First annual SCUCISD education foundation golf tournament!

First ever Schertz Cibolo Universal City ISD Education Foundation golf tournament is set for March 27, 2009. All proceeds go to the teachers and students of Schertz Cibolo Universal City ISD. This great event will be at the Olympia Hills Golf Club. It will be limited to the first 144 golfers so don't delay!!!!

Here is a list of the days events:

11:30 am Registration opens
12-12:45 pm Lunch and pratice time
1:00 pm Start Time on Tees (Scramble Shotgun Start)
5:30 pm Awards and Prize Drawings with Tournament Dinner

This is a great opportunity to help the members of the community. If you are interested in participating you can email the foundation for a registration form and pricing details at:
events@scucisdfoundation.org

If you don't get a chance to participate, check out our blog later for an update!

Why NOW is the time to buy a home!

All that we hear every day is how bad the economy and the housing market is. This is true but there are some positives out there that we must look at. The housing market is by far a buyer's market right now. What does that mean for the public. NOW is a great time to buy a home. There are lots of homes out there to choose from. The biggest plus is that interest rates are LOW. If you can qualify for a loan why wouldn't you want to buy? Here is my thought. If you look back on history...interest rates have been low before but what happens after the economy recovers? The interest rates will go back up. It is a fact, interest rates WILL go back up. If your a first time homebuyer, you even have the $8000 tax credit on your side. If you are even considering making a purchase this year, give The Claus Team a call and let us help you make the right choice.

Military relocation-Randolph~Ft. Sam~Lackland~BAMC!

Are you military and relocating to San Antonio? Ft. Sam Houston, Randolph AFB, Lackland, BAMC?

The Claus Team is here for you. We have been working with military members for over 18 years. Our team members have been military spouses, children, or just worked with many military families. We understand the stressfulness and craziness that can come with a move. Our knowledge and experience with the PCS process gives us the ability to make sure your move goes smoothly.

We would love the opportunity to speak with you about how we can help you and why we are your best choice. If you are thinking of using the USAA program, give us a call first-we have a military program too. Our advantage is again, our military affiliations.

We do offer free relocation packages as well. Send us an email or give us a call and we will be happy to get one into the mail today.

We have the information you need:

Buy vs Rent
Information for first time home buyers tax credit 2009
Local schools
Churches
Area preschools
Up to date statistics on the housing market
Local youth sports
and much more

We were also the #1 Keller Williams Team in San Antonio for 2008.

We would love to hear from you! 210-566-6474 or 1-888-88-CLAUS
http://www.theclausteam.com/

Talk to you soon!

First time homebuyers tax credit!

First time home buyers take a look! This is a great plan that has been passed by law. Give us a call if you would like to know more about this great credit or if you are considering making your first purchase. We can help!

The Claus Team 210-566-6474 or 1-888-88-CLAUS
www.theclausteam.com


Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Frequently asked questions

FIRST-TIME HOMEBUYER TAX CREDIT
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Tax Credits -- The Basics

1. What’s this new homebuyer tax incentive for 2009?

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2. Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

3. How does a tax credit work?

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)

4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?

This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference
between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

5. How does withholding affect my tax credit and my refund?

A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.

6. Is there an income restriction?

Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

7. How is my “income” determined?

For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

8. What if I worked abroad for part of the year?

Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?

Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couple’s income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).
In this example, the disallowed portion of the credit is 75% of $8000, or $6000 ($15,000/$20,000 = 75% x $8000 = $6000) Stated another way, only 25% of the credit amount would be allowed. In this example, the allowable credit would be $2000 (25% x $8000 = $2000)

10. What’s the definition of “principal residence?”

Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.

11. Are there restrictions on the location of the property?

Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.

12. Are there restrictions related to the financing for the mortgage on the property?

In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)

13. Do I have to repay the 2009 tax credit?

NO. There is no repayment for 2009 tax credits.

14. Do 2008 purchasers still have to repay their tax credit?

YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return. Some Practical Questions

15. How do I apply for the credit?

There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.

16. So I can’t use the credit amount as part of my downpayment?

No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.

17. So there’s no way to get any cash flow benefits before I file my tax return?

Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments. Some “Real World” Examples

18. What if I purchase later this year but can’t get to settlement before December 1?

The credit is available for purchases before December 1, 2009. A home is considered as “purchased” when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.

19. I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?

You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)

Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.

20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?

No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.

21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?

No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.

22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?

No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.

23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?

No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.

24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?

One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.

25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?

The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.

26. I have a home under construction. Am I eligible for the credit?

Yes, so long as you actually occupy the home before December 1, 2009. WITHHOLDING EXAMPLES: Note: The impact of estimated tax payments would be the same. Situation 1: Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit. Result: Sally’s withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000. Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit. Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 - $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200) Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 - $5000). They also qualify for the $8000 first-time homebuyer tax credit. Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.

All information was obtained from the National Association of Realtors website.
www.realtor.org

There is a Sale on Money!!!

There is a Sale on Money!!!

We are having a mortgage crisis, but the news for the San Antonio area is not that bleak. The current bail out should be working to your advantage and if you ever wanted to buy a home you should be looking now.

