Well, it has finally come to pass. It looks like the Federales have finally begun to seriously address what’s going on in the housing markets and in the broader economy. People ask me all the time, “What’s in the bill going through Congress?” Here is the summary of the key provisions from NAR (the National Association of Realtors):
Wow, that’s a lot of key provisions – it is, as promised, pretty sweeping legislation. But it looks like there’s some bad news out there for Santa Cruz families facing foreclosure, namely that the loan limit for the foreclosure rescue/refinance is $550,440. I think a lot of people facing foreclosure have loan limits that are higher than that.
Overall, it looks like a pretty good piece of legislation to me. Not a panacea, of course, for all that ails us, but I don’t think there’s a “silver bullet” out there that’s going to make all our problems go away. This is a step in the right direction, and there are provisions in the bill that will directly benefit many homeowners and future homeowners in Santa Cruz.