next time.
People need to understand the facts. Too many loans were given to people who did not deserve them, Too many people bought houses that were over their heads, too many speculators put themselves out too far, to many ARM were written to people who the banks knew could not afford the house unless they got an arm and it never went up.
No politics involved. Quit blaming anyone, both parties were involved in this. The fairness in lending act, both parties.
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- sfdiegoLv 51 decade ago
Senator Hillary Clinton's proposal to solve the housing crisis is brilliant. http://www.mortgagenewsdaily.com/412008_Clinton_Ho...
Don't listen to what Pelosi says, she is being investigated in this housing debacle!
note: Senator Hillary Clinton is not out of the race.
- Alltheway88fanLv 51 decade ago
They don't help me ..I make less than 50,000 or close to there and I will pay entirely too much taxes and I work at a small business which will definitely be hurt by those policies!
- Anonymous1 decade ago
They won't.The bottom line is many loans were written to people who NEVER should of been approved for loans.