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Legislation Articles

Posted on February 13   By MLP Blog
On Tuesday President Bush signed a $168 billion economic stimulus package intended to provide “booster shot” for the economy. Included in the plan are approximately $117 billion in rebate checks and tax breaks for businesses as well as an increase in the FHA loan limit. The increase in the loan limit is meant to help the sagging subprime housing market, which has taken substantial hits in recent months due to the fallout of predatory lending practices of many lenders. By increasing.... Read More...
Posted on February 13   By MLP Blog
On Friday, May 11 The Department of Housing and Urban Development proposed a rule that would prohibit potential home-buyers from taking advantage of down payment assistance programs like Nehemiah and AmeriDream. These programs will help buyers by offering them grants to help pay for closing costs as well as the minimum 3% down payment required with FHA loans. Typically these grants are offered to low-income buyers who would otherwise be unable to afford the down payment. The controversy surroun.... Read More...
Posted on October 21   By Justin McHood
One of the more popular topics relating to housing lately is whether or not Congress will expand the federal tax credit for new home buyers. Yesterday, executives from the The Mortgage Bankers Association testified before Congress that they needed to "shore up" the housing market and could do so by extending the new home buyer tax credit, extending loan limit increases, and a few other items that will help hopefully encourage lenders to lend more money. According to an MBA press release: MBA C.... Read More...
Posted on June 25   By Justin McHood
Recently, the Comptroller for the US John Dugan told a meeting of the American Bankers Association that there were problems lurking with Reverse Mortgages -- and even went as far as comparing reverse mortgages to subprime mortgages. "While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages - and that should set off alarm bells," Dugan said. " I believe that now is the time to get out in front of this issue - be.... Read More...
Posted on May 13   By Justin McHood
Note: This is something that has not yet happened, but may soon happen. I originally posted this information about the 8000 tax credit being used as a down payment on my main site, and thought it was relevant enough to share with everyone as to what may soon be around the corner. I once posted something about the then-pending 15,000 tax credit which passed into law as a 8,000 tax credit - so I have some experience as to how things change before they actually become official. But I thought every.... Read More...
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