Home values are down. Yes you’re hearing it all over the place so it must be true. The value of a home is our area in generally down 2-6% not close to the national average of 14%, but down non the less.

Interest rates are at a historical low. Since July of 1973 till 1981 fixed rates have been between 8.5% and 18%. In 2001, they dropped to 7%and even dropped to 5.5%. Texas Vet rates were lower than that. Today’s rates are hovering around 6.5% for most loan programs. Will the rates go lower than that and should you wait until the rate hits rock bottom? I can’t be sure; my crystal ball is cloudy on that. What I can guarantee is that the Rate will go up!!! Not sure when not sue how much, but I’m sure up. Could they go down, yep! But good luck with calculating that, because that is LUCK.

It’s a Buyers Market. Did you ever wonder why people don’t buy in a buyers market? More people buy in a sellers market. Sellers get multiple offers and buyers drive the price up. You should buy in a buyers market, Homes are on SALE.

The Value of a home will increase. You hear it over and over again that real estate is a local market. The market value of any home historically goes up. In this area inventory shrinks when home starts decrease. The population of the area is projected to go up in the near future. That means recovery in the market.

Are you military, or prior military? Some special financing may be available to you. Did you live on Post or Base at your previous assignment? You’re scared to invest in a future that may not include staying here in the San Antonio or Surrounding areas. I get that, but don’t you owe it to yourself or your family to see what’s going on in this market. I can tell you it is kind of exciting. We live in one of the most stable real estate areas in the country.

Mortgage Relief for some!

Mortgage Relief Arrives for Borrowers on Brink
IndyMac Offers Loan Relief Program, Lowering Interest Rates
By DAVID MUIROct. 8, 2008
Across this country, borrowers on the brink are finally getting some help from an unlikely source: mortgage lenders.
Mortage rates fell this week, saving homebuyers thousands.
Nearly one in six homeowners owes more on their mortgages than their home is worth, according to new numbers released by the Wall Street Journal on Wednesday.
Diane Smith, a Los Angeles mother of two adopted children with special needs, spent months in fear when she was told by her lender that her home would be auctioned.
"I've been terrified for six months," Smith said.
Two years ago, Smith re-financed her mortgage, hoping to use the extra money to fix the roof and the kitchen. Then her adjustable interest rate spiked just as the value of her home plummeted.
Smith couldn't afford the payments and, in this housing market, was unable to sell. And then this week, she received a phone call from an unlikely source: her bank, Indymac.
Indymac, which was taken over by the Federal Depositors' Insurance Corporation in July, decided to reduce the interest rate on her mortgage, from 7 percent to 4.8 percent, generating a savings of $1,749 a month.
"I thought, I could buy running shoes for my kids again," Smith said with pride. "And I could afford to buy milk for my kids again, because for the last five or six months I've had to borrow money to buy milk for my kids."
In August, FDIC officials began to deal with the 60,000 mortgages passed due that were held by Indymac. The lender launched a loan modification program, offering new terms and lower rates to more than 3,000 borrowers that have signed on to the program.
Amid intensifying political pressure that lenders are not doing enough to prevent foreclosure, a growing number of mortgage services are easing interest rates -- six times more often than just a year ago, according to Credit Suisse.
The $700 billion federal rescue plan encourages banks to adopt plans like IndyMac's, offering new terms for loan payments on those facing foreclosure.
For those banks and lenders, the loss incurred on the interest they're collecting is, for now, less costly than the effort it might take to sell a foreclosed home at a reduced price.
"In some cases, the length of the loan will increase, it depends on the circumstance," said John Bovenzi, CEO at Indymac. "This idea is to make the loan more affordable for the borrower so they can sustain payments and stay in their home."

The rate of foreclosures doubled from June of last year, according to RealtyTrac, an online market of foreclosure prosperities. The increase in foreclosure signals the growing number of homeowners who are struggling to make payments on their homes.

Bailout???

