Archive for the 'Credit & Finance' Category
Gov. Crist signs order freeing $571 million for buyers and developers
Related Posts: Credit & Finance, Government, What If Realty News
hiTALLAHASSEE, Fla. – Oct. 3, 2008 – Trying to take the offensive in an economic crisis, Gov. Charlie Crist signed an executive order Thursday freeing $571 million in state-backed financing that real estate developers and reluctant buyers can tap to build and buy new homes.
The state will float tax-exempt bonds, backed by Florida’s gold-standard rating on Wall Street, to provide developers a line of relatively cheap credit. The hope is they’ll start building homes and apartments again soon.
Also, homebuyers can use the state-backed financing to get low-interest loans through the Florida Housing Finance Corporation.
“There’s more capital available … that wasn’t available just a few weeks ago,” Crist said of Thursday’s action. “The people of Florida are having a hard time getting loans. This is a place where they can get loans at a lower rate.”
At the governor’s mansion Thursday, Crist paired the $571 million capital program with $541 million in anti-foreclosure money coming into Florida from the federal government, thanks to the Housing and Economic Recovery Act passed by Congress and signed into law by President Bush in July. Taken together, more than $1 billion is being made available to aid Florida’s struggling economy, the governor said.
The bulk of the $541 million in federal money will go to local governments in metropolitan areas hit hardest by the long real estate slump, including South Florida and Orlando.
The money, expected sometime next year from the U.S. Department of Housing and Urban Development, will help the Florida Real Estate market and will be used to buy foreclosed properties and rehabilitate them, said Department of Community Affairs Secretary Tom Pelham. Money also will be available to low- and moderate-income home buyers for help with down payments and closing costs, he said.
Copyright © 2008 South Florida Sun-Sentinel, Josh Hafenbrack. Distributed by McClatchy-Tribune Information Services.
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“The BailOut Bill” and its Earmarks as of 10-02-08
Related Posts: Credit & Finance, Government, Real Estate News
hiSo if you have the time to read 451 pages HERE’s the link. I wonder how many legistators have actually read it?
Check this out …………..
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)
What the heck do these have to do with the problem at hand?
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Americans will need Credit Repair over the next 7 to 10 years
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiThis credit situation is a mess. As credit get tighter on the folks the credit scores will suffer for no good reason in many cases. In addition, bankruptcies, foreclosures and just plain delinquencies will stay on the report for as long as 7 years if not dealt with. That means that folks who have been struggling for a few years and then fall into default will have a long uphill battle coming back. We do not recommend any organization only try to guide you to sites that can give you information about the players. This is one http://www.creditrepairreviews.net/?gclid=CNPe0KzeqZUCFRpknAodPkt9lA with more to come.
Here’s a guide that can help explain the impact of your score:
720 - 850 - Excellent – The best financing terms and represents the best score range
700 - 719 - Very Good – qualifies to receive favorable financing
675 - 699 - Average – will qualify for most loans
620 – 674 - Sub-prime – May qualify but will pay higher interest
560 – 619 - Risky – Might have trouble getting a loan
500 – 559 - Very Risky – You need to work on improving your rating
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The IRS is at your service!
Related Posts: Credit & Finance, Government
hiWe all perceive the IRS as evil because they collect the taxes that our Congress enacts. There are many services for us. Take a look at http://www.irs.gov
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No more “Buy and Bail”
Related Posts: Credit & Finance, Government, Real Estate News
hiThe FHA will no longer allow homebuyers to rent out their current home and use the expected rental income as part of the basis for obtaining a new mortgage to buy another home. Most buyers must now show that they can cover both mortgages unless they have 25-percent equity or provide proof of a job relocation and arrange a one-year lease on their current home. The FHA hopes the new rule - implemented as a temporary measure on Sept. 19 - will prevent buyers from purchasing a less expensive home and abandoning their current mortgage.
Source:
Inman News (09/24/08)
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