© WSJ 2009  Last week, President Barack Obama signed a law that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the government estimates will cost a total of $11 billion, is intended to help spur housing sales, a critical part of the economy.See some answers to commonly asked questions about the new rules here. ...
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The compromise health care reform legislation, released last week by the House majority leadership is scheduled for floor debate on Saturday, November 7, 2009. HR 3962, the Affordable Health Care for America Act, retains many of the features for small businesses and the self-employed that were included in the original House bill. These include (1) larger insurance risk pools, (2) group-like policy underwriting and rating rules for individual policies, and (3) individual and small employer tax credits for the purchase of health coverage. The bill includes new provisions approved by each of the three policy committees that first considered the original House bill, HR 3200. Among these changes ...
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Last week Fannie Mae announced its new Deed-for-Lease Program (D4L) that allows eligible borrowers facing foreclosure (or their tenants) to stay in their primary residences. Under D4L, the borrower transfers ownership of the property to the lender through a deed-in-lieu of foreclosure and the borrower (or the tenant) signs a lease for up to 12 months. The program is designed for borrowers who don't qualify for other workout solutions, including modifications, or who do not meet their obligations under the modification. The purpose of the program is to minimize displacement of families and deterioration of neighborhoods that often occurs when homes are left vacant. The rent may not e ...
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The Senate Committee on the Environment and Public Works (EPW) approved climate change legislation (S. 1733) that does not include the real estate energy labeling opposed by NAR. Eleven of 12 Democrats — a majority of the panel's 19 members — voted to advance the bill without amendment and with no Republicans present. Republicans had requested full EPA economic impact analysis of the bill before participating in a markup.The EPW vote represents another in a long series of steps that are required before the full Senate may take up omnibus energy legislation. Several other committees have or are expected to produce bills which Majority Leader Harry Reid (D-NV) will then combine ...
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© CNN 2009  Some 650,000 troubled borrowers have been put into trial loan modifications under the president's foreclosure rescue plan, the Treasury Department said Tuesday. That number represents 20% of eligible homeowners at least 60 days behind in their payments, according to the Treasury report. This is up from 16% a month earlier. Read more. ...
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Talks continue at the Capitol regarding topics for a possible special session of the Arizona Legislature next week.  The discussions all center on measures to reduce the state's $2 billion midyear budget shortfall and include fund diversions to keep several agencies going and reducing spending for education and health care. There’s also talk of reconsidering previously enacted anti-deficiency legislation that reinstates home sellers' protections in cases when sale proceeds don't cover mortgage amounts. ...
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© Statepress.com 2009 As polls suggest Arizona Gov. Jan Brewer’s popularity is wavering, a crop of opponents from both sides of the aisle is lining up to challenge her. Attorney General Terry Goddard, Tucson attorney John Munger and Paradise Valley Mayor Vernon Parker lead the pack of contenders that will challenge Brewer in the 2010 Arizona gubernatorial race.Brewer, who was inaugurated in the wake of former Gov. Janet Napolitano’s appointment as U.S. Secretary of Homeland Security, announced last week she would be running for another term. Read more. ...
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© Bloomberg 2009  Senate Majority Leader Harry Reid said he expects to bring legislation to overhaul the U.S. health-care system up for debate next week.    Reid told reporters today at the Capitol he believes the Senate can pass the measure by the end of the year. Asked whether he had the 60 votes needed to begin debate, he said, “I hope so.” Read more. ...
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© CNN 2009  Narrow passage of a sweeping health care bill by the House of Representatives portends a continuing difficult fight for President Obama and fellow Democrats to get a bill through the Senate and into law.  The House voted 220-215 late Saturday, with 39 Democrats opposed and one Republican in favor, to approve what would be the biggest expansion of health care coverage since Medicare was created more than 40 years ago. Read more. ...
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President Obama signed today the bill that extends jobless benefits for chronically unemployed workers for up to 20 additional weeks. Also contained in that bill is the language that extends and expands the homebuyers' tax credit.  The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction. I ...
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