New housing rescue bill - anyone figured it out?

[barbarus]

Ah, Comrade Brewer. Soon I look forward to singing the Internationale and other good Republican songs with you and Comrade President Bush. Maybe Comrade Secretary Paulson will join us too.

There are many more taxpayer-funded bailouts on the way. The "Party" is just beginning nyet?


As they say in Washington, "From each according to his abilities, to each according to his needs".

[ladelfina]

Another thing in the housing bill is a change to the CG exclusion, so if you were planning on using that in the future, you should investigate and plan accordingly:
Calculated Risk: Housing Bill: Change to Home Sale Tax Exclusion Rule

Instead of the old "2/5 years" it's now a ratio of qualified/unqualified use (going forward from 1/2009 so it won't start affecting people for another couple of years, it seems).

[clifp]

Quote:

Originally Posted by laurencewill I suspect they'll get more people to pay back than you might imagine. Not everybody is savvy like that - unless of course we start seeing commercials on t.v. in 5 years, "Unlock your profits - you've earned it!".

Laurence I really really hope you are right and I am wrong, but....

Given the current situation, where people buy a 2nd home/refi before mailing the keys to the bank, delay foreclosure as long as possible, and steal everything in the house before turning the house over for forclosure, I think the chances of most people acting ethically and giving Uncle Sam the profit we deserve for bailing the out is pretty slim.

I think the chance of lender especially mortgage brokers not aggressively marketing a way of saving tens of thousands on taxes by taking advantage of our special refi before you sell program is nil.

[missionfinder]

Quote:

Originally Posted by cute fuzzy bunny Its a matter of people who took out a loan and couldnt make the payments. Once again we're taught the lesson regarding the difference between correlation and causation.

I never said race was a cause. I simply put out some facts to imply this about votes, not to help anyone. Its why the Democratic party is so ghung-ho to bail them out... they are their constituents. Not because they are black or another minority, but because they vote primarily Democrat.

Its not much different than the Republicans giving mid-western farmers ethanol subsidies or turning a blind eye towards enforcement against businesses who hire illegals. Follow the money and it almost always has to do with politicians trying to stay in power - not about "helping" people.

What I don't understand is how anyone can make the largest purchase of their life and not do their homework about what they are getting into. Self-imposed ignorance knows no racial bounderies.

[cute fuzzy bunny]

Did I say anything about race?!?