Posted by: Gay Potter | October 7, 2008

Bail Out Plan Passed by Congress

Thought I would share with you a summary of the Emergency Economic Stabilization Act of 2008.    Kirk Hudson is a local loan officer than I have referred business for a couple of years now.   If you are in need of a lender – you will find Kirk to be honest, experienced, diligent and thorough.   Below is his review of the bailout.

October 6, 2008image

Week In Review -Mortgage News

KEY HIGHLIGHTS:
Loan Modifications/Servicing:  Federal agencies should coordinate loan modification programs with HOPE for Homeowners program (H4H) and protect renters and state/local subsidies; guarantees and credit enhancements are allowed; loan servicing should maximize loan modifications.  (This should help our local market by reducing the number of new foreclosures.)
Temporary Increase in Deposit Insurance:  From the date of enactment until December 31, 2009, the amount of qualifying deposits the FDIC and NCUA will insure increases from $100,000 to $250,000.  The increased amount will not be factored into setting premium assessments.
Extension of Tax Provisions: Deductibility of forgiven mortgage debt, $1000 property tax deduction for non-itemizing couples, Deductions for energy-efficient commercial buildings, allowance. 

On October 3, 2008, the House passed the Emergency Economic Stabilization Act of 2 for expensing of brown fields environmental remediation costs, accelerated cost recovery for qualified leasehold improvements.

imortgage logo   Kirk Picture

Kirk Hudson Loan Officer  

Direct: 480.234.5230 

  Office: 480.907.6745           Fax: 602.467.3211 

Kirk.Hudson@imortgage.com    www.KirkHudson.com

            1757 E. Baseline Rd, Suite 141, Gilbert, AZ  85233

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