The housing rescue bill signed into law last week presents Bank of America with opportunities to expand its efforts to keep struggling borrowers in their homes and to increase the bank’s production of various mortgage products.
Key features of the Housing and Economic Recovery Act of 2008 include a new Federal Housing Administration (FHA) program to help distressed homeowners obtain more affordable loans, enhancements to traditional FHA loan programs and other provisions to address America’s troubled housing market.
How does the law affect Bank of America customers? It provides lenders with another tool to help at-risk homeowners, offering those who qualify a way to refinance into low-cost, fixed-rate mortgages backed by the FHA. The resulting increase in FHA loan production should create new growth opportunities for Bank of America, already the nation’s leading provider of FHA financing.
Even before the housing bill was passed, Bank of America had announced plans to modify or work out at least $40 billion in troubled mortgage loans over the next two years. The goal is to help an estimated 265,000 borrowers stay in their homes instead of lose them to foreclosure.
Overall, the new legislation is aimed at strengthening nationwide efforts to help struggling homeowners and restore confidence in America’s home financing system.
The law will modernize the FHA by increasing its maximum mortgage amount to $625,500 in high-cost areas, up from $417,000, thus offering more refinancing and purchase loan opportunities. Other features of the law include enhanced oversight and new regulatory guidelines for the government-sponsored enterprises (GSEs), including Fannie Mae and Freddie Mac.
Bank of America was a longtime supporter of FHA modernization and efforts to create a new regulatory regime for the GSEs. Bank of America also worked closely with legislators to ensure that the new FHA refinance program was voluntary, targeted and commercially viable.
To qualify for a loan under this program, at-risk borrowers must meet at least three key criteria; they must:
Currently be living in their home
Have obtained their mortgage between January 2005 and June 2007
Be spending at least 31% of their gross monthly income on mortgage debt on their primary residence
Such loans will be pegged to the market value of a borrower’s home at the time the loan is refinanced.
The new legislation also includes a tax credit for first-time buyers and a new standard deduction up to $1,000 for joint filers ($500 for individuals) who are unable to itemize deductions.
In addition, the law will create opportunities for Bank of America to expand its leadership position in reverse mortgage production. As the Department of Housing and Urban Development refines guidelines that will raise the loan limits on FHA-insured Home Equity Conversion Mortgages, the product becomes a viable solution for more customers.
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American Airlines said they would refund my money for my son’s flight home last Friday, since his flight was cancelled and Delta Airlines did not honor the flight arrangements American Airlines made for my son. Today, I heard that they owe me double what I paid. Is that true? Do I need to get written confirmation of the refund?
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[I am not American hence I don't know American Laws\Constitution]
I was wondering what would happen if one of the two candidates running for President dies - knock wood - before the imminent elections. Does his\her VP takes his place in the run for the office (and, of course, another Senator has to be chosen as VP) or what else?
I don’t know if I made my point clear.
I do not mean what happens if a newly elected US President dies, just if one of the 2 candidates does (before the elections).
Thanks
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I know grenade launchers are legal to purchase, but the explosive he grenades, good luck finding those on the market.
But im curious if anyone knows any retail sites that would sell this particular launcher.
I beleive the manufactuer is heckler koch, and on there website they only to sell to law/enforcement or the military.
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This article is written with my Psychosynthesis hat on. For those of you who may be unsure what P/S (as I call it) is all about, I will give you a quick overview.
It was developed by an Italian psychologist, Roberto Assagioli, who was the first non-medically trained person to be taught by Freud. His mother was a Theosophist, so was well versed in the spirituality of the East and by birth they were a Jewish family.
So one day, when young Roberto was in discussion with Freud and Jung, the great denizens of the psychoanalytic movement, he had the temerity to ask them “You talk a great deal about depth psychology - but what about height psychology? What about potential and spirituality?” We have no record of their thoughts on that idea.
So the P/S psychotherapy philosophy was born and developed in Italy through the 1950s and 60s. It resonated with the new thoughts that were coming out of Esalen on the West Coast of America during that time and many of the “names” in P/S started out there. I undertook my own training in London with Lady Diana Whitmore and Piero Ferrucci, who were both trained by Roberto in Italy. How lucky I was.
And that’s all folks about the history of P/S. Now a bit of theory. As a mystic, Roberto understood the ideas of “Qualities” or “Ideals”. They are similar to the Platonic Ideals that are taught by the Mystery Schools in the Western Tradition to exist in the world before/beyond manifestation.
Everything that is in manifestation exists to reflect and express these Universal Ideals. They lie behind , or are contained within, the material reality. And while these qualities are always positive at Source, they may not be expressed as such by an individual. Assagioli explained that distortions in our ability to express them positively results from our earliest years with our primary care-givers, but that behind every distortion there is a Universal quality trying to be expressed. For example, a disruptive child may be a pain in class, but the Universal Quality trying to be expressed is love that is being distorted into frustration, because that’s all the child knows to do to get attention.
And it’s the same with the Law of Attraction - hope you are still with me here - in that we could ask ourselves “What are the qualities within the LOA that are needing to be expressed by me in my life in order to manifest clearly what I want from my life?” And you might find that a somewhat mystifying question. So let’s start with that other much quoted Universal Law - Gravity. What are the qualities of gravity? Easy - it’s powerful, it’s weighty, it’s protective (keeps us on earth) and it is a huge part of manifestation itself. It also has variations, so that birds can fly, fish can swim and it keeps our feet firmly on the ground. And I’m sure you can come up with a few more yourself.
