Watching the Sausage Get Made
Posted On: June 20th, 2009 by James Posted In: Government Actions • Mortgage Programs • Mortgage Rates
Ok…. Another blog post about this Government Tax credit! First HUD chief says ‘you can monetize this 8k’ and get immediate access to it. Then they say: “forget it, Just get be happy with the tax credit people!”…. THEN I hear rumors about “immediate access to the $8k credit, BUT ONLY if applied to closing costs… NOT downpayment“. Well good readers, I just come across these articles, and in an attempt to make my site a relevant place to get the latest answers to your burning mortgage questions, I post them.
I saw this VERY interesting article on Bloomberg about a new push to INCREASE this Tax credit to $15K! This was the amount suggested by the House in the first version of the bill that now gets us the $8000.00 Tax credit we now love. The second thing to note in this article is that congress wants the Fed to continue to purchase treasuries towards the goal of keeping fixed mortgage rates BELOW 5%. To me this is very exciting rhetoric…. I hope the Fed announces that they will continue to purchase, or even increase their purchases at the end of this month’s FOMC meeting.
The current volatility is giving me gray hair on my head.
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