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gruffydd

George Bush To Enact 'housing Recovery Act' Bill To Save Property Market

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http://afp.google.com/article/ALeqM5jS95o9...gYqcZFnDkQhxmMA

http://www.npr.org/templates/story/story.p...toryId=92971934

Here comes the Housing and Economy Recovery Act...

On Monday, the bill will be sent to the White House. A spokesman says the administration has several objections to provisions of the bill, but that the president will sign it. Given Republican reservations about the measure, however, a public signing ceremony is not expected.

Although I have been supporting Obama, DAMN THE DEMOCRATS for this bail-out! Shame on Bush for going along with it.

Edited by gruffydd

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Guest sillybear2

"Wealth is declining, the source of wealth creation"

My house works so I don't have to? They just don't get it do they, the model is broken, but nobody wants to accept it.

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"The maximum loan is not to exceed 100 percent of the appraised value of the property"

http://thomas.loc.gov/

Title I of the National Housing Act is amended by adding at the end of section 9 the following new section:

`SEC. 10. PROHIBITION AGAINST KICKBACKS AND UNEARNED FEES.

(d) Unfair and Deceptive Practices- In connection with the purchase of a manufactured home financed with a loan or extension of credit insured by the Federal Housing Administration under this title, the Secretary shall prohibit acts or practices in connection with loans or extensions of credit that the Secretary finds to be unfair, deceptive, or otherwise not in the interests of the borrower.'.

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It's all gone through v quick all of a sudden - to be signed in on Monday by Bush.

Its relatively old news, Im in the US at the mo, was watching C-SPAN Friday evening, they have to get it past the senate... Problem is, becuase this is thevery last thing they can do, they are forced into it. Lots of concerned bods about the fact that nothing else has worked so why should this... Figures touted were 400 Billion on Friday night.... :blink:

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Any discussion about the side-effects of what appears to be a suicidal move (no wonder the Democrats are supporting it!) a dollar collapse and hyper-inflation?

Get out of the dollar pronto!

Edited by gruffydd

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Oh Feck. Here we go. Is this going to be Weimark or Zibabwe?

It's going to be Oceania

Hidden in more than 600 pages, the bill contains some very draconian legislation including;

Anyone who works in the mortage industry will now be fingerprinted.

All credit card transactions will be reported to the IRS

Edit: Clarity

Edited by InternationalRockSuperstar

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It won't help, but it will have endless painful repercussions, I'm sure.

Very true, it will take probably 6 months at least for the unintended consequences to show up. It's going to be interesting.

In the meantime, I expect it to accelerate prices falls (perhaps after an initial bounce) as it 'liquefies' the market on its way down.

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"Wealth is declining, the source of wealth creation"

My house works so I don't have to? They just don't get it do they, the model is broken, but nobody wants to accept it.

As a lot a Americans need to work 2 jobs to keep their head above water the house making money was a very good sweetener but completely unsustainable in the long term.

There was something on ITN this evening with one American working 4 jobs and driving a huge SUV......

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This, the Fannie and Freddy bailouts will cause the federal deficit to widen very sharply. The dollar will crash.

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This, the Fannie and Freddy bailouts will cause the federal deficit to widen very sharply. The dollar will crash.

Yes but will it be kept off balance sheet A la Northern Rock?

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don't be too put off by the big numbers.

Brown himself is talking about putting in 90 billion to support housing.

america's economy is 5 times bigger than the uk's, and each pound is worth 2 dollars roughly.

so a 90 billion pound injection is equivalent to a 900 billion dollar injection in america.

percentage wise, britain is waaaaay ahead.

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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