Indiana Courts Set for Foreclosure Change

Indiana Courts Set for Foreclosure Change
The Journal Gazette

Though it might be August before Allen County court officials see any changes from a new mortgage law taking effect next week, they will be ready July 1. In the spring, the state legislature took steps to try to help stem the tide of foreclosures, which reached a peak in Allen County in 2007 with about 2,700; there were about 2,500 last year.  The legislation, signed into law by Gov. Mitch Daniels in early May, requires mortgage lenders or creditors seeking foreclosure action to send a notice to the borrower at least 30 days in advance, to encourage the homeowner to work with a mortgage counselor.

On Promise Of Upswing, Fed Holds Rate Steady
Washington Post

The Federal Reserve issued a vote of confidence in the economy yesterday, saying it would take no new action to combat a recession that, while still severe, appears to be loosening its grip. “Although economic activity is likely to remain weak for a time,” policy actions taken so far should “contribute to a gradual resumption of sustainable economic growth,” the Federal Open Market Committee, the central bank's policymaking arm, said in a statement accompanying its decision. Recent economic data suggest the recession is closer to bottoming out. In the latest sign of improvement, the government said yesterday that orders for appliances, aircraft parts and other durable goods were up 1.8 percent last month, on the heels of an increase in April.

Senator Wants to Sweeten Home Buyer Tax Credit
CNNMoney.com

Last week, Senator Johnny Isakson introduced legislation that would extend a $15,000 tax credit to any and all home buyers. And I do mean any and all. The current maximum tax credit for home buyers is limited to $8,000 for first-timers with adjusted gross income below $75,000 ($150,000 for joint filers). The Republican senator from Georgia — who made his fortune as a real estate broker, I should point out — wants to swing Treasury’s doors wide open. His bill nearly doubles the maximum credit, doesn’t have an income cutoff and isn’t limited to making home-buying more affordable for first-timers. “The first-time home buyer tax credit has made a difference,” said Isakson when announcing the bill. “First-time home buyers used it and the market stabilized, but we don’t have a recession in first-time home buyers. We have a recession in the move-up market.” Continued the senator, “One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market that we are obligated to correct if we possibly can.”