Federal Housing Legislation Signed Into Law
Earlier this week, President George Bush signed into law long awaited legislation that could have a significant impact on our current slowdown in the Plymouth County Real Estate Market, the “Housing and Economic Recovery Act of 2008″. This massive and multi-faceted approach to the “subprime” mortage crisis and our general economic condition has been called by many the most significant piece of housing legislation in decades.
Congressman Barney Frank, who represents many communities in Plymouth County, was the driving force on the House side in pushing this legislation forward.
The legislation, in part, is intended to make it easier for borrowers facing foreclosure to refinance into more affordable loans.
The legislation also makes a major financial commitment to those communities with neighborhoods deteriorated by foreclosures. The City of Brockton is among the state’s communities hit hardest by the upswing in foreclosure proceedings. However, other Plymouth County communities like Plymouth and Wareham have seen dramatic increases over past years’ foreclosure activities. The bill contains nearly $4 billion in redevelopment money for home purchase and rehabilitation in troubled neighborhoods.
Various organizations in Plymouth County have been following the progress of the legislation closely and are expected to act quickly to take advantage of these new opportunities.
