So I received this in an e-mail just a minute ago, read over it and tell me what yall think. I for one would love to see those rates but if there still goiong to give John Doe who only makes 15K a year a loan this wont solve anything. I also don't think home values is the core of our current econmic crisis. Thoughts? Comments? Who likes Pie?



Tell Congress to Fix Housing First

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The Fix Housing First Coalition is taking decisive actions to push President-elect Barack Obama and the 111th Congress to revive the American economy by addressing the core problem to the current economic crisis, falling home values.

The Problem: Falling home values are at the core of the current economic crisis. The impact of home building, and housing in general on the national economy, in good times and bad, should not be underestimated. The historic increase in foreclosures, tightened mortgage qualifying criteria, and general declining economic conditions have significantly cut demand for housing. Housing wealth is the primary source of savings for most households and a key driver of consumer spending.

As housing has slowed, so has the national economy. In recent quarters, the decline in home building activity has subtracted a percentage point or more from annualized GDP growth. These facts suggest that the recovery from the current economic crisis must begin in the housing sector. Without addressing the crisis in home prices and residential construction, no recovery effort will be successful. Key to this effort is stimulating housing demand.

The Solution: Targeted incentives to encourage Americans to buy homes again.

Earlier in 2008, Congress adopted a measure providing first-time home buyers with a tax credit of up to $7,500. While well intentioned, the legislation failed to stimulate or stabilize the housing market. The measure's failure can be attributed to three main factors: the tax credit was really a loan that had to be recaptured, the tax credit was only available to first-time home buyers; and the $7,500 was not enough to entice people to buy.

The Coalition proposes to build upon the foundation of the homebuyer tax credit by perfecting its structure and scope. First, eliminate the repayment requirement. Second, make the credit larger by increasing the credit amount on a sliding scale between $10,000 and $22,000. Third, make the credit available to all homebuyers. Finally, extend the eligibility period for the credit to December 31, 2009.

In addition to an enhanced homebuyer credit, the Coalition is advocating for a short-term mortgage subsidy for purchases made in 2009. As you know, the Treasury Department is rumored to be considering a program to provide 4.5%, below-market rate mortgage for new mortgages. While this program is a welcome first-step, the depth of the recession demands a more aggressive response. Specifically, the Coalition proposes a federally-subsidized, 30-year fixed rate 2.99 percent mortgage for homes purchased before June 30, 2009, and a 3.99 percent mortgage rate for homes purchased before December 31, 2009. The rate subsidy would only apply to principal residences. This dual strategy of a homebuyer tax credit and a mortgage subsidy was used successfully during the 1970's housing crisis, which was fed by excess inventory and falling home prices.

Click here http://www.nahb.org/fileUpload_detai...ntentID=106531 to view a one-pager on the home buyer tax credit and mortgage subsidy.

How You Can Help - Visit www.fixhousingfirst.com

Encourage your employees, vendors, suppliers and neighbors to contact their elected officials through the Fix Housing First website. This nationwide grassroots mobilization effort begins today through Friday. Please take the time to join this effort and help amplify our message.

Congress is currently crafting economic stimulus legislation that will most likely be debated and voted on by Congress in early January. It is expected that President-elect Barack Obama will sign stimulus legislation into law soon after his inauguration on January 20.

Now is the time to tell Congress to fix housing first and ensure that housing recovery measures are incorporated into the stimulus package.

Visit the www.fixhousingfirst.com homepage and click on the "Take Action - Tell Congress Now" icon to send a letter to Congress urging their support for a homebuyer tax credit and short-term mortgage subsidy.

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I wanna know where the hell my $7500 tax credit is and my 3% mortgage rate is when (if) something like this goes through I'm sorry, but stuff like this really does **** me off - there seems to be selective discounts, credits, rates, businesses, support groups, holidays, etc for everything but the average "joe". Maybe I'm off but why can't the family who has dual income, who both work 40+ hours a week, who try to actually not overspend and put a little money away every paycheck get incentives and crap like this?

Now, to address what you asked, I can def. see people who can't afford a home getting into these wonderful rates only to default on their payments. And I'll take apple pie a la mode please

 

Redistribution at it's finest!! Get used to it guys, it's only going to get worse.

 

Thats my thoughts. Why can't I get a slice of the American Pie? So my credit score aint a 820, so I have one CC that I pay on every month on time and will be done with in about 8 months. I make enough money, but since my credit score isn't to your liking and i have two cars in my name and a CC I cant get a home loan...or a home loan that will actually buy me a home and not a strip of grass with a card board box on it.

But yet Mr. I have no job, can't keep a job, wont mow my lawn, drink beer till 4 a.m. on a Tuesday while pissing on the neighbors kids big wheel can get a loan? Why is it they bend over backwards for you if you have no goals or ambitions but if your an average Joe with a good steady Job and actually want to better society and your comminuty that shun you out the door.

By the way I'm feeling like a litle Pumpkin Pie with Whip Cream.

 

I'll have to agree that the housing industry needs far more attention than the auto industry. There are far, far more folks in housing industry jobs than the auto and these jobs are here, not Mexico or any other foreign place where the auto makers have run off to or acquire parts from. But how they give help and what criteria they use is beyond me. Home builders are folding daily around here. The major suppliers like Builder First Source and Building Materials Corp have lost billions and don't have far to go and they will be folding. BMC is the largest supplier of home building products in the world with BFS a second. There will be a major void in distribution if these guys go under. And if they fold, watch housing prices REALLY go up as there will be far more middlemen making profits from the same materials. I don't know the answer and maybe this is a good start but if folks aren't working, they won't be buying cars/trucks. The economy is not just one industry although the auto industry and money industry have gotten all of the attention....and bailout money. So far, I know of several friends in the home building industry that have houses for sale and even have had buyers but no money. So where did all of that money go that was given to the lenders? In some fat cats pocket apparently as it isn't on the streets. That's the same thing that will happen to your bucks if given to the auto makers.