In response to a June 2008 joint letter from NAR and Washington RESPA attorney Jay Varon, HUD General Counsel, Helen R. Kanovski, provided informal answers to questions regarding what are often referred to as administrative fees or similarly named fees charged to consumers in real estate transactions. The January 22, 2010 letter discusses the ways to account for charges and circumstances where charges are appropriate or less appropriate. The letter notes that all charges to sellers and buyers must be disclosed on line 700 of the HUD-1 and that RESPA does not prescribe how an agent or broker determines the charge, noting it could be a flat fee, percentage, or combination of both. The letter c...
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This bill would make permanent the three-year suspension of the state equalization property tax. [Note: the suspension is due to expire in 2009. This tax is also called the county equalization assistance for education property tax]  To read the bill in its entirety, please visit: http://www.azleg.gov/legtext/48leg/2r/bills/sb1002p.pdf  ...
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  The House Committee on Transportation and Infrastructure (T&I) held a hearing on Wednesday, April 16, to receive testimony on H.R. 2421, the Clean Water Restoration Act. The bill is sponsored by T&I Chairman James Oberstar (D-Minn.), who is seeking to overturn two recent decisions by the U.S. Supreme Court regarding jurisdiction over wetlands. The bill seeks to broaden the scope of federal jurisdiction over waters by removing the term "navigable" and replacing it with the term "waters of the United States," a term that opponents of the legislation would dramatically increase federal jurisdiction. NAR strongly opposes this legislation and is working wit...
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© A/P 2009 Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck. "We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes," Sanjiv Das, head of the company's mortgage division, said in an interview. Read more....
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