Bail Out Bill Initial Thoughts with HOPE for Homeowners Act Revisions.

Several documents, including the draft bill, can be found within House Financial Services Commitee website HERE.

Note: Bail out bill is now called the Emergency Economic Stabilization Act of 2008

Based on quick read of these documents three initial reactions:

1. Previously discussed funding for housing trust from profits from asset sales is OUT completely.
2. Several changes were made to the HOPE for Homeowners Act (New FHA refinance program that was part of summer housing legislation previously signed into law) scheduled to start THIS Wednesday. I have created a PDF showing those changes, included an amended version of the HOPE for Homeowners Act with the amendments shown with red bold underlining. You can download my effort to show these revisions HERE.
3. I don't understand significance of foreclosure related tax provisions for individual home owners. Will need to read and think about those.