How will Senate Majority Leader Harry Reids proposal help home owners?

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How will Senate Majority Leader Harry Reids proposal help home owners?

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The scaled-back proposal released by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky contains an amalgam of ideas aimed at boosting demand for housing and helping homeowners saddled with subprime mortgages avoid foreclosure. The plan contains $4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages and a $7,000 tax credit for people buying new homes or properties in foreclosure.

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Updated: 8:54 PM Sep 18, 2009 Talk of extension, expansion as homebuyer tax credit deadline nears The $8,000 tax credit for first-time homebuyers ends December 1. But lawmakers are talking about extending it through 2010, and expanding it, claiming the economic recovery could sputter without it. Posted: 6:50 PM Sep 18, 2009 Reporter: Gordon Boyd KNOXVILLE, Tenn. (WVLT) — Few realtors, builders, or wanna-be homebuyers would disagree that the new homebuyer credit has been the salve and a vaccine for a deeply ailing housing market. “It’s the greatest incentive we’ve ever had,” says Knoxville-area Realtor Andrew Graybeal. “I can tell you I’ve never been busier in 13 years, in the last six months this program has been in effect. Your clients are educated before they get to you. And they’re prepared, they’re serious about buying.” The Knoxville Area Association of Realtors hasn’t tracked the sales percentages, nor does a new study, the S&P/Case Shiller Index, give the tax credit direct cred

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Only one day after returning to work from the congressional spring recess, the Senate leadership’s gambit successfully forces lawmakers on both sides of the aisle to get down to serious work today on housing legislation. Conservative members of Congress returned from their home districts more aware than ever of the cascading ramifications of the U.S. housing and credit crises on our souring economy, and so came to the table to discuss legislation that could make a real difference in people’s lives, give homeowners a second chance, and restore confidence to our credit markets. As a result, the Senate today begins deliberation on legislation, although its precise components are still in flux. The starting points appear to be bills put forth by Senate Majority Leader Harry Reid (D-NV) and Senate Banking Committee Chairman Christopher Dodd (D- CT). Senate Minority Leader Mitch McConnel (R-KY) insists that some conservative ideas, largely based on tax incentives, should also be on the table