SRCAR Connect

Archive for December 13th, 2007

News from NAR

<table width="507"><tbody><tr><td class="sectionheader">NAR NEWS </td></tr><!– Itemheader –><tr><td class="itemheader"> Bush Loan Modification Effort Called Good First Step </td></tr><!– Story –><tr><td class="blacktext" width="500">NAR is supporting the Bush administration's <a href="http://www.realtor.org/press_room/news_releases/2007/supports_administration_efforts_rate_freeze.html">initiative</a> to curb the increase in foreclosures by standardizing modification procedures for certain loans and freezing interest rates for up to five years. Also, NAR President Dick Gaylord in his first <a href="http://www.realtor.org/about_nar/presidents_report/podcast_summaries.html">president's podcast</a> recognizes the Bush administration for the initiative. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Home Sales Expected to Improve Along with Credit Picture </td></tr><!– Story –><tr><td class="blacktext" width="500">Existing-home sales are <a href="http://www.realtor.org/press_room/news_releases/2007/ehs_dec07_trend_up_2008.html">projected</a> to trend up in 2008, with pending home sales showing a slight near-term rise, NAR says. However, a recovery for new-home sales is unlikely before 2009. Lawrence Yun, NAR chief economist, says the worst part of the credit crunch has already worked its way through the data. "The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was under performing," he says. "Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels." <table width="507"><tbody><tr><td class="sectionheader">ISSUE UPDATES </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Time is Right for Action on FHA, Fannie Mae </td></tr><!– Story –><tr><td class="blacktext" width="500">NAR continues to push the U.S. Senate to pass reforms of FHA and the secondary mortgage market companies Fannie Mae and Freddie Mac. Last week politically active REALTORS® met with their senators in Washington, D.C., to urge them to pass FHA reform (S. 2338), which includes increases to the loan limits and reduction of the downpayment requirement. They also asked for an increase in the Fannie and Freddie conforming loan limits in high cost areas. A Call for Action on the reform efforts is still in effect as well. In his announcement about mortgage reforms, President Bush also urged the Senate to pass FHA reform before leaving for the Christmas holiday. The Senate is expected to consider the FHA provisions this week. If some of your members have not already done so, they can respond to the <a href="http://www.realtoractioncenter.com/">Call for Action</a> online. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Is that Starbucks Gift Card OK Under RESPA? </td></tr><!– Story –><tr><td class="blacktext" width="500">You've been given a small token of appreciation by a mortgage lender your brokerage has referred business to in the past. Can you accept it under the Real Estate Settlement Procedures Act (RESPA)? Whether you can or not depends on its value, among other things. To help REALTORS® sort out what's right and what's wrong under the law, NAR has been hosting RESPA education sessions in partnership with REALTOR® associations around the country. The latest was hosted by the associations for New Jersey, New York, and Pennsylvania at their Triple Play event in Atlantic City. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> HUD Delays FHA Risk-Based Pricing Rule </td></tr><!– Story –><tr><td class="blacktext" width="500">A final rule allowing FHA to vary the mortgage insurance premium charged to borrowers based on the amount of risk they pose won't take effect on Jan. 1, as planned, but will be delayed 60 days. The delay comes as Senate lawmakers consider imposing a 12-month moratorium on the rule. "It's good to have breathing room to let Congress work something out and let banks adjust their systems to the new rule," says FHA Commissioner Brian Montgomery. In past comments on the rule, NAR has extended its support to risk-based pricing but has raised concerns with the way HUD was planning to implement it. Among other things, the rule would define risk based on a borrower's credit score and downpayment. That's too narrow a definition, NAR says, because a credit-score test will negatively affect the availability and affordability of FHA insurance for a number of borrowers. </td></tr></td /></tr /></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"> LEGAL </td></tr><!– Itemheader –><tr><td class="itemheader"> Fair Housing Lawsuit Moves Forward </td></tr><!– Story –><tr><td class="blacktext" width="500">A federal court in New York is <a href="http://www.realtor.org/letterlw.nsf/pages/1207wentworth">allowing</a> a white tenant's Fair Housing Act lawsuit against the landlord to proceed to a jury. The landlord is alleged to have discriminated against black and Asian visitors to the unit taking singing lessons from the tenant. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Meth and Real Estate Professionals </td></tr><!– Story –><tr><td class="blacktext" width="500">Listen to real estate educator Karel Murray discuss this problem area in the second of a two-part <a href="http://www.realtor.org/letterlw.nsf/pages/legalaffairspodcast?OpenDocument&Login">podcast.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Short Sales Materials from the Risk Management Forum </td></tr><!– Story –><tr><td class="blacktext" width="500">Access <a href="http://www.realtor.org/letterlw.nsf/pages/2007annualforum">materials</a> from the 2007 NAR Conference & Expo session on short sales. </td></tr></td /></tr /></td /></tr /><!– End of story –><!– Section header –></tbody></table></td></tr></tbody></table>

Posted by admin on December 13, 2007 at 11:09 am under Uncategorized.
Comment on this post.

S	M	T	W	T	F	S
« Nov				Jan »
						1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31

Archive for December 13th, 2007

News from NAR

Subscribe to SRCAR Connect's RSS Feed

Categories

CAR.org Latest News