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Alexander Hamilton
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« Reply #850 on: December 03, 2009, 03:44:30 pm »

The actual next bill is this:


Northeastern Home Ownership Protection Act of 2009

Co-sponsored by Reps. Hamilton and Mr. Moderate

Section A: Purpose
1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification
1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date

1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

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Dr. Cynic
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« Reply #851 on: December 03, 2009, 04:00:01 pm »


I see no need for the minimum wage in the Northeast to be different from the federal one. While I would like to see progress towards the abolition of the minimum wage (which puts an artificial price on labour and causes unemployment, especially among youths), this is a step in the right direction, I feel.

But there has to be a way to keep these people making a viable income. I've known too many people who weren't young folks making minimum wage. Living where I live and you see it. There has to be some kind of happy medium where people can make enough to support themselves and their family. Big corporations such as McDonald's and Wal-Mart do not only employ young people and there's no way either of them are going out of business any time soon, even if the minimum wage were say 13 dollars an hour. These corporations are so massive, that there's no way they go under. Smaller businesses, I could see it having an effect, which is why we offer incentives and certain breaks to protect them.

It's a shame that the market is swallowed up by such huge conglomerates, but if we lowered corporation tax as well, I'm sure we could encourage competition and thus put an upward pressure on wages.

Or it could blow up in our faces and just tighten the hold of these monopolies... As I said, I'm not opposed to helping smaller businesses, but these corporations are just so massive, I don't see that they need any help. Our help should be focused on those that make these places profitable through hard work. I've reformed and moderated my views on businesses. They're not all "bad guys", but I'm still going to side with smaller businesses and the working man over any corporation. I'm asking for the protection of thousands of workers who aren't just young people. You might say these are folks who've had some bad luck, well, maybe, but for the work they do, and for the money they pump into the economy, they deserve some protection.

The problem is, if you keep a high minimum wage, you are helping these oligopolies. Small business suffers because it isn't able to pay the wages and they go into a downward spiral until they go bust in many cases. If you want to help small business, a great aid to it would be to abolish or at least lower the minimum wage.

I believe in a living wage. People need to be able to survive. A poor person helps no one. Maybe what I'm wanting is a more efficent minimum wage that won't bankrupt smaller companies, but won't allow big corporations to get off scot-free. Because you know Wal-Mart, nor McDonald's, nor anyone of the big corporations for that matter, do not hesitate to keep those wages as low as possible. Thes places need to be held accountable for that.
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Alexander Hamilton
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« Reply #852 on: December 03, 2009, 04:01:02 pm »

The actual next bill is this:


Northeastern Home Ownership Protection Act of 2009

Co-sponsored by Reps. Hamilton and Mr. Moderate

Section A: Purpose
1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification
1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date

1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

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Antonio V
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« Reply #853 on: December 03, 2009, 04:08:30 pm »

LOL Nobody minds you, guy.
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k-onmmunist
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« Reply #854 on: December 03, 2009, 04:19:26 pm »


I see no need for the minimum wage in the Northeast to be different from the federal one. While I would like to see progress towards the abolition of the minimum wage (which puts an artificial price on labour and causes unemployment, especially among youths), this is a step in the right direction, I feel.

But there has to be a way to keep these people making a viable income. I've known too many people who weren't young folks making minimum wage. Living where I live and you see it. There has to be some kind of happy medium where people can make enough to support themselves and their family. Big corporations such as McDonald's and Wal-Mart do not only employ young people and there's no way either of them are going out of business any time soon, even if the minimum wage were say 13 dollars an hour. These corporations are so massive, that there's no way they go under. Smaller businesses, I could see it having an effect, which is why we offer incentives and certain breaks to protect them.

It's a shame that the market is swallowed up by such huge conglomerates, but if we lowered corporation tax as well, I'm sure we could encourage competition and thus put an upward pressure on wages.

Or it could blow up in our faces and just tighten the hold of these monopolies... As I said, I'm not opposed to helping smaller businesses, but these corporations are just so massive, I don't see that they need any help. Our help should be focused on those that make these places profitable through hard work. I've reformed and moderated my views on businesses. They're not all "bad guys", but I'm still going to side with smaller businesses and the working man over any corporation. I'm asking for the protection of thousands of workers who aren't just young people. You might say these are folks who've had some bad luck, well, maybe, but for the work they do, and for the money they pump into the economy, they deserve some protection.

The problem is, if you keep a high minimum wage, you are helping these oligopolies. Small business suffers because it isn't able to pay the wages and they go into a downward spiral until they go bust in many cases. If you want to help small business, a great aid to it would be to abolish or at least lower the minimum wage.

I believe in a living wage. People need to be able to survive. A poor person helps no one. Maybe what I'm wanting is a more efficent minimum wage that won't bankrupt smaller companies, but won't allow big corporations to get off scot-free. Because you know Wal-Mart, nor McDonald's, nor anyone of the big corporations for that matter, do not hesitate to keep those wages as low as possible. Thes places need to be held accountable for that.

