$15 Billion Housing Relief Plan

The Capitol is abuzz with the news that there is movement on the housing front with a major relief plan moving forward. The major responses considered are

 1) Upgrade the FHA Loan limits to new maximums after the current emergency limits expire on December 31st to $550,000.

2) 4 Billion dollar repair fund that will pay to repair homes in blighted areas and allow the community to give the homes to community organizations and improve that community.

3) 100 Million to support housing counseling agencies.

4) Larger penalties for lenders violating Truth in lending laws.

5) New Federal tax deductions to homeowners that don't itemize to allow them to deduct local tax bills.

6) 10 Billion dollars in tax exempt bonds to re-finance sub prime borrowers.

7) Extend the time frame to 4 years for builders to write off federal taxation losses.

8) A $7,000 non-refundable tax deduction for buying a foreclosed home.

Sounds Great! Problem is by the time the other branches of the government gets ahold of this there is little chance of it even having half the items on the list. So what does this mean to you? Nothing as there is as usual a LONG delay before there will ever be any movement to get relief. After all how many of you have received your economic stimulus checks?