Those lawmakers who have turned down the proposed bailout plan argued that their constituents’ taxes should not be given to Wall Street for its foolish excesses. What the Congress should do, according to them, is to pass legislation that will protect the taxpayers while assisting with bad assets and allow the market to correct itself.

The traders, speculators, and hedge funds have been encouraging people to save and invest for retirement and security for the future. These people did nothing wrong—they just put their money on investments. They were urged to put a big amount of their savings into the stock market. And because at the time, the market was not at high levels, it seemed sensible to put a great sum of money in broad and foreign indexes as well as small and large cap indexes.

It seems now that their future is in danger, thanks to the real estate credit crunch. The crisis should have been prevented before it got worse, but nobody ever saw its effects. Most of them thought that the economy can bounce back from the crisis, as it has done in the past. Now the people are feeling the loss. Their only mistake is to invest their money and other assets, but they are the ones who are greatly affected.

One can blame it on the casino-type operations of financial institutions. Because of their arrogance to gamble on subprime mortgages, they have created liabilities beyond what everyone expected. What’s worst is that this crisis has taken away their peace of mind. Today they are left in the dark thinking about their future and the money they have invested. The people behind this economic onslaught now hope that a $700 billion bailout plan would be passed so that they could go on their devious ways yet again. It turns out, they also want trillions more for their Wall Street Buddy System Fund. It’s true that we have survived housing crisis in the past. But this time, it’s much harder to rebound because of too many factors that include credit-default swap bets.

The US Treasury even insisted that there should be no compensation caps for executives of companies being bailed out by the farmers, the schoolteachers, the medical doctors, and the regular factory workers because banks just wouldn’t participate in the bailout.

What if this financial plan is catered to the homeowners themselves and not to the big financial institutions? Perhaps if the government buys properties instead of bailing out banks and other financial lenders, then it is possible that the house market and the debt associated with it will stabilize. Of course, the price will always be a major issue. But it has been done before. And farmers know the system all too well.

If the government will not act properly, then the effects of this crisis will be far worse than it is today. At the bottom of this credit crunch are the individuals who work hard each day to save some money for their future. We may never know how long they will last in their present jobs. After all, lots of companies are closing down, leaving hundreds of employees jobless. These people could only rely on the savings when matters turn from bad to worse.

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The $700 billion proposed bailout bill that was initially rejected by lawmakers may turn out to be a political struggle between two parties. On one hand there are the Democrats and the Republicans that have been doing this in the Congress for as long as we can remember. On the other, there are candidates Barack Obama and John McCain who can and will capitalize on the nation’s economic issues to strengthen their images on their journey to the White House. And then there’s President George W. Bush, who, despite his diminishing influence in the political arena, still has the power to pull some strings if only to patch some holes in the country’s economy.

Now, what about the citizens? These are people who have served their country by paying their taxes on time. They are the same people who are losing their jobs because companies are filing for bankruptcy. They are losing their money on some investment firm that can’t stay afloat in these hard times. These individuals have lost their homes and other real estate properties because they couldn’t repay their loans.

Analysts say that any assistance from the government could make the economic situation better. On the onset, it may appear that only these financial institutions will benefit from the rescue plan. But in the long run, experts believe, it is the people who will be positively affected by it. Some politicians even propose an expansion of the federal deposit insurance in hope that this move will help small businesses and individual savers. But according to the Federal Deposit Insurance Corporation (FDIC), the confidence in the nation’s banking system would only return if they are granted temporary authority to raise the limit by an unspecified amount. This will stop fear from people who, as early as now, are withdrawing what money they have left out of the banking institutions.

FDIC has also stated that a vast number of banks remain unscathed by the crisis—although some of them are enforcing a stricter rule when it comes to financial transactions. This makes it hard for people to go to banking institutions for loans and other credit matters. As far as FDIC is concerned, a further increase in the cap will encourage these banks to begin more lending.

As much as the Democrats and the Republicans argue over other equally important things like extending unemployment insurance benefits, or doubling the property tax deduction for people who don’t itemize their taxes, or spending more on transportation infrastructure projects (which some lawmakers say would create more jobs for people), there is a more pressing issue at hand. And they should do something now before it’s too late.

The bailout plan, which was proposed by the administration, will supposedly allow the government to buy subprime mortgages as well as other deficient assets held by troubled financial institutions. President Bush said that the proposed $700 billion is somewhat small compared to the $1 trillion in lost wealth from the stock market decline on Monday (Sept. 29). This, he said, will have a dramatic impact on retirement accounts, pension funds, and even personal savings of American citizens.

