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More Money Given Away! How and When Will They Ever Stop! Update March 1, 2010

BLOOMBERG NEWS:
The Obama administration announced Monday that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program that so far has made little progress.
The Home Affordable Refinance Program was set to expire in June, but so far it has reached fewer than 200,000 of the up to 5 million borrowers federal regulators hoped it would help.
Market conditions have not changed significantly since the program was launched last year, Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a statement. So to give lenders more time to implement the plan and to "support and promote market stability," the initiative will be extended to June 2011, he said.
The program is aimed at the millions of borrowers whose home values have been diminished by a weak housing market, or who owe more than their houses are worth, making it impossible for them to take advantage of historically low mortgage rates. Originally, the program targeted borrowers whose loan balances were slightly higher than their property values. The program was later expanded to include those who owe up to 25 percent more than their homes are worth.

 

NEW YORK (CNNMoney.com) -- Democratic Senators Monday unveiled a $150 billion bill that pushes back the deadline to file for unemployment insurance until year-end and extends dozens of expiring corporate and personal tax credits.

The wide-ranging legislation, which could be voted on as soon as this week, would allow the jobless to apply for extended federal unemployment benefits and the COBRA health insurance subsidy through Dec. 31. It would also make the prevision retroactive to March 1, so the unemployed would not miss any payments.
Marc’s Notes:
As I said, more housing bailouts, more extensions. The next one to come is a reduction in mortgage balances. The free money from Washington never stops.

Here’s one for you. A friend of mine got the $8,000.00 house credit in a check after she bought a house, but actually got $8,131.00.


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Show # 35   "Fixed Income and Retirement"
Show # 43   "Risk vs. No Risk"
Show # 52   "What You Should Do"
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