Q: Why didn't we know the government was hireing 66,000 for census takers? how do you find out about job like this, is this just for insiders only or certain groups

Submitted by jerry from martin

A: No, there is a federal government website announcing all available government jobs, here's the link to cut and paste into your browser... http://www.usajobs.opm.gov/ The next census is 2010 so there is ramping up now for the big undertaking next year.

Answered 05/27/09 13:37:25 by Kevin Hall and Tony Pugh

Q: All we hear is that hundreds of thousands of jobs are lost every month. Seems like soon no one will be employed anymore!! Is it not true that people are also hired every month? Would it not be more helpful (and "transparent") to report the losses and the gains resulting in a the "net loss" each month? This would provide a sign of hope and encouragement, rather than just doom and gloom. Thanks.

Submitted by David Samson from Chesterton, IN

A: The Bureau of Labor Statistics reported both gains and losses, but in net terms. For example, construction lost 33,000 jobs last month and healthcare added 13,000. That information is reported that way by us and most other news organzations. There are a number of private-sector gauges for employment too, but I think it's kind of hard to argue with the numbers from BLS, there simply have been virtually no sectorwide net gains in employment except for government employment and the healthcare sector. And much of the healthcare employment actually involves outsourcing to third parties who are actually earning less than was the case before. If you know where they are hiring in big numbers, let us know, I am hearing that some large corporations are beginning to ramp up to begin hiring in the fourth quarter again. Truth be told, a lot of companies held off on layoffs for longer than they could or should have to see if the credit crisis would ease, now they've determined that there will be diminished economic activity and they must size their workforce accordingly. Much depends on what the outlook for the economy is, and right now it is growing brighter but far from bright.

Answered 05/27/09 13:35:29 by Kevin Hall and Tony Pugh

Q: If buying an FHA home and being a first time home buyer, by when do escrow paper have to be done to get the $8,000.00 tax credit? Is it garanteed we will get that credit if escrow closes by given date. And last question how long will they be offering this tax credit for first time home buyers?

Submitted by CMP from Lancaster, CA

A: This may be responding too late to do you much good but here it goes. I believe the tax credit only is good through November, but if that is right it's likely to be extended. The Dept of Housing and Urban Development is readying a plan that would provide bridge loans that would allow a first-time homebuyer taking out an FHA backed mortgage to use that tax credit at closing rather than wait until next year's tax return in order to benefit. The person handling your FHA loan application should have more information on the escrow questions.

Answered 05/27/09 13:29:47 by Kevin Hall and Tony Pugh

Q: Will the Federal Government help seniors who are in effect "under water" and need a reverse mortgage? 2nd question - What can the Federal government do in order to put "teeth" into helping homeowners with subprime 1st mortgages whose holders do not want to modify loans?

Submitted by L Turbide from East Granby, CT

A: I have heard of no government program that addresses the specific problem you refer to. The program to address underwater mortgages allows refinancing of some loans that are up to 5 percent under water, but that is not tailored in any way into a program for seniors. And it reaches a limited universe of homeowners. As for your second question, I have spent a lot of time on the phone with homeowners as they try to modify mortgages and I can tell you that it is beginning to happen but it depends on the servicer. I just had one servicer, who I can't mention by name, tell me this morning that the Obama plan doesn't pay servicers and investors enough to play ball. This company had on its phone recording that it supports President Obama's plan, but then a supervisor confided they in fact do virtually no modifications via Obama's plan. They don't want to take a haircut, so the answer to your question is the goverment could force the issue by giving homeowners the possibility of letting a bankruptcy judge modify the mortgage -- something called a cramdown -- but Congress, after heavy lobbying from lenders, balked. Someone has to take the loss. Banks want it to be the taxpayers, not them. So far, they've carried the day.

Answered 05/27/09 13:27:06 by Kevin Hall and Tony Pugh

Q: My husband and I just finished an IRS audited that was conducted on us for our 2007 and 2006 taxes we were handed a bill for $27,000. We are a middle class with two small children. How can the IRS during a time like this be giving out bills for $27,000 families like myself. There is absolutely no way we can pay this bill and we don't want to do installment payments for the rest our lives. What can we do? Do they not realize what is going on with the economy people are barely holding on to their jobs.