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Things are getting serious when you notice that the concepts that you normally study in school and see on the inside of the business pages of magazines are being discussed openly and being thrown around in the cafeteria and bus stops. This is actually happening right now as academic and highfalutin concepts like subprime and subprime mortgages are being discussed. In this age where business jargons are beginning to sound like an ordinary part of lingua franca in the street, it is suggested that the ordinary people and the ordinary worker on the street should also have a rough understanding of these market terms and concepts.

What they call as the subprime mortgage is actually something that are relegated to below prime status. This term is often used on loans offered by banks and other financial institutions. A subprime is a loan that is often lent to the borrower and this borrower is someone or an entity that is considered to have no income, no job in short, an entity that doesn’t have an asset. In business parlance this type of borrower is known as the high risk borrower and this entity often carries a tainted credit history or the entity cannot even prove the source of its income, if there is any.

The intention of the financial institutions is simple enough and may even merit some nice pat in the back. The usual intention is to offer the person the opportunity to purchase his home or any piece of real estate even though they are still on the process of repairing or building the person’s credit history or his employment status. This kind of set-up will allow more people to build on their wealth with the idea that having a home is like having a form of savings.

This kind of set-up was present and practiced for a long time and everyone seems contented with the situation. Then something happened that eventually changed the picture. These lending and financial institutions became rich and loaded with cash and these institutions are all looking for consumers who may want to borrow. These institutions peddled loans, and along the way the basic rules for borrowing like the need for collaterals was forgotten. So borrowers of this kind doubled and tripled along the way and banks see no trouble yet since values are always going up.

In the US setting where the financial system is stable and mature, the banks and the lending institutions can sell the sub-prime mortgages to investment banks. These investment banks then pool these mortgages and then repackage these mortgages and deliver these to investors who want to earn big money. This offers a higher interest rate since credit risk is higher.

Examples of financial institutions that made this possible include Fannie Mae and Freddie Mac. From larger companies like Citigroup to smaller players, they all rely on these two. The two eventually collapse when defaults and repossessions attacked the housing finance system since these two companies actually guarantee or own roughly half of the $12 trillion US mortgage market. In the end, a bailout was seen as the solution for all this problems on credit crunch and the many housing problems.

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The banking industry has made a terrible mistake with their lending standards. The $700 billion bailout plan is the evident sign of this mess. Perhaps, had they labeled their borrowing programs loan-at-your-own-risk plans, things wouldn’t have gotten this worse. The same thing also applies to them. Even banks borrow money, and they lend it in return and they learned it too late that what they have lent isn’t as much as what they have collected. It was only after a millionth time that they had spotted the leaking faucet behind the banking industry, which in turn could cost the American taxpayers 700 billion dollars in order to clear the debt of these lenders. As a result, everything went sliding down. Even the real estate market hasn’t escaped the loss. Their property rates have seriously dropped and are in fact the lowest to date. There is more to come and everyone doubts if the government is prepared for it.

The process of lending and borrowing can make the bank and the real estate the two common endpoints of the transaction. People borrow money from the banks to loan a house and regularly pay their dues. For some, purchased homes are in fact intended for investment purposes and they contribute a percentage as large as 22% of all the purchased homes as early as 2006. Soon after everyone was taken by surprise with what has been called as the housing boom, where housing loans were treated as if they were on surplus and this led to higher housing rates. The over-booming of these housing programs led to a sudden decline of sales in the early 2007. Despite the problem, borrowers still resumed responsibility to their house loans even at rates they knew they couldn’t afford. This is in the hope that real estate market will resume to appreciate in value after the housing boom. Unfortunately, refinancing these house loans became more difficult, and many homeowners were unable to support their house loans any longer. This resulted to the idea of availing loans with the big banks but at higher interest rates. Thus, the journey of the hard house payment began, and continued to bother many homeowners until the $700 billion bailout have finally answered their prayers.

But to their dismay, the real estate market isn’t the final destination of the billion-dollar fund release. This is intended to save the weakening economic activity in the Wall Street which is feared to cause a huge impact in the economy of the State in general. Thus, efforts to save the giant investors of the country have been raised in the form of the $700 billion bailout plan that will assume the debts and payments of these lenders in order to neutralize and stabilize the lending and borrowing scheme in the country once more. As to whether the housing programs and the homeowners alike will be directly benefited by this recue plan, not much has been said, which continues to put the real estate market and the house owners in deep oblivion and despair.

