The Housing and Economic Recovery Act, passed into law in late July, authorized the take-over of Fannie Mae and Freddie Mac, which finally happened over the weekend, but it also included a number of smaller, more personal measures of interest to Flagstaff homeowners or first-time home buyers:
First-Time Home Buyers Get Encouragement
Provision would eliminate privately-financed downpayment assistance -- good news or bad news?
The recently passed Housing and Economic Recovery Act provides some temporary relief for property tax for some homeowners
New Housing Act Creates Tax Hit for Some Flagstaff Homeowners
The only thing certain about the Housing and Economic Recovery Act is that it’s not written in stone. The downpayment assistance provision, in particular, is being hard-hit by lobbyists and will likely be the subject of a new proposal in Congress as early as this week. Likewise, the Treasury take-over plan announced in the last few days envisions reducing the mortgage bond portfolio held by the U.S. government. “Good luck on that,” said the Chair of the House Financial Services Committee, saying it wasn’t going to happen. See full story of the take-over by the Wall Street Journal.
Monday, home loan interest rates were dramatically lower because the mortgage bond markets reacted favorably to the take-over. Late Monday night, news from the Asian financial markets indicates that the trend may move in the other direction soon. See Bailout Optimism Fizzles on MarketWatch tonight. Keep your eyes on the news tomorrow if you are thinking of buying, selling, or refinancing your Flagstaff home. | 
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