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Congress Considers $15,000 Rebate Checks For All Home Buyers
WSBTV ^ | 12 Mar 2008 | Scott MacFarlane

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.



TOPICS: Business/Economy; Government
KEYWORDS: 110th; checks; congress; economy; home; rebate
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1 posted on 03/13/2008 11:07:20 AM PDT by BGHater
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To: BGHater

so much for the flat tax


2 posted on 03/13/2008 11:08:08 AM PDT by ari-freedom (McCain must pick a conservative VP if he wants conservative support)
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To: BGHater

Does refinancing count?

/tongue in cheek


3 posted on 03/13/2008 11:08:17 AM PDT by Titus Quinctius Cincinnatus (Men fight well when they know that no prisoners will be taken.)
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To: BGHater

Bullshiat, let the housing prices fall to an affordable level, the reason people aren’t buying is because they can’t afford the damn things anymore.


4 posted on 03/13/2008 11:08:48 AM PDT by Intimidator (Its not unilateral,just try saying you're a Progressive Dem in your typical Evangelical chur)
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To: BGHater

This is NOT a good idea.


5 posted on 03/13/2008 11:09:04 AM PDT by ConservativeMind
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To: BGHater
WTF. My family got locked out of the market in our area due to artificially inflated prices. Why should we be forced to pay others to continue propping up those price levels?
6 posted on 03/13/2008 11:09:52 AM PDT by rabscuttle385 (I have great faith in the American people. I have no faith in the American government, however.)
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To: BGHater

Last time I checked, and I could be wrong here, Congress doesn’t manufactur products, produce goods and services, or grow crops or mine commodities for sale and income.

Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers?

It had better not be mine.


7 posted on 03/13/2008 11:09:55 AM PDT by OpusatFR
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To: BGHater
What about those of us who have already bought houses and paid them off? This is idiocy!

Carolyn

8 posted on 03/13/2008 11:10:19 AM PDT by CDHart ("It's too late to work within the system and too early to shoot the b@#$%^&s."--Claire Wolfe)
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To: BGHater

This is just more self stimulus that will prove to be economically just as empty of fulfillment. We would be just as well off to insist that homeowners get a large cash advance on their own credit cards.


9 posted on 03/13/2008 11:10:31 AM PDT by theBuckwheat
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To: Titus Quinctius Cincinnatus

Discrimination against existing home owners.


10 posted on 03/13/2008 11:10:45 AM PDT by misterrob (Obama-Does America Need Another Jimmy Carter?)
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To: Titus Quinctius Cincinnatus

Johnny is not the sharpest knife in the drawer, and he made his $$ in real estate in the Atlanta area. A very feeble idea. Politician cannot see the error of their ways - just a few years ago they were promoting home ownership to anyone who could fog a mirror. This was a big part of the problem. So here comes Johnny - stepping in it once again.


11 posted on 03/13/2008 11:10:55 AM PDT by Wally_Kalbacken (Seldom right but never in doubt)
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To: BGHater

So who will end up truly owning “your” house? The bank or the government?

Not that it’s easy to tell the difference anymore...


12 posted on 03/13/2008 11:11:15 AM PDT by djf (She's filing her nails while they're draggin the lake....)
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To: BGHater

Ugh. Congress should just let the market self-correct and keep their noses out of it!


13 posted on 03/13/2008 11:11:27 AM PDT by MEGoody (Ye shall know the truth, and the truth shall make you free.)
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To: OpusatFR

“Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers?”

maybe Congress can get Spitzer to launder some from his charities etc.


14 posted on 03/13/2008 11:12:05 AM PDT by DM1
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To: BGHater

Heck, in some of the backwater places I have traveled through in the US, this could almost be payment in full!!! LOL!!!


15 posted on 03/13/2008 11:12:13 AM PDT by copaliscrossing (If stupidity were barrels of oil, we should start drilling the liberals heads right now!!!)
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To: BGHater

My neighbor and I am going to buy each other’s house and make $15K a piece whoopie!


