Obama administration on March 26, 2010 announced the Plan B of the home mortgage relief. The plan would cost approximately $50b from the TARP fund. The plan includes three main components:
(1) Assistance to unemployed homeowners through mortgage companies;
(2) Encouraging mortgage service providers to write off a portion of borrowers' loans to a more manageable levels. Borrowers who owe 115% or more of the value of the home and are paying more than 31% of their monthly income toward house payment are eligible.
(3) Prodding the lenders to cut the debt of borrowers whose houses are "under water".
Sunday, April 11, 2010
Jobs Bill
President Barack Obama on March 18, 2010 signed a landmark jobs bill that includes $18b in tax breaks and $20b in new transportation funding. The tax break component of the measure includes waiver of 6.2% Social Security Tax through December 2010 if the businesses hire anyone unemployed for at least 60 days and giving $1,000 to employers if the new hire stays on job for a full year. The measure also extends tax credits for businesses to buy new equipment.
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