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House prices have dramatically declined after the U.S. government declared that the big banks in the Wall Street are in the height of bankruptcy. The reason is simple: these banks have nothing more to lend these people, and so nobody would want to start investing on a new house while not even being sure that they will still be keeping their job for the next two years or so. A home—what used to be a necessity, has now been branded as luxury, despite the lowered interest rates and easy payment scheme of real estate developers. While the Congress review the $700 billion bailout plan, the market behind it is becoming impatient as to whether the billion-dollar rescue can really make a change, or probably this is another cloned plan that the Administration disguises in the name of the Wall Street investors.

The proposal that even the small-scale house loaners will be benefited in the billion-dollar bailout plan is still in vain. To date, there is no direct provision whatsoever that the bailout can reach even the smallest taxpayers whose debts are million-times smaller than those big-time investors in the Wall Street. Many continue to believe that the bailout plan is solely intended for the big banks whose assets have dramatically shrank in value; thus, having no lending or borrowing power at all, they might also follow the ill-fated Lehmann brothers who earlier waved goodbye to the top investors spot worldwide.

The fear of the common people is simple: if they had nothing to borrow from these banks, they might never be able to pay their dues on time. The problem with the government is that they actually kept the borrowing costs at a fairly competitive price for these people without even considering in advance the possibility of over-borrowing and over-purchasing that is now happening in the states. Even if we say that the borrowers really have the capacity to pay their loans given enough time, they might never make it to the deadline of their house loans. True nowadays, credit is good, but we need cash. We need it now before our houses get foreclosed. Many loaned houses today are in fact like little pieces of auction items; you can find them anywhere at lowered interest charges and friendly installments. Whatever you call it, it is still an alarming sight of weakening economy. There is nothing to rejoice over having all of these properties in auction, and for sure the home owners, who tried their best to complete their payments but failed under the circumstances, could never be any happier about it.

For once, it is safe to say that not all lowered home prices are good. It only means that something has reached beyond its limit and we have not been very careful not to let it happen that way. Many houses are empty, not because no one wants to stay in there, but because the people who have nowhere to stay can no longer afford to purchase it in full terms.

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The slump of the housing market and the attendant credit crunch led to the adoption of the proposal by Treasury Secretary Henry Paulson. Credit crunch was developed because subprime lending was so popular led to massive repossessions, foreclosures and homeowners can no longer pay for their mortgages. Like a house of cards, financial institutions tightened the vise and make the application for home loans more complicated. The end result are homeowners finding it hard to purchase or pay for their homes, banks suffering from interest rates and companies slowing down their development since these institutions are no longer as liquid as before.

The $700 billion buyout was thought of as something that can address the problem of the financial and mortgage companies and in the long run also help homeowners and buyers. The plan is straightforward enough and under the rescue package the US government will commit $700 billion of tax payers’ money to buy the toxic debt of these institutions. These toxic debts are potentially bad mortgage debt, which means that homeowners have a chance that they might be able to pay for it. Now with the removal of these troubled assets from the hands of the financial institutions, then this will free up the financial sector that was badly hit by the credit crunch. This is a give and take relationship wherein the bank will see a cap on pay deals and there will be a ban on generous payments that will be paid for those leaving the financial institution. Banks will also be forced to take out the insurance policy against further losses on the mortgage debt. And for the plan to be approved this needs to gain the approval of both houses in the Congress.

But when the plan was forwarded to the House for debate, the Paulson plan was rejected by the House of Representatives by votes of 228 to 205.  Around 133 Republicans and another 95 Democrats sent the plan to the trash bin. There are many reasons forwarded as to why the Paulson plan did not materialize. Others speculate that the lawmakers see it isn’t right to prop up the banks who are involved in irresponsible and reckless lending known as subprime mortgages. Others suggest that government intervention in the market is not right. And other lawmakers on the other hand based their decisions of the public pulse, saying that the plan isn’t popular with the public.

With the failure of the plan, the plan that is expected to help prop up the housing sector and the plan that was designed to be an antidote for the credit crunch was stopped. But this was not the end of the plan as crisis talks are in the pipeline. And even though both presidential contenders are supportive of the plan, the plan still fell flat. The bailout envisioned by Henry Paulson to help the battered market is not dead for sure, since a reworked version of the bill will be presented. In the meantime, homebuyers will have to contend with a difficult way to have a loan and more home foreclosures.

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House prices are an evident indicator of the ongoing economic problem of the U.S. There may be bigger issues that will prompt analysts to conclude that the economy is weakening, but the most obvious factor is the unlikely behavior of house prices in the real estate market.

