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2008-09-28 Home Front Economy

Lawmakers Reach Tentative Bailout Deal (Maybe)

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Posted by tipper 2008-09-28 10:39|| || Front Page|| [1 views ] Top

#1 If it's working it might well be reflected in the futures late tonight and early tomorrow morning.

http://www.bloomberg.com/markets/stocks/futures.html

However, tomorrow is the closest thing to a "quintuple witching hour" ever.

Posted by Anonymoose 2008-09-28 12:13|| 2008-09-28 12:13|| Front Page Top

#2 From the WSJ article:

As for foreclosure prevention measures, Pelosi's office said the legislation would allow the Treasury to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage.

Other foreclosure-prevention measures include an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks that held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month.

Is this the means for the Democrats to fund ACORN and other similar entities by using them as proxies or contractors to execute these policies? In addition, there is no detail as to the policies for new/affordable mortgages. Are new appraisals made and the Taxpayer eats the loss for difference in the appraisals?

Just these two paragraphs look to be possible deal breakers to fiscal conservatives.

Posted by tipover 2008-09-28 12:50|| 2008-09-28 12:50|| Front Page Top

#3 This is a way for donks to buy votes from scoundrels who take out mortgages they can't afford and then want me to pay for the privilege. Screw 'em and the bank that lent it.

Posted by Nimble Spemble 2008-09-28 13:43|| 2008-09-28 13:43|| Front Page Top

#4 Can I claim this loss on my income taxes when I file this year--if I'm left with enough to have to pay taxes this year after this deal.

Posted by JohnQC 2008-09-28 15:34|| 2008-09-28 15:34|| Front Page Top

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