So, the qualities of the LoA - are many. Things like abundance - out there at the Universal level, there’s always enough to go around. Each time we worry that there’s not going to be enough, we diminish our ability to receive and gain. Then there’s willingness - are we willing to do what we need to do in order to have our desires met?
Gratitude was one that was mentioned a lot in the DVD of “The Secret”. Do we practice gratitude on a daily basis? Gratitude for what we receive, however small, and gratitude for the ability to give to others as well - so each time we perform an action, we can give thanks that we are able. Gratitude can also work through blessing and praising - finding a praising and positive way to teach a small child will mean less distortion for the wee person to wade through in adulthood - or at least, that’s the theory.
Allowing - do we allow ourselves simply to be ourselves, truly? Do we allow others to be themselves truly? Many of us have learned to survive by trying to be who we are not. It may be time to start allowing in our lives. There’s also a lot of letting-go implied in allowing as well - letting go of expectations that have never worked for us - and that were never ours in the first place. This implies that we can allow ourselves to be successful in whatever way we choose for ourselves - not to fulfill someone else’s dreams, but our own.
Discrimination is an important quality, I think, because without it we would “allow” much rubbish and negativity to be in our lives - we would allow others to treat us in a way we don’t deserve. For me the quality of discrimination is vital - and yes, you’ve guessed it - I learned that one at first hand. From this last we could then develop forgiveness - do we forgive ourselves for not being who we can be? And as we forgive ourselves, so we can forgive others. But don’t forget discrimination ……
Optimism and open-mindedness lead us to expand our horizons to include new ways of being. So, thinking positive thoughts is vital. When we catch ourselves being negative, a good exercise is to retrace the thought train to its beginning and start again, this time reframing it positively. This is a good way to become conscious of our thoughts all the time - eventually we will be able to be positive at will. And it is our thoughts that manifest - so it’s important to be on the ball with them.
The quality that follows directly from openness is generosity - do we give - do we take? Sometimes taking can be a problem - however, the generosity in taking is that we are allowing someone else to give. So we are giving, too. And sometimes, if all we have is a tiny income, it can be an act of generosity to give a fraction of it to someone else in need. This opens us up to the generosity of the Universe - we are mirroring its generosity and flowing with it by giving - behaving in its likeness, if you will - and who knows what manner of receiving we are then in line for? However, giving comes first.
This is spiritual “work” in the truest sense. It implies that we take time to think, to feel, to act and to be; that we give from our hearts, learn from our own stories; be willing to take the steps towards becoming our best selves; and thank the Universe or .. (fill in your own blank here) for the wonder of life in all its many manifestations. It also implies that we are loving and creative beings who are strong in our individuality as we express all those qualities in our personal lives.
Oh and by the way, Roberto suggested that the highest Universal Quality, closest to the Angels, was humour - so get laughing!!
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So shouldn’t the US government make it, as a minimum condition for naturalization, mandatory that immigrants that come to this country be law abiding? If they break the law they get deported. I can’t understand why some people think that’s unfair. If you’re invited to someone’s house and steal something, they throw you out. Same concept applies. Your thoughts?
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I do. There are so many petty useless laws and laws that are not for the protection, but the destruction of the American people. Our government and media is SO corrupt! I love this country! I love America, but as I grow up I realize how extremely backwards it is. Our founding fathers had the right idea, but things have gotten so distorted. How can the government be doing what the people want when nearly everyone I know does not want this war in Iraq? How can this be a free country when truely it is not? People are not free! Whatever happened to innocent until proven guitly? If a police officer supsects a person of a crime, he/she can tackle them to the ground, arrest them, and take them straight to jail. Where they are kept until someone pays for them to get out! If the person thinks that what is going on is wrong and tries to fight back, they get tasered and just one more charge pressed against them. Assualt and battery on a police officer.
to How_would_I_know:
You call this democracy? A person can be put in jail for doing something completely harmless. Thats your democracy? I do not want to destroy democracy, I want to restore it. Who said anything about al qaeda? Besides the government of course. Where is your proof that al qaeda has anything to do with our freedom? Al qaeda is an entirely different issue that has nothing to do with my question. I never stated that I want to start a revolution because I don’t like that war on terror. I never even stated my opinion about the war on terror. I never even said that I WANTED TO START A REVOLUTION! I just think there will be one within my lifetime. I think you should go back, read the question and consider what it is really about.
Young a naive as I maybe, I am still a citizen of this country and my voice should be heard. But sadly, I don’t think it is. I don’t think that many voices are being heard. I sincerely hope that Nick S. is right and the next election will put us back on the right track. However I do not see it happening. Our political system is failing. We are too divided by democrat and republican. makrothumeo2 said it perfectly, there is no middle ground. You are either for abortion or against it. Support the war, or bring the troops home. Close the country to immigrants, welcome them as always. REPUBLICAN or DEMOCRAT. With no middle ground how are we expected to live happily?
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I know this is more of a legal question than a military one but I was wondering if you might have knowledge on this subject?
If an American citizen should commit a crime in a foreign country they are now held accountable to their judiciary laws right?
Does it work in reverse too? Let’s say a Mexican citizen commits a crime here. That person is held in American court?
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