Housing Package: Some Sanity April 9, 2008Posted by pf in Taxes, Uncategorized.
Tags: bankruptcy, congress, foreclosure, housing package, john mccain, mortgage mess, speculator, subprime, Taxes
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Today I read an article from Newsweek entitled “Tax Breaks for Bubble Heads“. In it, the author, Daniel Gross outlines “Congress latest dumb idea to fix the housing crisis”. Although I think this thing has too much momentum to stop, I take some small consolation that there are voices of reason trying to be heard. If you share similar views, I encourage you to write about them…maybe the chorus will grow.
McCain on Housing Fix April 7, 2008Posted by pf in Expenses and Savings, Taxes, Uncategorized.
Tags: bailout, Decision 2008, democrat, housing fix, john mccain, mortgage, ny times, republican, subprime
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Today I read an article in the NY Times entitled “McCain Rejects Broad US Aid on Mortgages“. In short, Senator McCain does not support many of the proposed fixes that are currently under consideration. As you will recall from my latest post “Housing Fix“, we are very much in agreement.
More fascinating, however, is Sentor McCain’s position on this particular issue has drawn a very stark contrast between himself and his Democratic rivals. Regardless of which side you may support, it is nice to see the clear distinction on the issue and allow us as voters to understand it and influence our voting choices. What is more difficult, however, is if you find yourself (like I think many Americans do), torn between various policies (ex: you are fiscally conservative, but socially more liberal) and no candidate is the perfect fit. Fortunately, for myself, I have no illusions about finding such a perfect candidate, but am looking forward to the general election where I will hopefully learn more to make my decision. In this particular instance, I am tallying up 1 point for Mr. McCain.
Housing Fix April 3, 2008Posted by pf in Expenses and Savings.
Tags: bankruptcy, federal bailout, foreclosure, homebuilders, housing fix, mortgage bailout, subprime mess, subprime mortgage, tax breaks, tax credits
Our federal government is moving at blazing political speed to finalize a $15 Billion band-aid to relieve some of the pressure wrought by the sub-prime mortgage mess. The potential provisions include the following:
- Tax breaks for home-builders (up to 40% of the $15 billion cost)
- Tax credits ($7,000) for purchasing homes already in or facing foreclosure
- Additional property tax deductions for those who do not itemize their tax returns ($500 single / $1000 joint filers)
- $4 billion for states to buy and rehabilitate homes
- $100 million for counseling of homeowners at risk for foreclosure
While I can appreciate the difficult situation our politicians find themselves in (they gotta do something about this if they want to keep their office, don’t they?), I remain generally opposed to the whole thing.