It would be very hard, if not impossible, to find such an equilibrium.
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Alexander Hamilton
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« Reply #855 on: December 03, 2009, 04:20:03 pm »

The actual next bill is this:


Northeastern Home Ownership Protection Act of 2009

Co-sponsored by Reps. Hamilton and Mr. Moderate

Section A: Purpose
1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification
1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date

1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

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Dr. Cynic
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« Reply #856 on: December 03, 2009, 04:25:51 pm »


I see no need for the minimum wage in the Northeast to be different from the federal one. While I would like to see progress towards the abolition of the minimum wage (which puts an artificial price on labour and causes unemployment, especially among youths), this is a step in the right direction, I feel.

But there has to be a way to keep these people making a viable income. I've known too many people who weren't young folks making minimum wage. Living where I live and you see it. There has to be some kind of happy medium where people can make enough to support themselves and their family. Big corporations such as McDonald's and Wal-Mart do not only employ young people and there's no way either of them are going out of business any time soon, even if the minimum wage were say 13 dollars an hour. These corporations are so massive, that there's no way they go under. Smaller businesses, I could see it having an effect, which is why we offer incentives and certain breaks to protect them.

It's a shame that the market is swallowed up by such huge conglomerates, but if we lowered corporation tax as well, I'm sure we could encourage competition and thus put an upward pressure on wages.

Or it could blow up in our faces and just tighten the hold of these monopolies... As I said, I'm not opposed to helping smaller businesses, but these corporations are just so massive, I don't see that they need any help. Our help should be focused on those that make these places profitable through hard work. I've reformed and moderated my views on businesses. They're not all "bad guys", but I'm still going to side with smaller businesses and the working man over any corporation. I'm asking for the protection of thousands of workers who aren't just young people. You might say these are folks who've had some bad luck, well, maybe, but for the work they do, and for the money they pump into the economy, they deserve some protection.

The problem is, if you keep a high minimum wage, you are helping these oligopolies. Small business suffers because it isn't able to pay the wages and they go into a downward spiral until they go bust in many cases. If you want to help small business, a great aid to it would be to abolish or at least lower the minimum wage.

I believe in a living wage. People need to be able to survive. A poor person helps no one. Maybe what I'm wanting is a more efficent minimum wage that won't bankrupt smaller companies, but won't allow big corporations to get off scot-free. Because you know Wal-Mart, nor McDonald's, nor anyone of the big corporations for that matter, do not hesitate to keep those wages as low as possible. Thes places need to be held accountable for that.

It would be very hard, if not impossible, to find such an equilibrium.

Then I'd rather protect those that need protecting rather than helping massive corporations profit. You see how I stand?... I would like worker protection in cases of a lower federal wage.
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Alexander Hamilton
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« Reply #857 on: December 03, 2009, 04:26:41 pm »

The actual next bill is this:


Northeastern Home Ownership Protection Act of 2009

Co-sponsored by Reps. Hamilton and Mr. Moderate

Section A: Purpose
1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification
1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date

1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

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Winston Disraeli
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« Reply #858 on: December 03, 2009, 04:27:47 pm »

Stop it.
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Alexander Hamilton
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« Reply #859 on: December 03, 2009, 04:28:51 pm »


Stop taking up Assembly space debating a bill that won't even be up this session.
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Barnes
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« Reply #860 on: December 03, 2009, 11:01:40 pm »

Northeastern Home Ownership Protection Act of 2009

Section A: Purpose
1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification
1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date
1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

Sponsors: Reps. Mr. Moderate and Hamilton



The Questions is, shall the bill be considered? The Ayes have it.

Either Hamilton or Mr. Moderate have the floor.

(Sorry about getting this up late, guys.)
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Alexander Hamilton
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« Reply #861 on: December 03, 2009, 11:10:19 pm »

Well, as you can see, this is pretty straight forward. This was created to benefit those who have been hit hard by this economic downturn, by helping the unemployed keep their homes. This is a temporary aid package that is pro-family in nature and rooted in fairness, not handouts. It was the federal government's pathetic fiscal policies that created this poor economic environment and we shouldn't allow honest families to suffer because of that.

This bill has restrictions that prevent those who are not in dire need from taking advantage of the system and limitations regarding the amount of funding a family can receive. I believe this bill will successfully serve its purpose in keeping Northeastern families in their homes and hopefully help recreate the housing market in a stable way.
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The Age Wave
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« Reply #862 on: December 04, 2009, 01:47:37 pm »

This bill is great and I would eagerly support it!

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Antonio V
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« Reply #863 on: December 04, 2009, 02:03:07 pm »

Seems like a good thing.
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Dr. Cynic
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« Reply #864 on: December 04, 2009, 11:30:40 pm »

This is a good bill. I don't have any alterations or amendments to propose and I'm ready to support this.
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Antonio V
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« Reply #865 on: December 06, 2009, 03:56:33 am »

Bump.

Now we can vote on this.
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Barnes
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« Reply #866 on: December 06, 2009, 07:45:31 pm »

I open up a final vote on this Bill. Vote Aye, Nay, or Abstain. Voting lasts twenty-four hours.

