Posted on 03/13/2008 11:07:18 AM PDT by BGHater
Sen Johnny Isakson Says Checks Would Entice People To Buy
He would know.
As a longtime realtor in Cobb County, Sen. Johnny Isakson has seen housing downturns before. "We had recessions in 1968, 1974, 1982, and 1991, by every measurement, this is going to be a deeper and bigger recession in residential housing. It's a significant event."
Isakson is pitching an idea to his colleagues in Congress: a $15,000 tax rebate check to anyone who agrees to buy a home. Congressional budget analysts project the program would cost $14 billion over the next few years. But Isakson said the rebate checks are well worth the hefty price tag. "If we can convince buyers to come back to the marketplace and buy these houses, then the houses aren't vacant. It's replaced by an owner-occupant, who is there making payments on a loan and helping all of the other houses around."
Senate Republican leaders have signed on to the rebate check idea. But they have to corral support from Democrats. Senate Democratic leader Harry Reid is instead pushing a foreclosure relief proposal called The Foreclosure Prevention Act of 2008, which would offer $4 billion to cities to rehab or knock down foreclosed properties. Reid's Democratic colleague Sen. Bob Casey said, "It's important that we have as much money as possible in the hands of local communities, to get it into communities, where they know how to spend those dollars and help families through this crisis."
Figures compiled for wsbtv.com by mortgage analysts with RealtyTrac show a surge in Atlanta-area foreclosures. In 2006, RealtyTrac reported 33,018 foreclosure filings in the Atlanta region. In 2007, 50,271 people were foreclosed upon.
The Senate is expected to debate both competing foreclosure proposals. Presidential candidates have also publicly announced proposals to ease the housing crisis. Sen. Hillary Clinton has proposed a temporary freeze on all home foreclosures.
The end result will be they will own your house, your finances, and your soul. Deal? Sign here.
bingo!! The dumbest thing policymakers can do now is to try to STOP the housing market from correcting.
I don’t mind if they cushion the financing market the way the Fed is doing. That just allows the inevitable to happen a little more slowly, and thereby limits the collateral damage. But to actually allocate taxpayer money to keeping houses too expensive is craziness.
Why not just go ahead and mail everyone a check for $1,000,000 and be done with it? Hell, why not $10,000,000, the feds can just print the money to cover it!
Another idiot drinking the water in D.C. I want a 25,000 rebate for not selling my home and being responsible and making my payements on time.
The government needs to stay out of the housing market and let the economic forces decide the costs. When the prices fall, folks who couldn't afford a house before, now can.
Actually, he appears to be about as sharp as a bowling ball. He strikes me as the type who maybe has a small fortune because now because got a LARGE fortune from Daddy.
What this would do is bring new creditless subprime morons into the market using the 15k as a downpayment on something they can’t/wont pay for!
Just give everyone a million dollars and we’ll be a country of millionaires, problem solved! Kind of like Zimbabwe...
What an amazingly stupid idea.
FUMBLE FINGERS ALERT! My last post SHOULD read:
Actually, he appears to be about as sharp as a bowling ball. He strikes me as the type who maybe has a small fortune now because got a LARGE fortune from Daddy.
Let us keep more of our own money (Payroll Tax) and there will be plenty of shoppers for homes, cars, boats, electronics, appliances, and all of the other big ticket items that stimulate the economy.
Actually the do produce one item and in fact are the world's largest producers of such with Hollyweird coming in second and Male Bovine bringing up a distant third.
How about making it a cool $1,000,000 or even a $1,000,000,000?
I was just telling hubby almost the same thing. Sell our house to daughter (different last name), she sells to brother, he sells to our Mom, etc., etc. In the end it could just be quit claimed right back to us.
We could do this with all the families houses since we all own.
Helluva idea Johnny boy!
You don't give loans to people who aren't going to be able to pay them back...
...unless your goal is to gut the economy and siphon all personal wealth to the government.
The inmates are running the insane asylum.
First, every buyer would instantly jack up the price of his home by $15,000, and; Second, if $15,000 is good, wouldn’t $30,000 be better?
Madness.
Please, yes, let’s elect a Senator to the WH. They obviously have a plan.
$15K to people who KNEW they were signing up for a bad ride anyway. By all means, we should absolutely reward such idiocy.
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