Randy T
Ive read that the stimulus bill will help the mortgage loans by offering higher tax rebates and lowering mortgage rates to 4%. How soon will we see this happen?
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Ive read that the stimulus bill will help the mortgage loans by offering higher tax rebates and lowering mortgage rates to 4%. How soon will we see this happen?
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Not BEFORE both houses of Congress and signed by the President.
A bill is only Hot Air. Once it is signed and becomes LAW, then it can dstart to be implemented.
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You mean how soon will government pass it, or how soon will the banks still not lend money AFTER the government passes it?
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As of now, that is just a proposal and it would apply only to Freddie Mac/Fannie Mae-owned loans.
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Right now, its all talk. I wouldn’t hold your breath. The goal of forcing mortgage rates into the 4.0%-4.5% range was proposed by republicans.
Republicans voted against the current package and said they aren’t trying to block the package, they are just trying to get some essential changes added to it. One of their changes is the lower mortgage rates. Since the Democrats have the majority in both houses plus presidential support, there is no guarantee they will listen to any input from republicans. I really hope they do, because I think 4% mortgage rates would go a long way toward fixing the economy and helping people, but I’m not going to count on it until it happens.
If it does happen, it would probably be within a few months. They are trying to get the recovery package passed very quickly. It will probably pass this month and IF the mortgage rate thing is part of it, it will probably go into effect within 1-2 months after the whole package passes.
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It could be effective by March 31. The bill should be signed by end of February so we will know more details within a few weeks.
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Where are mortgage rates even addressed in the current 600+ page spending bill passed by the House? I don’t believe they are so don’t hold your breath.
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Lets just “hope” that this asinine “stimulus” package does not pass at all!
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It won’t they took that out.