I thought maybe we were going to actually get some help with this latest housing bill but the more I find out about it the more disappointed I am.

The new Tax credit for new home buyers of up to 7500$ has to be repaid in 15 years.

All credit card and paypal transactions must be reported to the IRS. Watch out ebayers.

The way people with risky mtgs are going to be able to refinance with fixed intrest loans that are guaranteed by taxpayers are way too complicated and seem like a gimme to the mtg companies that caused this mess. I find all this part distasteful on so many levels. I don't want to be responsible or my kids to be responsible for some one or some company that made a bad decision. I don't want to pay for their mistakes. I worked hard and have been careful with my money and I would like to keep my money. It seems like yet another bail out for the rich and dumping on the average working person.

The vacation home capitol gains taxes.


Here is an article to explain it better

The hidden tax traps in the housing-rescue bill - MarketWatch


I will post some of the articles I have been reading when I find them again.

Almost forgot the provison giving local governments money to buy and fix up foreclosed properties. This keeps prices artificially high and again only really benefits the mtg companies. My big question is who profits once these homes are actually sold or are they going to start renting them?

so many questions so little actual benefit

This bailout is only going to make things worst in the long run.

Here are a very of the shocking details of the housing bailout
The two troubled federal mortgage agencies, Freddie Mac and Fannie Mae, will be given unlimited access to the U.S. Treasury without requiring any further approval from Congress.

The U.S. national debt ceiling will be raised by $800 billion, which suggests that the bailout is expected to cost a lot more than the country is being told.

All mortage lenders, etc..will be fingerprinted

The worst thing buried in over 600 pages of this bill..
ALL credit card transactions will have to be reported to the Internal Revenue Service, as if the country isn't under enough government surveillance already.


Article by Peter Schiff
Asia Times Online :: Asian news and current affairs

Edited to add: The lobbyists for major banks played a big part in this bill.
Vital Part of Housing Bill Is Brainchild of Banks

Count me as a big NO for the bailout. I just do not like it one bit. I don't want my tax dollars paying for it.

I DO think all paypal transactions over a certain amount per month SHOULD be reported to the IRS. People selling crap out of the house "yard sale style" doesn't bother me but the people who are doing the $1K a month in paypal to qualify for the lower rate and then say "but I'm not a business"....that's crap. You do $1K a month or even $250 a month consisantly and I think you are a business. It's something that really chaps my hide. I always pay all my taxes on my Amazon stuff (and ebay when I did it) and I knew TONS of people who brag about it being "free money" when they are using it as a business

sorry...rant over

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

Phil Gramm was exactly right.......we're a nation of whiners. Do it loudly and long enough and sure enough, the government will bail you out.

I have not been able to find the details, but it's my understanding that any new loans by Freddie Mac or Fannie May will now have a heavily buried service fee built into the loan amount which goes directly to the federal government.

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I want to keep ALL of my paycheck and eliminate the pyramid scheme known as Social Security (there is no lockbox ). Do you want the same thing? www.fairtax.org

I really disagree with the Paypal reporting thing - and the CC reporting thing, as well. It's not the government's business.

I have auxiliary income from several sources, and the eBay source is the only one that involves Paypal. I don't get 10-99s from any of my other sources, and I actually make more from them than from Paypal. To police Paypal and Paypal-users only just seems like a terribly unbalanced way to go about things. If there's fraud, there's fraud.... but no more with Paypal than people who babysit or clean houses and get paid under the table.

Hunters hunt on our ranch - several of them, and none of them pay enough to be required to be required to file any paperwork for it individually... but COLLECTIVELY it's enough that we owe taxes on it. Same with renters who run cattle on it and others who farm some other property we have. None of it is big huge business, but these days when I'm not selling much on eBay, it defintiely eclipses my eBay income.

I do report every penny we make, regardless of how the money comes to us, and I know others aren't always that honest. Still, I don't think it's the government's business to monitor my financial activities in that way. If they suspect someone of tax dodging then certainly, go after them. But I just don't think they are entitled to copies of all my financial records. It smells of communism to me!

I work for a local government and we expect to receive some funding from the passage of this bill. We will use funds to buy properties from banks (hopefully with a large discount) rehab (if necessary) and resell to a first time homebuyer. The new homebuyer will have to qualify and secure a 30 year fixed rate mortgage and have an income at or below 80% of the median family income for our area.

The money we get when we sell the house will be used to offset the cost of rehab for the next property.

We plan to use non-profit organizations to do this work and it will be targeted to those neighborhoods where the most foreclosures are, in hopes to improve the neighborhood...

Just wanted to let you know how this part of the bill will probably work in many local communities.

This whole bail out makes me so angry. DH and I bought a home within our means. It's not big, it's not fancy but we have never missed a payment and in 15 years had only ONE late payment (and that was because I had a brain fart and forgot). There is no more personal responsibility. Like deerekid quoted, we're a nation of whiners. The attitude is: "It's not fair that you actually want me to pay this enormous mortgage I took out on this house I couldn't afford in the first place." Some people have such an inflated sense of entitlement and the taxpayers will pay the price for a long time to come.

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Cecilia

"We must love them both--those whose opinions we share and those whose opinions we reject. For both have labored in the search for truth, and both have helped us in the finding of it."
Saint Thomas Aquinas

I agree 100% with you!!

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"Yesterday my life was duller, now everything's technicolor!"

I very much agree, whinings and entitlement are terms I am tired of. We did the same as you, bought a house we could afford. And you bet your you know what, if our income dropped, I'd be cutting back cable, cell phones, nails, tattoos, vehicles, computers, kid's activities, shopping, gas, food, entertainment, EVERYTHING. (although I don't choose to have several of those things anyway!)

I am willing to bet almost all of those crying "woe is me" are overextended and aren't cutting back to free up money to make the house payment. Nope, got to keep up appearances and why should they suffer?

Our government has set people up to know that they will most likely bail them out. ENOUGH ALREADY!!

dl

Watching the news tonite, they did a piece on Barack Obama in some town in Florida....one of the audience members asked him what the government plans on doing to help black people affected by the housing dilema. WTF???? First of all, why only black people??? Secondly, I'm with everyone else......HELP YOUR DAM SELF!!!!

The man wanted to know what BO plans to do about the "attacks" on the African community by Predatory Lenders:

YouTube - Barack Obama Takes Questions And Crap From Protesters

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Doing the right thing isn't always the same as doing the easy thing.

To be fair the man asked about more than predatory lending practices and I thought the Senator responded quite well. He essentially told the young man to look elsewhere for a candidate if he didn't care for the Senator's answers.

I think the bail out sucks. I dont think it should be done.

Housing prices need a market correction and allowing the natural progression of you this housing "recession" to happen will allow for a correction to happen. If the housing market suffers for a while, prices on houses are eventually going to have to come down.


I just know that it makes me upset that I bought a house that I could afford and didnt get to big fancy house I would have loved because of was financially responsible. Why bail out the people who did not do the same?

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Sell crazy some place else, we are all stocked up here.

I totally agree, and to be honest, I am glad we bought a house within our means.I was worried if one of us were laid off that we would be able to keep our house..With energy cost soaring, I wouldnt want to have to heat one of those mcmansions...Also, we paid our house off in March....5 years on a 15 year fixed loan. not too bad, and a huge load off my back