Deb's Lake Conroe Real Estate & Stuff! : President Bush Signs H.R. 3648

President Bush Signs H.R. 3648

This is a copy and paste I received today from Titanium Inc. I work for these folks as a Loss Mitigation Specialist. I am publishing this to help my AR buddies stay on top of things...

I think it's about the best thing he's done.

Later in the rain~Deb 



President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007
Roosevelt Room

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     Fact Fact Sheet: The Mortgage Forgiveness Debt Relief Act of 2007

1:05 P.M. EST

THE PRESIDENT: Thank you all for coming. Welcome to the White House. Im pleased to sign a bill that will help homeowners who are struggling with rising mortgage payments. The Mortgage Forgiveness Debt Relief Act of 2007 will protect families from higher taxes when they refinance their homes. It will help hardworking Americans take steps to avoid foreclosure during a period of uncertainty in the housing market. I want to thank members of Congress for getting this bill passed. I appreciate it very much. Its been a joy working with you.

President I thank my Secretary of the Treasury, Hank Paulson; and the Secretary of Housing and Urban Development, Alphonso Jackson, for taking the lead in helping people stay in their homes. I particularly want to thank the Chairman of the Finance Committee, Max Baucus; Senator Debbie Stabenow of Michigan; and Senator George Voinovich of Ohio, for sponsoring this legislation.

I remember calling you on the phone, telling you that Im going to propose the same thing you are -- talked to George, as well -- and its been a joy to work with you.

I want to thank Jim McCrery of the House, Stephanie Tubbs Jones and Rob Andrews. Appreciate you all being here.

I want to thank the staff who works hard at the Treasury and HUD to make this deal work. Appreciate your hard work.

In recent months, our nations housing market has faced serious strains. Home values have fallen in many parts of our country. At the same time, many homeowners with adjustable rate mortgages have seen their monthly payments increase faster than their ability to pay. And now some homeowners face the prospect of foreclosure.

My administration has taken strong steps to help homeowners avoid foreclosure by making it easier to refinance loans. We gave the Federal Housing Administration greater flexibility to refinance loans for struggling homeowners. We helped assemble a private sector group of lenders, loan servicers, investors, and mortgage counselors called the HOPE NOW Alliance. This group has agreed on a set of industry-wide standards to help those with subprime loans refinance or modify their mortgages, so more families can stay in their homes.

The bill I sign today will help this effort by ensuring that refinancing a mortgage does not result in a higher tax bill. Under current law, if the value of your house declines and your bank or lender forgives a portion of your mortgage, the tax code treats the amount forgiven as money that can be taxed. And of course, this makes a difficult situation even worse. When youre worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And its a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans -- and it will allow American families to secure lower mortgage payments without facing higher taxes.

With this bill, Congress has taken a strong step to address the turbulence in the housing market. Yet theres more work to be done. The Congress needs to pass legislation permitting state and local governments to issue tax-exempt bonds for refinancing existing home loans. Congress needs to pass legislation strengthening the independent regulator of government sponsored enterprises like Freddie Mac and Fannie Mae, so we can keep them focused on the mission to expand home ownership. Congress needs, as well, to complete work on responsible legislation modernizing the Federal Housing Administration, so that we can give the FHA the necessary flexibility to help hundreds of thousands of additional families qualify for prime-rate financing.

By taking these steps, we can help our homeowners -- and well help more Americans become home owners. We want people to have a place they can call their own. After all, its an essential part of the American Dream. And we want that dream to extend throughout our nation.

I want to thank the members for joining us. I wish you all happy holidays. And this is going to make a happy holiday for many home owners. Thanks for coming.



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Comment balloon 8 commentsDeb Brooks • April 21 2008 02:07PM


Good afternoon Debra- Thanks for the information, I hope this helps some people out who are struggling with high payments.
Posted by Pam Joffe (Solaris Realty) about 12 years ago

Good afternoon to you too Pam! This is why I wanted this to be read. I too hope it helps those in trouble. I helped to recover a young woman's home the other day and it was so satisfying! The lender was able to place the payments to the end of the loan to give them some relief! I loved hearing her jubilation over not having to move her 4 boys!

These are the little things that keep me loving this business. Later in the rain~Deb

Posted by Deb Brooks (Brooks Prime Properties Wichita Falls Texas) about 12 years ago
I sure hope it works, I'm sure many are seeking serious help. Thank you for the post, it serves to be informed. good day!
Posted by Josué E. Silva (Tierra Antigua Realty) about 12 years ago
ARM mortgages coupled with declining markets equals disaster.  I hope someone can help these people, but in the general, stay away from ARMS.
Posted by -- Casey Brischle, Spokane Home Loan Mortgage Professional (Columbia Bank) about 12 years ago

You're welcome Josue'! I hope it's not too little too late for most! You have a great day yourself.

Casey, you're not kidding. Add the media hype and we are scared into a depression. No ARMS.

Later in the rain~Deb

Posted by Deb Brooks (Brooks Prime Properties Wichita Falls Texas) about 12 years ago
Debra, every little bit helps, glad they are finally stepping up to the plate, hopefully its not to late.
Posted by * Rate A Home (Rate A Home) about 12 years ago
that's great to know!  thanks so much!
Posted by Katherine Anderson, Managing Broker (Coldwell Banker Hobin Realty, LLC - Hampton & Rye, NH, USA) about 12 years ago

Duane, you are right about every little bit helping. I too hope it's not too late.

Katherine, you are so welcome!

Posted by Deb Brooks (Brooks Prime Properties Wichita Falls Texas) about 12 years ago