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...There are also the perennial issues that the next Administration must deal with, such as the budget and supplemental war funding (which, if McCain wins, will be one of the most contentious measures). Two other annual thorns - Band-Aid fixes for a middle-class tax hike known as the alternative minimum tax and an ever growing increase in fees paid by Medicare to doctors - could see permanent solutions next year, though such moves would require a serious look at the tax code and reforming entitlements, both tall orders. "These are big problems. I think these are core policy issues...
...daunting trick for cities like Miami Gardens will be making the federal dollars work effectively and, perhaps more important, equitably. The triage process may require local officials to identify not only those homeowners who are most likely to make the best use of the aid - the most long-term, creditworthy bets - but also those who were genuinely victimized by predatory or unscrupulous lenders as opposed to those who simply made bad financial decisions (especially property flippers) and took on more housing debt than they and their salaries could ever afford. "We want folks to be able to hold...
Under the new legislation, which also provides billions to save the country's two largest mortgage banks, Fannie Mae and Freddie Mac, the Department of Housing and Urban Development (HUD) has 60 days to lay out a plan for how the homeowner aid will be disbursed via state and local agencies. After that it has 30 days to send it out. Officials like Rosemond, who this summer created a foreclosure prevention program in his city to help distressed homeowners buy more time, hope that lenders who are poised to pounce with notices will hold off until the money arrives...
...bill that defaulting homeowners who get bailed out must return all or a significant portion of any profit they make on the subsequent sale of their house to the federal government. But he also stresses that one of the things he hopes the city can do with the federal aid is reform the reckless culture of home-buying by setting up tools like lender databases and buyer workshops. "This has to become an educational process as well as a relief process," he says...
Rosemond agrees. He's already envisioning rules for the federal aid when it reaches Miami Gardens - such as prohibiting refinancing with adjustable-rate mortgages and requiring 30-year fixed loans in order to be eligible for relief. He also hopes to establish rent-to-own programs, providing landlords with incentives to give house and apartment renters the option to buy their units once they've saved enough and built a strong enough employment and credit history. "We need people to rent longer before they buy houses, but we also need renters to feel like they have a stake in those...