Archive for February 2010
BARACK OBAMA: FIGHTING RETIREMENT SECURITY FOR THE LATINO COMMUNITY – PART 1
February 26, 2010 | 
Author Protect Social Security: The Latino population is living longer and growing older. The elderly Latinopopulation is one of the fastest growing groups in the nation. Barack Obama will work to ensure that allfamilies, including Latinos, can achieve the dream of a comfortable and financially secure retirement. SocialSecurity has been one of the most successful government programs in our nation’s history, ensuring that peoplewho have worked hard all their lives can retire with dignity and financial security. Over 75 percent of Latinoseniors rely on Social Security for at least half of their income. Barack Obama believes we need to preserveSocial Security and stop any efforts to privatize it. Obama will work in a bipartisan way to maintain SocialSecurity’s solvency for future generations.
Eliminate Income Taxes for Seniors Making Less Than $50,000: Lower and middle income seniors are struggling as their expenses on health and energy skyrocket while their incomes do not keep pace. This strain has been greater since 1993, when taxes on social security benefits were raised. Millions of seniors saw their net benefits go down. Seniors also had to take on the added strain – and sometimes cost – of filing a complicated tax return. And after going through all of these complicated calculations, many seniors find that they owe little or no tax, meaning that all of the hassle was for naught.
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BARACK OBAMA: FIGHTING PROTECT HOME OWNERSHIP FOR THE LATINO COMMUNITY – PART 2
Obama will create a fund to help people refinance their mortgages and provide comprehensive supports toinnocent homeowners. The fund will also assist individuals who purchased homes that are simply tooexpensive for their income levels by helping to sell their homes. The fund will help offset costs of selling ahome, including helping low-income borrowers get additional time and support to pay back any losses from thesale of their home and waiving certain federal, state and local income taxes that result from an individual sellingtheir home to avoid foreclosure. These steps will ensure that individuals who have to sell their homes will beable to quickly regain stable financial footing. The fund will be partially paid for by Obama’s increasedpenalties on lenders who acted irresponsibly and committed fraud.
Create a Universal Mortgage Credit: The tax code is supposed to encourage home ownership with amortgage interest deduction, but it goes only to people who itemize their tax deductions. Like so much in ourtax code, this tilts the scales toward the well-off. The current mortgage interest deduction excludes nearly twothirdsof Americans who do not itemize their taxes. Barack Obama will ensure that anyone with a mortgage,not just the well-off, can take advantage of this tax incentive for homeownership by creating a universalmortgage credit. This 10 percent credit will benefit an additional 10 million homeowners, the majority ofwhom earn less than $50,000 per year. Non-itemizers will be eligible for this refundable credit, which willprovide the average recipient with approximately $500 per year in tax savings.
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BARACK OBAMA: FIGHTING PROTECT HOME OWNERSHIP FOR THE LATINO COMMUNITY – PART 1
Combat Mortgage Fraud: Only 49.5 percent of Latino families are homeowners, compared to the nationalaverage of 69 percent. Latinos are also more likely than other Americans to spend a significant proportion oftheir income on housing. There is a growing epidemic of mortgage fraud crimes in which sophisticated scamartists cheat homeowners out of their mortgages. Barack Obama has been closely monitoring this situation foryears, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumersagainst abusive lending practices. Obama’s STOP FRAUD Act provides the first federal definition of mortgagefraud, increases funding for federal and state law enforcement programs, creates new criminal penalties formortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity. Thisbill also provides counseling to homeowners and tenants to avoid foreclosures. Finally, Obama’s bill requiresthe Government Accountability Office to evaluate and report to Congress on various state lending practices sothat state regulations that undermine consumer’s rights can be identified and hopefully eliminated.
Create Fund to Help Homeowners Avoid Foreclosures: In addition to taking important steps to preventmortgage fraud from occurring in the future, Barack Obama will establish policies to help Americans currentlyfacing foreclosure through no fault of their own. For instance, in communities where there are manyforeclosures property values of innocent homeowners are often also negatively impacted, driving them towardforeclosure, too.
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