NAR's view on the Emergency Economic Stimulus Act

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Real Estate Agent with Keller Williams Realty - Elk Grove, CA Homes for Sale 00935148

I just received an email from the National Association of Realtors asking me to send a message to my elected officials urging them to pass the Emergency Economic Stimulus Act, with an explanation of what is at stake for us.  Here is the explanation.

There are several aspects of this Stimulus Package that I didn't understand before reading the summary from NAR.  These include:

"All federal agencies are required to work with servicers to facilitate loan modifications that will consider the net present value of the mortgage."

"Similar refinancing and foreclosure prevention requirements apply to mortgages involving owners of multi-family properties.  Policy goal is to assure that tenants don't lose their residence when an owner has problems with the mortgage."

"Creation of a Troubled Asset Relief Program (TARP) to purchase and guarantee the troubled assets from the financial institutions that hold mortgages and/or mortgage-backed securities."

"Historically, when the government has intervened to shore up a company's or government's financial dealings (such as the loan guarantees made to Chrysler and the aid given to New York City during a fiscal crisis), the long-term effect has been that the government has made money back on the deal.  The legislation provided an "upside" benefit for taxpayers."

I urge everyone to read the NAR's "A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT
WHAT'S AT STAKE FOR REALTORS"
now.  And if you are not signed up for the Realtor Action Center, sign up now!

Lori Mode and Bruce Durham, Keller Williams, Elk Grove

The Mode & DurhaM Team in Elk Grove, CA

 

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Rainer
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Susan Walters
Keller Williams Realty, Ann Arbor, MI - Ann Arbor, MI

I may be totally ignorant financially, and probably am, but if I saw the government doing this without fail to every business in trouble, I would be all over it in support.  But they aren't and they don't.  I suspect that is where the Wall Street/Main Street rhetoric is coming from.  I have a sneaking suspicion that the top 5%ers, maybe the top 1%ers, are pushing this through for their own benefit financially.  Not that we don't need this kind of help (I sell real estate in Michigan, for God's sake) but there has to be a motive for this, "the economy is fine, the economy is fine, the economy is fine - BAIL, BAIL, BAIL mentality."  This was not an overnight problem - why now does it need to be an overnight success?

Oct 01, 2008 12:37 AM #1
Rainmaker
996,108
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Lori:  I happen to agree with passing this Rescue Plan.  This is more of an investment plan than a bailout plan... and if others can see that... it will pass.  I think it is foolish to scuttle it.

Oct 01, 2008 01:07 AM #2
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Lori Mode

Mode and Durham, Your Elk Grove Real Estate team
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