16 posted on 03/13/2008 11:12:50 AM PDT by Resolute Conservative
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To: ConservativeMind

Correct.

This is a BAD idea.

I can’t find anything in Article 1 of the Constitution of the United States of America that gives Congress the power to use my money to try to increase the number of people buying houses in the country.

Can someone help me out, here?


17 posted on 03/13/2008 11:12:53 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: copaliscrossing

I was just thinking that I wouldn’t mind picking up a $15K worth of land with a fishing/hunting cabin somewhere.


18 posted on 03/13/2008 11:13:45 AM PDT by posterchild ("Congress does two things very well: one is nothing and two is overreact." - Rep. Tom Price, R-Ga)
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To: BGHater
I say he could do better.
Why not give everybody a bajillion dollars!
Yeah! That's the ticket!
19 posted on 03/13/2008 11:13:58 AM PDT by MaryFromMichigan
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To: theBuckwheat
We would be just as well off to insist that homeowners get a large cash advance on their own credit cards.

What the Congress wants is tantamount to issuing you a credit card, taking a large cash advance on it, giving the cash to someone else, and leaving you stuck to pay the bill.

20 posted on 03/13/2008 11:14:01 AM PDT by rabscuttle385 (I have great faith in the American people. I have no faith in the American government, however.)
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To: BGHater

The end result will be they will own your house, your finances, and your soul. Deal? Sign here.


21 posted on 03/13/2008 11:14:19 AM PDT by RightWhale (Clam down! avoid ataque de nervosa)
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To: Intimidator

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.


22 posted on 03/13/2008 11:14:28 AM PDT by babble-on
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To: BGHater

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!


23 posted on 03/13/2008 11:15:05 AM PDT by KoRn (CTHULHU '08 - I won't settle for a lesser evil any longer!)
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To: BGHater

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.


24 posted on 03/13/2008 11:15:06 AM PDT by rolling_stone (same)
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To: copaliscrossing
We are looking at buying a house for our college daughter to live in so she can go part-time. The prices of the top contenders are $28k, $35k, and $47k

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.

25 posted on 03/13/2008 11:15:16 AM PDT by SoftballMominVA
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To: Wally_Kalbacken

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.


26 posted on 03/13/2008 11:15:23 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: BGHater

27 posted on 03/13/2008 11:16:08 AM PDT by dfwgator (11+7+15=3 Heismans)
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To: OpusatFR

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!


28 posted on 03/13/2008 11:16:58 AM PDT by Beagle8U (FreeRepublic -- One stop shopping ....... Its the Conservative Super WalMart for news .)
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To: BGHater

Just give everyone a million dollars and we’ll be a country of millionaires, problem solved! Kind of like Zimbabwe...


29 posted on 03/13/2008 11:17:00 AM PDT by the_devils_advocate_666
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To: BGHater
There's a house near me that's listed in the $60-$70k range. I could buy it, get my $15k and then sell it to a friend. We could probably transfer it among a dozen people before we're done.

What an amazingly stupid idea.

30 posted on 03/13/2008 11:17:19 AM PDT by KarlInOhio (Rattenschadenfreude: joy at a Democrat's pain, especially Hillary's pain caused by Obama.)
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To: WayneS

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.


31 posted on 03/13/2008 11:17:20 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: BGHater

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.


32 posted on 03/13/2008 11:19:11 AM PDT by NavyCanDo
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To: OpusatFR
"Last time I checked, and I could be wrong here, Congress doesn’t manufactur products, produce goods and services, or grow crops or mine commodities for sale and income."

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.

33 posted on 03/13/2008 11:19:41 AM PDT by Mad Dawgg ("`Eddies,' said Ford, `in the space-time continuum.' `Ah,' nodded Arthur, `is he? Is he?'")
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To: BGHater

How about making it a cool $1,000,000 or even a $1,000,000,000?


34 posted on 03/13/2008 11:20:14 AM PDT by FightThePower! (Fight the powers that be!)
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To: KarlInOhio

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!


