Stimulas Package
- Submitted by: syringa
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- Date Submitted: 04/12/2010 07:28 PM
- Pages: 7
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The United States Government has done a number of programs to help to improve and stimulate the economy. A couple of these stimulus packages were specifically designed to help failing industries; for example, Cash for Clunkers, and the Housing Stimulus package. There is also the HR3221SEN program that worked to help the housing industry and much more. These government stimulus programs have been successful so far, but how long can the government stimulus programs last without having a negative effect on the economy?
Breakdown of HR3221SEN
HR3221SEN was sponsored by Speaker of the House, Representative Nancy Pelosi. Provision HR3221SEN, signed by the president July 26, 2008, was designed to increase limitations on mortgage lending, stimulate home buying, provide assistance to those facing foreclosure and increase the national debt limit by $.8 trillion, from $9.82 to $10.62 trillion.
The provision, HR3221SEN, also known as the “Housing and Economic Recovery Act of 2008,” has become very well known but not for it is name. The HR3221SEN is very well known for what it has done for the economy of the USA and around the world, especially for providing homebuyers with $8,000 tax credit known as the Homebuyer Tax Credit. Something not commonly known include a $6,500 Tax Credit for those resident home-sellers who have put their house on the market or sold their home before April 30, 2010.
The first thing that ‘HERA’ did was to increase FHA loan limits for Fannie Mae and Freddie Mac, which provided the resources needed to approve more government loans to home buyers. In addition, the government made room for a Neighborhood Stabilization Program (NSP) that provided $2,000,000,000 additional funding to help communities normalize housing stability. These funds were to be distributed through grant applications for the use of “purchases, manage, repair and resell foreclosures.” These funds were to be provided in the highest priority, those...
Breakdown of HR3221SEN
HR3221SEN was sponsored by Speaker of the House, Representative Nancy Pelosi. Provision HR3221SEN, signed by the president July 26, 2008, was designed to increase limitations on mortgage lending, stimulate home buying, provide assistance to those facing foreclosure and increase the national debt limit by $.8 trillion, from $9.82 to $10.62 trillion.
The provision, HR3221SEN, also known as the “Housing and Economic Recovery Act of 2008,” has become very well known but not for it is name. The HR3221SEN is very well known for what it has done for the economy of the USA and around the world, especially for providing homebuyers with $8,000 tax credit known as the Homebuyer Tax Credit. Something not commonly known include a $6,500 Tax Credit for those resident home-sellers who have put their house on the market or sold their home before April 30, 2010.
The first thing that ‘HERA’ did was to increase FHA loan limits for Fannie Mae and Freddie Mac, which provided the resources needed to approve more government loans to home buyers. In addition, the government made room for a Neighborhood Stabilization Program (NSP) that provided $2,000,000,000 additional funding to help communities normalize housing stability. These funds were to be distributed through grant applications for the use of “purchases, manage, repair and resell foreclosures.” These funds were to be provided in the highest priority, those...