Northeastern Home Ownership Protection Act of 2009

Section A: Purpose

1. The Northeast Region believes that the current economic downturn is due, in part, to instability in the housing market. As such, the government of the Northeast believes it to be in the regions best interest to provide short-term stabilization to the market where possible. The Northeastern Home Ownership Protection Act of 2009, hereinafter "the Act," is tasked with providing property tax relief to homeowners on the verge of losing their homes due to the economic downturn. This relief will be provided in the form of one-time property tax credits for at-risk Northeasterners to lower monthly mortgage payments.

Section B: Qualification

1. To qualify for funds provided by the Act, homeowners must meet the following criteria:
    a. The property in question must be the homeowner's primary residence (i.e., summer homes and rental properties do not qualify).
    b. The homeowner must have maintained steady residence at the property for no less than 12 months.
    c. Applicants for funds provided in the Act must demonstrate need due to short-term circumstances arising from the economic downturn, such as (1) unemployment or underemployment, defined as an expected 2009 or 2010 yearly income of 85% or less of the applicant's 2008 or 2009 yearly income, respectively or (2) an increase in monthly mortgage payments of greater than 20% as compared to a year prior.
    d. Said homeowner must meet one of the following requirements:
       i. currently be in or applying for a qualified forebearance with their mortgage lender, or,
       ii. currently be in or applying for a modification plan with their mortgage lender.
    e. To qualify for funds under the Act, a mortgage lender must certify that there is a "reasonable probability" that the recipient will be able to stay in their home provided economic assistance.
     

Section C: Funding and disbursement
1. The Northeast Region shall provide and make available funds in the amount of $3 billion to towns for this purpose.
2. Funds shall be distributed on a first come, first serve basis.
3. No homeowner shall receive more than $400 per month, nor shall a homeowner receive more than $4,800 in total proceeds from the Act. No homeowner shall receive funds in excess of their FY2009 yearly property tax bill.
4. Funds shall be provided directly to local municipalities, which will in turn reduce the property tax due for qualified home owners. Mortgage companies which collect and pay these taxes on behalf of homeowners shall make an adjustment of said escrow payment within one month of a homeowner qualifying for this program.

Section D: Taxation
1. Funds dispersed through the Act shall be nontaxable for the purposes of the Northeastern Regional income tax.

Section E: Effective Date

1. The Act shall go into effect immediately upon passage, with payments retroactive to the first day of the month of the governor's signature.

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Alexander Hamilton
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« Reply #867 on: December 06, 2009, 07:46:18 pm »

Aye
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« Reply #868 on: December 06, 2009, 07:53:33 pm »

Present and abstaining.

I generally support the bill, but don't think people who signed contracts with an interest rate reset deserve a taxpayer bailout.  Those who prudently lived within their means and took out a responsible, fixed-rate mortgage to pay for their house shouldn't be subsidizing those who didn't.
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Dr. Cynic
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« Reply #869 on: December 06, 2009, 07:54:44 pm »

Aye
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Alexander Hamilton
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« Reply #870 on: December 06, 2009, 07:56:16 pm »

Present and abstaining.

I generally support the bill, but don't think people who signed contracts with an interest rate reset deserve a taxpayer bailout.  Those who prudently lived within their means and took out a responsible, fixed-rate mortgage to pay for their house shouldn't be subsidizing those who didn't.

Once they get booted out of their homes they will likely be living in public housing.
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« Reply #871 on: December 06, 2009, 08:05:40 pm »

Present and abstaining.

I generally support the bill, but don't think people who signed contracts with an interest rate reset deserve a taxpayer bailout.  Those who prudently lived within their means and took out a responsible, fixed-rate mortgage to pay for their house shouldn't be subsidizing those who didn't.

Once they get booted out of their homes they will likely be living in public housing.

Renting private housing, more likely - which is what they were essentially doing when they took out no-money-down, interest-only or teaser rate loans in the first place.
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Barnes
Roy Barnes 2010
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« Reply #872 on: December 06, 2009, 08:08:12 pm »

Present and abstaining.

I generally support the bill, but don't think people who signed contracts with an interest rate reset deserve a taxpayer bailout.  Those who prudently lived within their means and took out a responsible, fixed-rate mortgage to pay for their house shouldn't be subsidizing those who didn't.

Once they get booted out of their homes they will likely be living in public housing.

Renting private housing, more likely - which is what they were essentially doing when they took out no-money-down, interest-only or teaser rate loans in the first place.

Order!

The Gentlemen will suspend.
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Smid
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« Reply #873 on: December 06, 2009, 08:56:43 pm »

Nay.

I support the Bill, except for Section B(1)(c)(2).

Due to the increase in unemployment, I can understand the need to support recently unemployed citizens in getting through these difficult times, but I fear that this Bill will lead to interest rate rises as lending companies see a reduced risk of default for borrowers whose repayments have increased by 20% compared to borrowers whose repayments have increased by, for example, 18%.
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k-onmmunist
Winston Disraeli
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« Reply #874 on: December 07, 2009, 05:49:03 am »

Nay
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