35 posted on 03/13/2008 11:20:52 AM PDT by sheana
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To: BGHater
This is the very BS that got us into this position in the first place!

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.

36 posted on 03/13/2008 11:21:20 AM PDT by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: BGHater

The inmates are running the insane asylum.


37 posted on 03/13/2008 11:21:22 AM PDT by Uncle Hal
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To: OpusatFR
Congress doesn’t manufactur products
they print money
38 posted on 03/13/2008 11:22:27 AM PDT by SF Republican (Conservatives wanted all or nothing, and they got it.)
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To: BGHater

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?


39 posted on 03/13/2008 11:22:51 AM PDT by Obadiah
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To: BGHater

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.


40 posted on 03/13/2008 11:23:24 AM PDT by RinaseaofDs
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To: E. Pluribus Unum

“...unless your goal is to gut the economy and siphon all personal wealth to the government.”

On the nose, my friend, on the nose.


41 posted on 03/13/2008 11:24:00 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: KarlInOhio
What an amazingly stupid idea.

To borrow an expression from Bruce Williams, industrial-strength stupid.

42 posted on 03/13/2008 11:27:33 AM PDT by dighton
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To: Resolute Conservative

That’s exactly the kind of stuff that will go on if this passed.


43 posted on 03/13/2008 11:30:07 AM PDT by RockinRight (Supreme Court Justice Fred Thompson. The next best place for Fred.)
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To: BGHater

I’ll approve this on one condition:

The only people to get this rebate are those who paid more than $15000 in federal income taxes in 2007.


44 posted on 03/13/2008 11:30:52 AM PDT by RockinRight (Supreme Court Justice Fred Thompson. The next best place for Fred.)
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To: BGHater

At first I was looking for the “Humor” keyword. But then I see it was from the Republicans so it’s like the same thing.


45 posted on 03/13/2008 11:33:04 AM PDT by stevio (Crunchy Con - God, guns, guts, and organically grown crunchy nuts.)
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To: BGHater
My Senator at work. One of McCain's Amnesty buddies was he'ping out the po' farmers and is now coming to the rescue of his banking and real estate disadvantaged friends.

He runs for reelection in 2010.

I can't wait.

46 posted on 03/13/2008 11:34:51 AM PDT by LTCJ (God Save the Constitution)
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To: ConservativeMind

BUMP!!

This totally sucks.

Horrible idea.

Greedy bankers and people who believe in the free lunch got us into this mess. I certainly don’t see why I should be penalized for their behavior.


47 posted on 03/13/2008 11:35:45 AM PDT by upchuck (Who wins doesn't matter. They're all liberals. Spend your time and money to take back Congress.)
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To: Intimidator
You hit the nail on the head.

In 1968 the Median Household Income in the U.S. was 7,743 and the Median cost of a home was 20,100 a 2.6 to 1 ratio.

In 2005 the Median Hosehold income was 46,326 and the Median cost of a home was 219,000 a 4.7 to 1 ratio.

These figures are from the U.S. Census Bureau Tables 669 an 942.

Based on affordability, homes were much more affordable in 1968 than they are today. Keep in mind that income and housing coasts can vary significantly from one part of the country to another, as can interest rates. Though the above data does show that a much greater share of household income is required to buy a home today than 40 years ago, with similar downpayment percentages.

48 posted on 03/13/2008 11:48:59 AM PDT by 7mmMag@LeftCoast (The DNC and Rino's: they put the CON into congress everyday.)
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To: OpusatFR
Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers?

It is ALWAYS our money, the government (Congress) has no money of it's own. Even if they use T Bills or Bonds to raise the money, WE STILL PAY IN THE END.

49 posted on 03/13/2008 11:51:22 AM PDT by 7mmMag@LeftCoast (The DNC and Rino's: they put the CON into congress everyday.)
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To: BGHater

Good Lord! Is this their only answer to anything? Throw money at it! Sheesh!


50 posted on 03/13/2008 11:55:11 AM PDT by swatbuznik
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