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The Senate has approved a plan to boos the housing market


For the majority of home owners a government stimulus package aimed at reducing foreclosed homes should be a large boost.

The Senate overwhelmingly passed a bill yesterday that could potentially be introduced in the next 30 days in an effort to help the housing markets and assist with slowing down the home foreclosure process. Mortgage lenders, home owners and new home buyers could all benefit under the proposed legislation. A key provision to the new plan would be allowing home owners who are behind to refinance their mortgage and allowing the lender to absorb a write down on the current loan, but would have to share in any potential appreciation profits in the future if they were to sell their home to cover their initial loan losses. In addition the Senate bill is aimed at a critical issue facing the market today. A major challenge in the market is supply versus demand and a lack of home buyers. The Senate bill would allow for tax credits of up to $8,000 for first time home buyers to help stimulate the housing markets. The bill titled protecting the American dream still has to get approval in Congress and ultimately be signed into legislation by President Bush. There is little doubt that the government will ultimately pass a bill into legislation as this is a key election year and this remains amongst the top concerns for all voters. Mortgage rates are still very attractive and this measure would certainly work towards stabilizing the housing market and home prices.

6-25-2008 ? LoanNetwork.com





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