The President of the National Association of Realtors, Charles McMillan, sent out a message yesterday (Sunday, February 15, 2009) regarding the Economic Stimulus Package. Here are the bullet points from the bill that President Obama is expected to sign tomorrow (Tuesday, February 17, 2009):
- “The loan limits will be raised to $727,000 in high cost areas.”
- “The tax credit will be raised to $8,000 with NO payback [a true credit].”
- “Interest rates have come down 125-150 basis points.”
- “The bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages.”
- “Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.”
Furthermore, the following have been preserved:
- Mortgage interest deductions
- Real estate tax deductions
- $250,000 (single) and $500,000 (married) capital gains exclusions
Clear!
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