Submitted by Jesse from Miami, FL

A: I certainly can't speak for the IRS, and am guessing off the top of my head that the agency is under alot of pressure to squeeze more out of audits given the steep drop off in tax revenues associated with an economy in recession. Revenues are falling and they are looking to raise as much revenue as possible, and middle class taxpayers are soft targets since they can't "lawyer their wayt out of a problem"... just a guess. my sympathies.

Answered 05/27/09 13:21:04 by Kevin Hall and Tony Pugh

Q: Do you believe the US is repeating the mistakes of the Japanese government during their real estate bubble meltdown of the 1990's? If we are repeating the mistakes, why? Are there no other options? Thank you for your time and insight.

Submitted by James Layne from Anchorage, AK

A: I don't think we're repeating the mistake, not these least of reasons why because the Federal Reserve has been aggressive and offered its balance sheet at a time when credit markets have been frozen. The Fed is using its lending powers to allow top=rated bundles of residential and commercial mortgages to be parked on its books. There are some comparisons with Japan in the 90's, but they allowed for zombie banks that never actually took their losses, this adminstration and the Fed are recapitalizing the banks and pressuring where they can to extend lending amid an environment in which arguably banks shouldnt be lending much. Long answer to short question, but I think policy has been much more aggressive and it may result in us leaving the recession by the end of the 3rd quarter, after which the sluggish growth is likely to feel like a recession for some time to come.

Answered 05/27/09 13:18:40 by Kevin Hall and Tony Pugh

Q: where can I find a break-down of where our money given to chrysler has gone. my son-inlaw who works @ a chrysler dealership in denver has just lost his job,along with thousands of others & it's time for some hard definite answeresto the American people

Submitted by mike evans from Bailey, Colo

A: I think most of the money has gone to cash flow needs, paying the suppliers and dealers and creditors to whom it owes money. A lot of the taxpayer rescue money has gone to mundane payments that indirectly benefit the banking sector or other creditors.

Answered 05/27/09 13:14:01 by Kevin Hall and Tony Pugh

Q: What is Obama going to do about the people that have already lost their homes before he took office, and what about all the bad credit people are racking up now. Jobs lost and layoffs, and prices soaring to eat and have electric and gas prices. Everything goes up but their pay.

Submitted by Barbara from shepherdsville,ky

A: The sad truth is he won't be able to do everything for everyone. A lot of the programs are designed to attack portions of the broader problem but no one should be under the illusion that he or anyone else was make it all better with the wave of a hand. It look a long time to get into the mess and it will take a long time to get out of it. Even when we pull out of recession, job losses will grow and few economist see a return to the good old days, instead a slower, less vibrant economy as the excesses of the late 90's and most of this decade are worked off into a new economy.

Answered 05/27/09 13:11:34 by Kevin Hall and Tony Pugh

Q: What is the current economic conditions of the housing market in SC. Are housing prices still at a low and how low are they as of April,2009, Thank you, Glenn Greenwood

Submitted by Glenn Greenwood from Columbia, SC

A: I'm up here in Washington so I am not a good definitive source. The National Association of Realtors published existing home sales data on Wednesday and said the south as a region -- didnt break down states -- saw home sales grow by 26.7 percent over the past three months -- but down 8.9 percent from April 08 to April 09. I suspect SC's numbers, both on price and volume, could be skewed because of Myrtle Beach, which I understand has taken it on the chin in the housing downturn. Broadly speaking, there is a feeling that prices have hit their lows in some of the most affected markets like parts of Calif and central Fla., while other parts of the nation are still dropping or at best flattening out.

Answered 05/27/09 13:09:13 by Kevin Hall and Tony Pugh

Q: If I am on unemployment in Illinois, And I have $6,700 in my simple IRA fund and choose to pull that out,(paying fees) Will my unemployment check be affected?

Submitted by Chris from illinois

A: I don't think so but I would double check with a local tax preparer or you IRA administrator. It's never a good idea to pull out from the IRA because of the taxes and the penalty but it sounds like you are doing it out of necessity. I'd check with an authority to be absolutely sure.

