Senate Passes Foreclosure Prevention Act

[Mystery man3]

Things will get worse Timothy

Depression....you mean like 1930? No, the job market was worse in 1979 at 8.5% unemployment, current unemployment is 5.5%, not a bad number since we are in a recession.




A family of four making less than $40,000/year currently doesn't pay federal taxes.

Confidence in the U.S. financial system is being destroyed as we speak.

 

[Mike Boyd]

there is no hope and they can pass all the bills that they want, it is not going to help the market. First, the job market is the worst since the depression and secondly, lenders in the Ohio and PA area are now requiring 20% down to buy a home(no gifts). What a new concept, 20% down, making the buyer responsible......people need jobs......why don't they just do away from the federal tax on anyone making 30k or under.....instead of paying 30% of your wages you can put the money back into the economy.....

The job market is not as you describe all across the country. CA unemployment rate is 6.25%. In my market area it is 6%. During the depression, it was 15% and higher.

Even in YOUR area, there is always FHA with 3% down payment requirements.

Regarding no taxes for those making $30K or less: It is already that way although you still have to pay Social Security taxes. With the cost of living exclusive of housing costs, saving a bunch of money to help the economy is highly unlikely if one is making $30,000 per year........well, I guess it ALL would go back in the economy, come to think of it, as there would be nothing left for savings.

 

[Common Sense]

The Unemployment rate always astounds me . Could someone answer this question for me. How many workers in the U.S. have lost Good paying jobs and replaced them with another Good paying Job. The people I have polled that have lost jobs have found another job but they had to take a significant pay cut and These are all Well educated people.
m2:m2:

 

[JSmith43]

there is no hope and they can pass all the bills that they want, it is not going to help the market. First, the job market is the worst since the depression and secondly, lenders in the Ohio and PA area are now requiring 20% down to buy a home(no gifts). What a new concept, 20% down, making the buyer responsible......people need jobs......why don't they just do away from the federal tax on anyone making 30k or under.....instead of paying 30% of your wages you can put the money back into the economy.....

rrhebra, your profile says: "22 years in appraisal and investigation business"

I am wondering, why didn't you investigate before you posted such distorted information? Is your local economic situation an exception? Please explain.

 

[Michigan CG]

The Unemployment rate always astounds me . Could someone answer this question for me. How many workers in the U.S. have lost Good paying jobs and replaced them with another Good paying Job. The people I have polled that have lost jobs have found another job but they had to take a significant pay cut and These are all Well educated people.
m2:m2:

Instead of polling people you know look at the statistics. The median family income in the US has continued to rise; the doom and gloom is not even close to 1979 yet alone 1929.

 

[J Grant]

statistics. The median family income in the US has continued to rise; the doom and gloom is not even close to 1979 yet alone 1929

it continued to rise, but compared to inflation /actual buying power has dropped over the past decade.

 

[Michigan CG]

it continued to rise, but compared to inflation /actual buying power has dropped over the past decade.

Where do you guys get your data? This is also incorrect!

http://www.census.gov/hhes/www/income/histinc/f07ar.html

 

[JSmith43]

I bet BS data is being flung around for the benefit of the audience on CSPAN as we speak, regarding the foreclosure bill arguments and other related topics.

It is my impression that the politicians observed IQ would rise 30 points if the cameras were removed

 

[Wesley Smock]

These are all Counties in southeastern Michigan, outside of the Greater Detroit metro area. These are May 08 unemployment rates as reported by the state unemployment office. Lenawee 9.7%, Hillsdale 9.7%, Jackson 8.3% Monroe 8.8%, Washtenaw 6%. The rising unemployment rate is primarily due to job loss and not new workers entering the work force. For Lenawee County it is estimated that 835 workers entered the unemployed numbers, 625 of these from job losses. On top of this Michigan is reporting the largest numbers of people leaving the state of any of the 50 states ( I guess that’s 47 for some, or what ever that number was). I guess this is just something to chew on. So I guess it all depends on where you live.

 

[Mike Kennedy]

Deserves to be vetoed "as-is"

As of the evening CNN news, it has now passed the senate but must go back to the House for minor revision. However, Bush has stated he will veto it. Hopefully, there are enough votes in both houses of congress to over-ride the veto.

Mike .-- as long as it contains the mandatory FRT Appraiser BOND requirement WHICH IS redundant AND PUNITIVE against ALL Appraisers who wish to do FRT BUSINESS......it deserves to be vetoed.:new_2gunsfiring_v1:


With that provision deleted...