As the $700 billion bailout plan is being pursued in the Congress, taxpayers are clamoring for the government to keep their promise in helping not only the big banks in the Wall Street but also the simplest taxpayers from clearing their debts. The prices of homes are still dropping but the people wouldn’t dare get into another pool of debt without being cleared of their previous ones. The reason why they can’t is because the bank loans where they used to get their payments from have suddenly dwindled by the season, and there is no way for other borrowers to settle their dues any sooner than the deadline of their property payments. Thus, a never-ending dilemma has struck the American people by surprise: how could these giant lenders and investors run out of money and even be brave enough to rob the taxpayers’ bank with not just a million dollars, but $700 billion? Answering the question may not be very expensive at all. The reason is the poor lending standards that has perpetrated over the years, causing people to excessively loan and purchase properties beyond their paying capabilities. House properties, for instance, is one major destination for a pool of debt that is being debated at this very moment in the Congress. Currently there are many house properties that have been subject to foreclosure and are widely on sale to the public, causing many to be homeless because they can’t pay their dues anymore because these banks have made it difficult for them to settle their payments. This is because back then the banking investors have made a big mistake of issuing lower costs of borrowing and on top of that, longer payment terms—the impact of these is echoed back to the lenders with the current diminishing value of their assets versus their debts.

While house prices are cheap nowadays, and there have been foreclosed properties that are on sale, more and more homes are still nearing the line of foreclosure. It is feared to be inevitable, especially if the economic crisis continues to squeeze these banks down to the last drop. Nevertheless, we still can save our homes by starting to find another means to get out of the debt. At this point, we can expect very little help from these banks, and the bet way to settle our dues is to work things out our way. It is very sad that homes need to be vacated just because people who used to live decent lives in a decent house can no longer pay for it as soon as the deadline dictates. If the $700 billion bailout plan could only set into clearer terms how these billion-dollars will be spent, things could have been brighter and better for these people and their homes won’t have to be taken away from them.

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The $700 Billion Rescue Bailout Plan is the proposed savior of the Wall Street and its nearly penniless investors. Much of the controversy has been heard everywhere—including the fact that the billion-dollar fund raising need not be investigated by the FBI—but to whether the billions and billions of the treasury funds would even reach even the simplest middleclass men from saving their properties from foreclosure, there is nothing much to say. True, the government is playing safe as to whether they should now lay out their cards or keep their aces back while they impatiently wait for the decision of the Congress to pass or trash Posner’s billion-dollar proposal.

The idea with the lending and borrowing scheme of these giant banks is entirely simple. Banks also borrow and in turn lend out to loaners the amount that they have borrowed. Needless to say, their loans or bank deposits are way larger than their existing capital assets on hand, including cash or physical establishments. If their capital drops in value, they are more likely to fail in repaying the money they have borrowed in full. This incident is believed to be repeated a millionth time, perhaps that is why we need to raise $700 billion to bail these investors out!

And so the same thing happened with small-time borrowers. They borrow money from these banks for paying the house that they have bought with a corresponding monthly interest. Borrowing money at that time costs way lower than today, and people took advantage of it by purchasing properties under debt, hoping that they could pay the loan sometime sooner. But now that the economic crisis in the U.S. has almost reached its peak, people cannot continue borrowing money from these banks because these once giant lenders ran out of money after excessive lending and borrowing. As a result, banks get almost bankrupt and since they have nothing to lend to these small-scale borrowers, they, in turn, cannot complete their payments and therefore might not save their properties from foreclosure. Now they would like to bet their chances on the $700 billion bailout plan of the government in the hope that they can get even a few rain showers from a big storm of money.

There really is no harm in hoping, but the fact that the government has not touched any serious discussion on whether there will be direct support against foreclosure that will be coming from the $700 billion fund to be raised—the consumers should start thinking about finding another way out. The present situation is very clear: banks are out of money to lend us, and we have to pay our loans and debts before the deadline comes in order to save our properties from being foreclosed. Until the U.S. government has come into clear terms on how the $700 billion fund will be spent down to the last penny, then that is the only time we can be assured that the government really will help our properties against the risk of foreclosure.

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The credit crunch that is observed right now in the US is felt directly by large businesses and financial institution. And the ordinary pedestrian on the street may not feel the pain right. But this doesn’t mean that pain will be extended to the consumer economy. There are far-reaching implications as well that will surely seep into the consumer market.