RISMEDIA, Oct. 1, 2008-(MCT/RISMedia)-The nation’s economy was put on hold Monday, and no one’s sure what happens next. Late yesterday, however members of the House of Representatives tried to assure Americans that legislation would be written swiftly.
On Monday, the U.S. House rejected by a narrow margin a $700-billion bailout of financial markets, a startling defeat that triggered a taste of the financial chaos the plan was meant to halt: It sent the Dow Jones Industrial Average into a 778-point tailspin. Yesterday the market bounced back with the Dow adding 485 points at this writing.
“We are extremely disappointed that the U.S. House of Representatives failed to pass the Emergency Economic Stabilization Act of 2008,” said C.A.R. President William E. Brown Monday. “The tenuous health of the financial system called for a swift yet thoughtful bipartisan response by our elected representatives.”
In the wake of the financial bloodletting, leaders of both parties, opponents of the plan and Bush administration officials restarted talks today and promised to craft an alternative as soon as possible. On a day that should have been spent as vacation, Democrats kept Capitol Hill abuzz as they discussed the direction that should be taken the day after Paulson’s $700-billion bailout was rejected.
“If we don’t act, and fast, a lot of people are going to lose their jobs,” said Rep. Judd Gregg, R-N.H.
U.S. Rep. Peter DeFazio (OR-04), an outspoken critic of the Bush/Paulson bailout, along with Rep. Kaptur (OH-09), Rep. Scott (VA-03), Rep. Cummings (MD-07), Rep. Doggett (TX-25), Rep. Holt (NJ-12), Rep. Edwards (MD-04) and Rep. Hirono held a press conference yesterday afternoon to discuss what should be done to help bail out both Wall Street and Main Street.
“We have to get to the root of the problem and create a bailout plan that doesn’t put our taxpayers at risk,” said DeFazio.
DeFazio believes that the Paulson/Bush proposal is based on a flawed premise: if the American taxpayers spend $700 billion to buy Wall Street’s toxic assets - a plan pundits are calling “trash for cash” - it will create liquidity in our financial markets and will somehow trickle-down to Main Street.
“Now is the time for Congress to act, and renew its efforts to craft legislation amenable to both political parties that will calm the financial markets, address liquidity issues and begin to restore confidence in our financial system. Americans deserve nothing less,” Brown said. “C.A.R. wants to be certain that … housing’s critical role is recognized in whatever legislation ultimately is proposed. We will continue to closely monitor the situation as it develops.”
While Sen. Christopher Dodd, D-Conn. said Monday, “This is the most serious economic crisis in decades, if not ever.” Rep. Doggett (TX-25), countered, “the $700 billion bailout plan was fueled by fear and hinged by haste. We want to address this problem but do so in a serious way.”
DeFazio’s plan is not in any way based on the Paulson/Bush plan. “Instead of throwing taxpayer dollars at the program and crossing our fingers that the plan work, the measure will direct the Administration to take five simple steps, suggested by noted economist and former head of the FDIC, William Isaac, to re- regulate the markets and move America towards a healthy financial future,” he added.
Paulson, the architect of the rejected plan, had warned that failure to act swiftly and decisively would cause banks to stop lending and markets to collapse. Monday proved to be one of the worst days that the markets have seen, however the the Dow rebounded Tuesday, easing fears slightly.
By a vote of 228-205 that scrambled party lines, a group of House Republicans opposed to a massive government injection into markets combined to block the proposal with Democrats who said the bill did not do enough for everyday Americans. In the final tally, 140 Democrats and 65 Republicans voted in support, while 95 Democrats and 133 Republicans voted against it.
The failure unnerved investors, triggering a 777.68-point drop in the Dow Jones Industrial Average, its largest daily retreat ever. Markets had already been under pressure after the banking arm of Wachovia Corp. was taken over by Citigroup in a deal brokered by federal banking regulators to guarantee $270 billion in loans. That followed the government takeover of Washington Mutual last week, the largest bank failure in U.S. history. Both banks were undone by mortgage debts.
Paulson and Federal Reserve Chairman Ben Bernanke had persuaded leaders of both parties during the past week that a clog of bad mortgages and exotic real-estate investments was shutting down the lending system among banks that keeps money circulating through the economy.
“Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” said National Association of Realtors(R) President Richard F. Gaylord in a statement. “Across the country, Realtors(R) see and feel the loss of confidence experienced by both buyers and sellers in the real estate market and they know firsthand that buyers are finding it harder to get mortgages.”
Experts had also warned that although much of the damage had been confined to financial firms, the whirl of doubt eventually would catch people and businesses seeking loans for making payrolls, buying vehicles or paying for college.
“A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly. This legislation, if implemented, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners,” said Gaylord.
Doug Elmendorf, an economist at the Brookings Institution who has worked for the Federal Reserve, said if a deal isn’t reached for some weeks, the probability of a “long and deep recession” is “substantially higher.”
The latest compromise included changes pushed by House Republicans, including an option for an insurance program instead of a $700-billion purchase of bad debts, but several said it was still too much intervention.
“The problems that we are experiencing today won’t be solved by the legislation that was defeated yesterday,” added Rep. Edwards (MD-04). “We are looking to work with leadership to create a bailout plan that will ultimately create stability within the marketplace,” she added.
Democratic opponents gave several other specific criticisms of the bill Monday. Although it limits some executive pay, those limits don’t apply to companies that might benefit from the bailout but avoid selling debts to the treasury. Several lawmakers said the bill did little for the majority of mortgage holders whose debts have been chopped into small pieces and sold to several investors.
Rep. Jeb Hensarling, R-Texas, who was one of the leaders in the opposition, said substantial changes would need to be made for the bailout to win many votes among his colleagues.
“Ultimately some part of the full faith and credit of the government would have to be behind it, but Wall Street ought to be paying for it,” he said.
But Dodd said the basics would have to remain for the plan to get banks lending again. “We will not leave here until we get the job done,” he said.
“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” said Gaylord. “We commend the House members that today voted for this unprecedented legislation. NAR will continue to advocate this legislation, which will benefit Main Street by restoring market liquidity to the financial markets.”
Copyright © 2008, Detroit Free PressDistributed by McClatchy-Tribune Information Services.