© WSJ 2010Taxpayers around the country these days are getting socked with new state fees and taxes on everything from electricity bills to traffic fines. But there's good news in New Jersey, of all places, where newly elected Governor Chris Christie is making a big push to impose a constitutional 2.5% cap on the increase in annual property taxes.   That's right, New Jersey.   The Garden State is the national champion in property tax bills, with an average cost to homeowners of $7,281 a year, far above the $5,617 national average. Including a nearly 9% top income tax rate and a 7% sales tax, New Jersey taxes take 11.8% of state income, also the highe ...
More >>

April 5, 2010, is the deadline for participating servicers to implement the Home Affordable Foreclosure Alternatives Program, known as HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages. REALTORS® are already hearing that the staff of many servicers have not yet even heard about the program, so it is clear that many servicers will not "hit the ground running." Patience will be needed, but now that there is a program in place, REALTORS® can negotiate faster short sales by urging compliance with the new procedures and deadlines. NAR will carefully monitor implementation and will report delays and other program problems to the Treasury ...
More >>

© Reuters 2010  Democrats are pushing to shore up support for the U.S. healthcare overhaul signed into law by President Barack Obama, but the final public verdict will largely depend on how smoothly it is put into effect. Some of the biggest changes to the $2.5 trillion healthcare system are put off until 2014, but a number of benefits are slated to go into effect this year. Read more. ...
More >>

On March 23, NAR Vice President and Liaison to Government Affairs, Vince Malta (who is also an FPC to House Speaker Nancy Pelosi), testified before the House Financial Services Committee on the restructuring of Government-sponsored Enterprises (GSE) Fannie Mae and Freddie Mac.  He stated that the GSEs should be restructured as government-chartered, non-shareholder owned authorities.  He also said that a restructured authority would continue to ensure flow of capital into the mortgage market during all fluctuations of the nation’s economy.  He shared NAR’s proposal for reform with the Committee and cautioned them and the Administration to be measured as they look at ...
More >>

Bank plans to offer $3 billion in loan forgiveness beginning in May. Read more. ...
More >>

© MSNBC.com 2010 The bursting of the real estate bubble and the ensuing recession have hammered jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. Read more. ...
More >>

On March 12, 2010, the Treasury Department posted Frequently Asked Questions (FAQs) and two revised forms for the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA takes effect on April 5, 2010, but servicers may implement early (apparently none have done so, to date). Of particular interest to REALTORS®, Q4000 changes the way short sale negotiators/vendors hired by the servicer are to be paid. Instead of being paid from the real estate commission, they will instead be paid from the sales proceeds or by the servicer outside of the sales transaction—a significant improvement. But instead of allowing the commission stated in the listing agreement, Q4000 provides for the s ...
More >>

The US Department of Housing and Urban Development (HUD) announced Mortgagee Letter 2010-08, HUD REO Appraisal Validity Period and Second Appraisals. Effective April 1, 2010, appraisals for HUD Real Estate Owned (REO) properties will be 120 days. For buyers financing the purchase of the REO with a FHA-insured mortgage must be ratified within 120 days of the appraisal effective date. ML 2010-08 reduces the appraisal validity date from the current 6 month period. Effective March 8, 2010, buyers who use FHA to purchase a HUD REO must use the appraisal that was utilized in determining the listing price. A second appraisal can only be ordered to support a higher sales price if there are material ...
More >>

© BBC 2010 President Barack Obama is due to sign his landmark healthcare bill into law in a ceremony at the White House.  He will be joined by Democrats from both Houses of Congress who supported the measure.  The new law will eventually extend health insurance cover to more than 30 million Americans who currently do not have any.   The bill was unanimously opposed by the Republicans, who regard it as too costly and say they will repeal it. Read more.  ...
More >>

© ABC News 2010The ink on President Obama's signature was barely dry when attorneys general in 14 states filed papers in federal court today challenging the constitutionality of the newly signed health care bill.  "We are convinced that this legislation is fundamentally flawed as a matter of constitutional law, that it exceeds the scope of proper constitutional authority of the federal government and tramples upon the rights and prerogatives of states and their citizens," David Rivkin, Jr., ...
More >>