Answered 05/27/09 13:03:11 by Kevin Hall and Tony Pugh

Q: My family has a jumbo mortgage that is a 5-year arm set to adjust the rate in October 2010. Plus we have a home equity line of credit that we used to renovate the house when we purchased it 4 years ago. Our equity has dwindled due to the decline in the real estate market, but we probably still have at least 20% in. We have excellent credit and are up to date with all our payments. We are nervous about the ARM adjustment October 2010 and our monthly cash flow is very tight with our current bills. The jumbo rates are still much higher than conventional but we'd like to refinance and consolidate some of the heloc into the first mortgage. Where do you think the jumbo rates are headed? Should we bite the bullet now to lock in a rate or wait for them to go down? Refinancing now will cause our monthly payments to go up because the jumbo rates are not as good as the one we received 4 years ago. Do any of the new Obama second mortgage assistance terms apply to homeowners who are not in trouble yet and who have jumbo mortgages and high incomes? Both our first and second mortgages are with Wells Fargo, one of the bail-out banks. Do they have any special obligation to us?

Submitted by Terry from Wayzata, MN

A: The govt has taken a number of steps to try to bolster the market for jumbo loans but many of them have been good intentioned but not too effective. The Fed is trying to buy some pools of top rated jumbo mortgages, and the Hope for Homeowners envisioned the govt taking some of these, after banks took a haircut, and having Fannie Mae and Freddie Mac add these to loan pools. but investors didnt want them mixed and instead wanted them as a separate pool of just jumbo loans, which would demand a higher return from investors because of the perceived risk. I know in some cases the ARMs are resetting to lower, not higher rates, since lending rates are so low. I think you should reach out to your lender and ask what your options are. The refi program under Obama is for mortgages less than 5 percent underwater, and in many parts of the country, the high end homes have fallen more in value than other price classes. Don't know the particulars of your state. This is not financial advice, but generally speaking if you look out over a longer time horizon, there is plenty of reason to believe interest rates will go up -- draining the liquidity being pumped into the economy and our deteriorating longer term outlook as a nation. That argues for locking in a low fixed rate if you can, but that calculation has to be balanced with things like how quickly do you intend to sell, what are your longer-term retirement plans and so many other things. First place to start is see with your lender what would happen in the reset, what are the chances of refi with them etc

Answered 05/06/09 12:32:31 by Kevin Hall and Tony Pugh

Q: How can the Tresury Depatment in good conscience facilitate the printing of trillions of non-secured TARP money and delegate the payback of this money to the respective regulators? In other words, what incentive is there for the regulators to ethically facilitate and administer to the Banks repayment? Who regulates the regulators?

Submitted by Duane Steil from Rancho Murieta

A: you and I regulate the regulators in a sense. And the Congress has oversight responsiblity but I think most everyone agrees that congressional oversight was weak and that powerful lobbies help shape the agenda. As for how Treasury can do it, I think the agency's leaders believe that bolstering the bank balance sheets is a better option than allowing them to collapse and risk a deeper, longer global crisis.

Answered 05/06/09 12:26:08 by Kevin Hall and Tony Pugh

Q: i have been recently unemployed four years ago i filed chapter 13 in order to keep my home i have been keeping up with the payments to the trustee as best as i can bankruptcy was on countrywide is the stimulus going to be to help some one like me out

Submitted by kenney from tulsa ok

A: That's a tough one. You wouldnt qualify for the healthcare Cobra coverage extension since you were unemployed before the deadline for the start of coverage. And if you aren't working you won't benefit from the payroll tax holiday, and the state aid is going to keep jobs and best as possible create new ones so your benefits would be more indirect than direct it seems.

Answered 05/06/09 12:20:54 by Kevin Hall and Tony Pugh

Q: When the car companies turn around, and people need a new vehicle due to age or damage, what will we have to drive? A bunch of Fiats? No thanks, I need a large vehicle, I have a large family. I don't need the government telling me I have to drive something the size of a trash can. What should have happened with the auto industry? Write a check for 12,500 to every american to buy a new car of their choice. Everyone stays employed, I don't lose my job, I don't go to the bank to get denied a loan. Wow, sounds too good to be true everyone wins, and everyone is employed, and still able to drive their car, put gas in their car, and buy groceries. Now, I lose my job, still have to go to the bank, and everyone loses. They shouldn't have put billions into banks, they should have given that money back to us. Problem solved!!!!!!