In the credit crunch that is happening right now, the lenders and the financial institutions stop lending and getting credit may be tough to obtain. This kind of set-up comes to light because of the past activities of these lending institutions when they offer subprime mortgages and loans. Now this kind of practice has caught up with them, and affected the economy as well and now credit crunch is simply their reaction to the growing problem. This credit crunch can bring any types of businesses or individuals, from the bigger ones to the smallest entities in the market.

The credit crisis that started from subprime mortgages extends beyond the US soil. Other countries aren’t safe as well with new regulations in place and lesser loans that will be approved. With the credit crunch rearing its ugly head, lenders are expected to tighten the criteria when assessing the credit card applications of ordinary consumers. This means that households will find it more difficult to spend on credit. In the short run this can lead to a decline in consumer credit and in the long run can actually cut back consumer spending. With lending and the approval of loans controlled, it will be difficult for firms and small companies to obtain funds and also expand their production. The slowing down of business and productions coupled with a declining consumer spending during peak months will pull down the profit margins of most consumer goods companies. And it is a fact that in other parts of the world, companies are usually dependent on the consumer spending.

But the best observable effects of the credit crunch can be seen on real estate, housing and of course on house prices. Property and house prices in the US have fallen as the cheap and the easy mortgage loans that were given to millions of American buyers have dried up. The buyers since they have no assets can no longer pay for their mortgages.  And the falling prices will also have a negative impact on the consumer confidence and this can be linked to the decline in the wealth effect. Falling property prices will also mean that the lenders will not be able to recoup their losses the moment the owners can no longer meet the repayment commitments. With this kind of scenario, banks and financial institutions will suffer as well since interest rates will be hiked in between transactions between the banks and financial institutions. This led to the fall of many institutions; most noteworthy are Freddie Mac and Fannie Mae. The US government understands the severity of the problem and this led the government to propose a bail-out, now known popularly known as the $700 billion Rescue Bailout Plan.

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Failure of $700 Billion Rescue Bailout Plan and its expected effects to the credit crunch
The current credit crunch that is affecting US markets and financial institutions have led to the introduction of the Paulson proposal. The proposal was introduced on September 20, 2008 and this was forwarded by US Treasury Secretary Henry Paulson. The plan was initially named as the Troubled Asset Relief Program but this plan was known in many labels and some of the popular labels used include the bailout, Paulson Proposal or the Paulson Plan. At the core of the plan forwarded by Paulson were the mortgage asset purchases.  The plan calls for the buying up of up to US$700 billion of the illiquid mortgage backed securities.

The infusion of this large amount of cash in the market is simply to increase the liquidity of the secondary mortgage markets and at the same time to reduce the potential losses that are encountered by the financial institutions who owns the securities. The bad loans that persisted for the past few years reared its ugly head for 2008 and this led to the freezing of the credit markets. With the freezing of the credit markets, even the non-financial companies on Wall Street and in many parts of the country had trouble financing the normal business operations. And with the infusion of cash in the market, new sources of funds can be opened up for the public that can be borrowed and in the process will allow for businesses to operate as usual or even expand.

The draft of the proposal was received positively by many investors in the stock market. One feature that helps make the plan controversial was the presence of sweeping powers. The Paulson plan will grant the Secretary of Treasury sweeping powers to spend and also proofing himself against judicial and congressional review. Using the amount stated in the plan, the bailout will equate into $2,295 based on the estimate of 305 million Americans or around $4,635 for every working American based on the estimate of 151 million in the work force.

Paulson sees many good things in the plan. He said that this will stabilize the economy and he believed that this plan will avoid the continuing series of failing financial institutions and frozen credit markets that actually threaten the financial well-being of American families. As mentioned earlier the plan is a perfect antidote as well to the credit crunch as the $700 billion plan will improve liquidity of the financial institutions. The secretary added that this plan is a comprehensive strategy against the credit crunch linked to subprime mortgages or loans. He believed that it was the time to take action to get to the root of the economic turmoil. And he added that the root cause can be linked to the housing woes.

Fed Chairman Ben Bernanke also agreed with the Treasury Secretary in forwarding the plan. The Fed Chairman added that the plan will ensure investor confidence.  This can be observed in companies like Fannie Mae, Freddie Mac, Lehman Brothers and American International Group. Because investors lost confidence in these firms, the firms saw their limited access to the liquidity and capital markets affected. But with the plan, these kinds of firms will be given a shot in the arm and new energy to compete and do business with home owners, home buyers and the ordinary consumers.

David Jackson has been involved in providing essential information and powerful tools that will help individuals in their requests for your Real Estate needs. This can be found at  http://carpediemarticles.com/realestate/
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