The Big Bail Out

I also would like some educated comments about this. I would assume that any loans that have already been taken back, by the banks, are beyond help. The banks own these. Short sales may be affected. I will be contacting some of my banking friends.

Al

I must say I'm surprised this topic did not generate more comments...or is the a thread on this subject somewhere else I should be looking at?

I think the bill is so complex, that no one knows what all is in it yet. I have heard many comments on it, but they are conflicting. With time we will get the story. I believe someone posted a link to the bill, and Anita mentioned that she was going to read it (sounds like an extra large sleeping pill to me).

Al

Funny, Al. I'm gonna find that link, and next time I have insomnia I'll break it out. I guess its going to a while for the effects of the bill to happen...so I'm gonna stop worrying about it and keep on lookin!

That we as investors will be fine, Now in terms of "short sales" going away, i dont think so, see the "bail out" will affect the "MAJOR PLAYERS" on wall street. I think some banks may be less likely to accept "short sales" but NOT ALL, theirs just too many in trouble.

Did you read Dean's diet post? Read it and don't put too much stock in the crap that's posted in the news or on tv regarding the 'recession' or 'bail out' or whatever! Just continue doing what you're doing and you'll be fine, because you're NOT detered by all the 'latest developments' the news focuses on. Just look at CBR and some of the others doing great in this same market. Keep your eye on them and copy what they do! Stay focused, and keep moving forward, regardless of what you may hear, read or see! ;D

God bless you,

I don't understand all that is involved in the bailout but I do know that many of the banks are offering real help to homeowners so they can stay in their homes. This will soon begin to effect the number of short sales, preforeclosures and foreclosures.

For example as many of you know that when I first joined this site I had fallen behind on my own mortgage payments and was in jeopardy of loosing my home to foreclosure. Then one day I received a letter from my bank that they were going to modify my loan from an 11% ARM to a 6.5% fixed rate. All I had to do is sign the papers and send them back. My mortgage payment has decreased $700.00 a month.

I am not the only one. Apparently people are beginning to receive modifications letters like mine from their bank. Apparently the banks are taking the initiative to fix the current market crisis and prevent any further foreclosures. Not sure what this means for the future RI market but the banks are on the move!

Thats GREAT carol, i'm releaved to hear that your lender has stepped up and is working with you, you see, it ALL worked out in the end.

That's such a blessing for you! Hallelujah!! I'm so happy to hear that. GOD IS GOOD!!!

Continued blessings to you,

The bail out depends on the housing market to make it effective.

The banks are afraid to lend money and therefore I think we are going to see many more houses available for investments over the next year or more. Because even though the government has passed a huge bailout their attempts to rescue the economy are worthless if the housing market continues to fall.

Thanks to everyone for contributing! What a great group of people we have here to share ideas and work things out and get fresh perspectives! And carol, i am soooo happy for you!
Laura

I have it posted in this same forum if anyone else is brave enough to read through its 400 pages. Most of it is a lot pork & filler, with most having to do with regulating how Wall Street conducts business and how this grant money is to be distributed, and also regulating short-sales in the stock market. The only part about it that really struck me as bizarre is the stuff they packed in Section 117.

SEC. 117. CARBON AUDIT OF THE TAX CODE.
(a) STUDY.—The Secretary of the Treasury shall enter into an agreement with the National Academy of Sciences to undertake a comprehensive review of the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.

So it sounds to me like they plan on a way of taxing corporations that add to global warming so its not so hard on the normal taxpayer (vital info for anyone working with commercial properties)? Who knows, but from as much as I could decipher, this bail out bill is mainly concerned with the banks & not the houses themselves. However, you may see a lot of changes in the sub-prime market that was mainly responsible for this collapse. The banks got too risky, gave loans to people who were incapable or unwilling to pay them off, and the bigger banks and ultimately the government who loaned those banks money never got paid back when these people defaulted on their payments, leaving them with no money & a whole grip of houses no one wanted or could afford. The market got greedy & careless and this is the end result. But apparently, the government sees fit to give these failed financial king-pins a second chance. Bad idea if you ask me. How our government manages to just pull $700 billion out of thin air is beyond me, as creating that much money over-night is only going to lead to inflation in the long run. This fix is only temporary. The buyers market were in is showing signs of bottoming out, so spend your money NOW before its worthless & encourage your potential clients to do the same.

Help a newbie out. I haven't learned all the abbreviations yet, or even a lot of them yet. What does CBR stand for? Thanks, Pas. Greg

I cant believe you read the whole thing! Thank you so much for doing that and then sharing the info! Really appreciate it!
Pastor Greg, I'm not familiar with CBR except in someones user name. Where have you seen it used?