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I was just reading another thread and it has me wondering. Is there a chance there will be no bailout? I thought they already approved one?
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I hope not...
but the reality of the whole thing is - its rich people helping out their friends ... so yes there will be a bailout
the middle class gets screwed again
They are still discussing the verbiage. Paulson & Bernancke are pleading for congress to pass it but many are opposed to Bush's proposal.
Nope, no chance in hell. There's way too much money to be made on both sides of the aisle, and as usual they have to been seen doing something, even if it is, also as usual, the wrong thing.
I think it has a chance of dying. Or at least being morphed into something completely different than the initial proposal.
Of course there is a chance they won't pass something by Friday when they all leave. There also is a chance you won't get out of bed tommorrow morning.
There also is a chance you will win the state LOTO this week.
I wouldn't bet too much money on it.
By the way, this thread belongs under the "economic watch" discussion catagory, so when is Zillow going to move it?
Oh sorry, I didn't mean to post in the wrong category:( I'm a homebuyer and it is relevant to my situation.
Likely congress will call it an "intervention" instead of a "bailout" if they pass something anyway.
Now, regarding how it will affect buying or selling houses, that is an entirely different matter, especially as no one has any clue what the final legislation will look like.
The only thought is it might affect inventory; but since they are discussing buying "securities" and not properties with mortgages that are substantually delinquent in payment; it likely won't affect inventory at all in the near future. It may help stabalize some mortgage and other lending institutions, as well as help stablize the securities market, but as long as there is excessive inventory, the prices of houses will continue to fall.
Even if implimented tommorow and it has the unexpected result of increasing buyer demand, it will not suddenly raise prices back to bubble levels. Even if the government inflates the dollar to match existing house prices, the market cannot suddenly change direction.
No matter how you figure this pending "intervention", housing prices are going to continue to fall for some time, and bottom will be a while coming, and will stay their for sufficient time to make buying decissions. There is no rush, and buying now likely means losing the downpayment equity.
I think the major thing is the judges being able to modify mortgages in bankruptcy on primary residences. This will help but not much.
lol it will get done because the house and senate wish to go home for holidays and campaigning for the next month... they cant adjorn now without defeating the bill and they absolutely will not go home to attacks saying "since august, during a recession YOUR SENATOR spent as much time sunning himself as he has working for you, the people... blah blah... he wants to shove tax rebates in your faces and say VOTE FOR ME
i dont think we have nearly the infrastructure to start a mortgage modification court circuit... certainly the judges, at this time, arent qualified to review mort contracts and modify them fairly/impartially... they need precidents, procedures, training... untill those are setup it will be a free for all.
Not unless an asteroid hits Earth before they get a chance to rubber stamp it.
It will be passed. I think the package will be around 250 billion. It will the first of two or three packages, with each one changing as to how to better protect the tax payer's money.
i wonder if banks can appeal a judges loan modification? or does that too fall under "new powers that are not reviewable by any authority?
i also wonder what kind of issues 6.5 million forclosures would put on the judicial system if every single person opted to attempt to legally force a settlement through their bank?
i also wonder if there would be a provision saying that forclosures would have to be frozen in process while "under review" or once the papers are filed... you could be talking a half dacade RENT FREE...
this is a stupid thing to be fighting over
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