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honors in a has a couple of days so what is the issue and that's in the tied up
in this whole love
debt clifton you know
fiscal cliff nonsense
the more debt relief act of two thousand seven for example if a bank rates down
the ammonium mortgage
tactically you got something
and that's income and it should be taxable but you know onto the debt
mortgage debt relief act it's not taxable so you don't
you know you don't have to pay taxes on that
that's the
it's a one point three billion dollar federal tax break basically for mostly
middle class americans
uh... the treasury department in january tripled the incentives they pay for
mortgage modifications
so the banks take sixty three cents of every dollar that the right off they
have other ways that they can run up
that they can make up
much of the rest of that uh...
with at the thirty seven cents
you know this has to be renewed
uh... the
retroactive our commitment they're going to pass wherever it leads to peace
changes
maybe
it began really next year
who knows
but you know there's a lot going on with us
donny mark your is uh... online which is the founder and president team
investments in ct team investments
uh... with an s_ inc dot com brian c dot com is the website
and time you know
welcome back
panipat
thanks for joining us from your thoughts on
yeah i i p well actually the note that you said he said this administration is
not
role will marshall
but that doesn't seem to comport with
that time life that way but he said
first contact with something that you say in your and share
because i think that i sent you and i understand baby and me a great this is
going to hurt ben middle-class if they do not extending marchetti act
he lines here
now initiation is not corrections women wheelers during the debates
alternative housing department and insights and match headlamps
in indeed
downward spiral inspired continents we have not heard are about housing how
they plan to fix it we hear about this book that was here are a lot of things
that we're not doing tactics
housing and they're not doing much to fixed assets when you look at what they
are clearance they are creating inventor nations is situation where they are
program tear and honestly and investor and realistic
helping with that
to leave the area so acting that means you can
needed obviously homeowners poetry excites you know america has gone back
and forth on this over the last century several times actually
and that the interests of the significant effect insists insignificant
ports
that uh... the in the truman administration in the first few years
the eisenhower administration
for home ownership that or associate with the g_i_ bill and a lot of people
my dad was one of or able by a house because of that support you know that
there was associ with g_i_ bill
there were but on the other hand
during the great depression there was you know a lot of people who became
renters and and
and then our third and one of the things that the are did was
because the average mortgage back in nineteen thirty three when he became
president was a five-year exploding mortgage bass player five-year balloon
mortgages and there was so much speculation from from when the housing
bubble started in nineteen twenty two until finally popped in late nineteen
twenty seven
um... there was sought such wild speculation seen house prices
aren't literally in some states like in california and and for a
go up you know five six seven times seven hundred percent increases in
housing prices
that when that housing bubble spot you know the people weren't were basically
buying a house um... you know with unease five-year mortgages and then flip
in the house before they had to pay it off it was just pure speculation
and and so what roosevelt did when he came as he said we will buy those
five-year mortgages from u even though you're underwater and we will re-finance
them for thirty years
the will pay your mortgage payment to the federal government for that thirty
years at the end you're on the house and will do it we'll take the interest rate
down to two and a half percent and a lot of people did that my grandparents
ramada and a lot of people did that and ended up keeping their houses
haha any surprises administrations on something like that
wanted handout alone in your house take care
it's me and i mean she even the enduring at ownership ch their patient
owns our early bird thirty years where tried it in your correction and then we
dare greater and greater awareness and education which is fine because it keeps
the real estate market ellington but
let let's talk about morgan-stanley's
acro after election in beijing extended emulsion weaker middle-class and and her
jobs in general because when you really think about well this is dennis if
that's how i a lesser and regardless of what anybody thinks i am not
he had in mind that you made it back financial decision get out of the and
won't get better don't make another that financial decisions that make a better
and educate people the opportunity to meet me better decision and they're
still i think i think i would be completely as an ecstatic
and that's why they did it till the end of this year's overlapped there's a lot
of people it's only a short sale there's a lot of people that still need to were
close as a shock so not foreclose
but they need to do something and there's a day their the homeowners that
they're not gonna be able to pay taxes on it so you don't go out and hire
alleged i_r_s_ agents arrived at his people specialization taxes on their
debts if they don't have a setting up a harris agency that's what i think just
forget about that
right at my point is that way and and it's a debt that in large part was
encouraged in run-up by that by the same bank srs
and they made frankly they made much more money on selling the derivatives of
this death and they made on the debt itself they've already made their profit
on most of these mortgages adhering
multiple times over and so interest let them in it
and and but uh...
uh... i don't feel so wired wire the bank stirs so posters cuz you and i both
know
that if there's anybody who owns this congress
republican democrat i don't care if there's anybody who's owns a scott this
congress has the financial sector and i think really wanted this to happen it
would have happened yesterday
it continued west bank
enhancement
that question
indicate actually needed engine yet
that people don't realize it
pentagon calculator
means in seattle and you know i payments we can we say can we afford apart mostly
idaho
situation that is going to her and that housing market overall seek and i read
where the national association of realtors footage said that hasn't has
led five out of the senate last economic recoveries anti-trust index again
split on the stock market and everything else
just to be a horrible situation for our economy here is the flip side that i i i
would i would submit that at least three out of those seven
recoveries that were led by housing were were bubble the recoveries
oh genuine recoveries and all the rhetoric i'm hearing
and again your republican and democrat but moralist
uh... that way i think we're prolly both more independent of the rental at the
whatever
are it seems to me that basically since the since the mid eighties
virtually all of our recoveries have been based on one dollar and the weather
is a dot com bob or whether it's a stockbroker bob or the towers in bubble
and and and you know a lot of that tied back to cheat credit
and and fast and easy money for a very very wealthy people because of a realtor
traits
but the bottom line is it sounds to me increasingly from both parties are what
they're saying is let's rian flight the bubble
and that concerns me
concern however
that has been destabilizing inside dot cnr kathleen battle birthday but that
doesn't mean that there's not a different kind of battle idea degrees
what i do
it has in the senate seat left people are actually getting habitat conference
in the house and marty dash and what a terrible main kya hal deeply alright
yeah because congress can work this out the fiscal cluster of issues shins
uh... n or any negotiations so intact people should call their members of
congress and say do something about all these underwater homeowner
yes it's just that
now after science
if you could let me send that to you absolutely can't on this exact same is
she going to see his aid package is mention of threatening people and making
all these legal but
ras so united we stand for the prime minister have instead
if everything takes time after time