Submitted by stephanie dennis from linden, indiana

A: Thanks for your message. I think your point is sometimes lost on the Washington policymakers, who think a small car is great since they live in urban areas. But much of the country drives a pickup for a reason, they tow stuff, they're tradesmen practicing a craft etc. I live in a rural area, and people don't drive trucks because they are a luxury, but because they are a necessity.

Answered 05/06/09 12:19:13 by Kevin Hall and Tony Pugh

Q: Is there a website where I can find current CD rates of local banks? Thanks, Julio M. de la Mata

Submitted by Julio de la Mata from Miami, Fl

A: this is a website that finds the highest cd rates available, although it doesnt look like it allows searches.. http://cdrates.bankaholic.com/ you can probably search you local bank on the website bankrate.com

Answered 05/06/09 12:17:24 by Kevin Hall and Tony Pugh

Q: will the $15.00 or so givin back through the tax break have to be repaid at the end of the year on your taxes

Submitted by bobby from dallas texas

A: not in most situations. There are some situations in which both earners are getting it and there may be some tax liability next year but that is something that affects the higher income earners.

Answered 05/06/09 12:13:20 by Kevin Hall and Tony Pugh

Q: When can the unemployed expect another extension on the ucb?

Submitted by Angela Dunn from Miami Garden, Florida

A: Dont have an answer to that, other than the stimulus extended this and for those who go beyond these long-term unemployed dates there is job retraining and a number of other options. There were efforts to bolster the safety net and if my memory serves right the length of the extensions is tied in some ways to the unemployment rate of each individual state.

Answered 04/26/09 12:17:46 by Kevin Hall and Tony Pugh

Q: It appears to me that the commercial real estate market continues deteriorate including retail, office and industrial properties wtih multifamily being somewhat less, but still deteriorating. I think the commercial RE exposure is much smaller than the single family meltdown that has been going on. Are you seeing evidence of increased troubled commercial real estate assets at the regional banks ? I also assume that the increase in the FDIC funding to $100Billion with the ability to "borrow" up to $500Billion in the precurser to wiping out a myriad of smaller banks in the coming months. Thoughts ? and thanks.

Submitted by Luke from Dallas, Texas

A: yes, watch our website, working on a commercial real estate story now. you are correct that it is a smaller universe than residential but i think the percentage of borrowers no longer qualifying under the prior terms will be far greater. manageable if these so-called green shoots on the economy keep blooming. this was the pattern in the s and l crisis, will be interesting to see if follows pattern this time since little in this crisis has behaved as in past crises.

Answered 04/26/09 12:16:14 by Kevin Hall and Tony Pugh

Q: If the banks have a bottomless cup from the govt. how much are they going to be able to discount their "toxic assets" to get them off the books since it would seem that they won't have to worry about the affect on capital? Also; is there any move to limit the banks from hounding borrowers on those assets since they are in effect being back-stopped by the govt. ? Thanks, Jeff

Submitted by jeb matthews from villa rica , Ga

A: to the second question, no, other than the jawboning that requires banks to disclose on their lending activity every month. this reporting discloses little detail, just broad brushstrokes. as for the first question, i don't think there is a bottomless cup and that is why the govt is having to try solutions on the cheap now that they poorly managed the first 700 billion. when i say they i refer to the past administration, the problems with tarp were well before Obama took over and have hamstrung him. geithner as head of the new york fed, however, was part of the mishap in early TARP.

Answered 04/26/09 12:14:29 by Kevin Hall and Tony Pugh

Q: The question still remains what is the government gonna do for the truckdrivers. Its in black and white that the brokers are cheating us owner operators out of money and its legal for them. The attitude they have is haul it or someone else will. I made a whooping 239.00 after fuel and insurance this past week. Just think thats 4000 miles of driving. AIG and the auto industry got money why can;t the average truckdriver (owner operator) get a few thousand to assist us in surviving. Obama is doing ok as president but seems congress and senate is to old to look past their noses and see whats happening. Remember it was already stated that what good is this individual if he can't get me reelected. (senator stated that). Gosh I need some assistance on what to do to support my family.

Submitted by Felix Lederhaus from Milwaukee, Wi

A: The only thing i have heard out there still discussed is a bigger payroll tax holiday, but that wont help people who are self employed like many truck drivers. the self employed pose a very difficult problem, as you rightly note in your questions.

Answered 04/23/09 11:32:10 by Kevin Hall and Tony Pugh