It’s been a busy first day for the new President and one thing is certain; he’ll continue to have his plate full… especially with new measures from lawmakers. In the recent months before Obama’s swearing in, lawmakers have been working quickly to create
solutions to our struggling real estate market. Many of these new measures lawmakers hope to get in front of the new President as soon as possible. Below are just a few of the new measures that will soon be presented to Obama for his approval signature.
- Toxic Asset Relief Program (TARP) needs approval to use the balance of the $700 billion dollar program that will be working towards foreclosure relief, solid loan modification guidelines to ease the process for homeowners as well as continuing the efforts of “Hope for Homeowners.”
- The American Recovery and Reinvestment Act of 2009, if put into work will allow for 3 million to 4 million jobs as well as up to $275 billion worth of tax cuts and approximately $550 billion to put towards unemployment benefits, and investments in science and technology.
- HR 230 promotes Fannie and Freddie to provide fixed rate mortgages of 4% or less in efforts to provide more affordable mortgages.
- HR 600 will once again allow down payment assistance programs to be seller funded when using FHA backed loans.
- HR 514 in essence new rules for lenders to follow and live by, in efforts to regulate the industry many feel played a huge part in the distress we are seeing today in the real estate market.
