Last week, NAR President Vicki Cox Golder testified before the House Financial Services Committee about the current state of the Federal Housing Administration’s Mortgage Insurance Program.  While it is agreed that some enhancements are needed, she testified that radical changes could derail the program’s assistance with the nation’s economic recovery.    To read the press release and a copy of President Vicki’s testimony, click here. ...
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Contrary to previous reports, FHA and FHFA will permit appeals for the 2010 limits. The 2010 limits will remain the same from the current limits at 125% of local area median home price up to $729,750 (with a floor for FHA of $271,050 and $417,000 for Freddie Mac and Fannie Mae). A full list of the limits is available at HUD.If you wish to appeal your loan limit, and can demonstrate that sales prices are higher than the current limits, there is a set procedure, and time is short. All appeals must be made by December 21, 2009. Appeals will all be handled by the Santa Ana Homeownership Center. Full details are available in HUD's Mortgagee Letter 2009-50. This will be the only opportunity to ...
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Fannie Mae is tightening its underwriting criteria by raising the minimum credit score for automated underwriting (Desktop Underwriter) from 580 to at least 620 for all loans, justified on the grounds that this action "will support prudent risk management and better ensure sustainable homeownership." Even higher minimum credit scores may apply for both manual and automated underwriting, depending on factors such as the loan-to-value ratio and the number of units in the structure. The minimum credit score applies to all mortgage loans delivered to Fannie Mae, including FHA and other government-backed loans. Fannie is also changing the maximum debt-to-income ratio for Desktop Underwr ...
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Last week, Fannie Mae announced the national launch of its "First Look" program designed to support neighborhood stabilization and promote home purchases by owner occupants and by public entities. The program applies to the more than 70,000 properties owned by Fannie Mae (its real estate owned (REO) inventory). During the first 15 days a property is listed for sale, only buyers who intend to occupy the home and public entities committed to the community may purchase a Fannie Mae REO property. Fannie will waive the earnest money/deposit requirement for public entities, and lower these requirement for individuals who have qualified to use public funds for the purchase. Buyers ge ...
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© Baltimore Sun 2009  Senate Democrats, facing stiff Republican opposition, were forced Tuesday to delay votes on the first set of amendments to the gargantuan healthcare bill underscoring the fiercely partisan nature of the floor debate and threatening Democrats' tight timeline for achieving final passage.Party leaders, scrambling to pass a bill by Christmas, had hoped to be able to approve a proposal Tuesday designed to expand women's access to preventive services such as mammograms, a provision favored by leading advocacy groups for cancer patients.But instead, lawmakers spent much of the day tussling over the healthcare bill's potential impact on the 44-year-ol ...
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In Nevada, taxable sales dropped 17.7 percent statewide in September from the same month last year, the Department of Taxation reported Tuesday. Stephen Miller, chairman of the economics department at UNLV, said the latest numbers point to the need for long-term changes. People are buying more goods over the Internet and avoiding taxes for local and state government, he said. Congress needs to push through legislation to collect sales taxes on those transactions, Miller said. In addition, Miller said, more money is going for services, rather than goods. So the state Legislature needs to consider eliminating some of the sales tax exemptions for services to broaden the tax base, ...
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© WSJ 2009  The U.S. Senate opens debate on a broad healthcare overhaul on Monday with senators seeking an elusive compromise on thorny issues like a government-run insurance plan, abortion coverage and holding down costs.   The debate on President Barack Obama's top domestic priority, which opens at 3 p.m. EST (2000 GMT), is expected to last three weeks or more. Republicans have vowed to do whatever they can to block or delay the bill. Read more. ...
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© Reuters 2009  Dubai's debt woes could further unhinge an already fragile U.S. commercial real estate market, as it illustrates the importance of that tiny emirate to global investors in an increasingly interconnected world.  A state-owned investment conglomerate Dubai World, with $59 billion of liabilities, set off a global stock market selloff this week after it said it wants to restructure its debt, including at its property subsidiary Nakheel.  "This downturn has had more of a global impact," said Tony Ciochetti, chairman of Massachusetts Institute of Technology's Center for Real Estate in Cambridge, Massachusetts. More >>

© Crain’s Detroit Business 2009  State representative and gubernatorial candidate Rep. Alma Wheeler Smith is calling for a $6.5 billion tax reform that includes a sales tax on services and enacting a graduated income tax. Smith, D-Salem Township, on Tuesday proposed measures to enable the state to eliminate the nearly 22 percent surcharge on the Michigan Business Tax and reinstate funding for key areas cut in the current state budget, like Medicaid, revenue sharing and K-12 education. The plan would also fund her previously proposed new income tax credit to cover preschool costs and tuition at state community colleges, universities and vocational schools. The proposal include ...
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© Associated Press 2009  Arizona Gov. Jan Brewer signed legislation to eliminate about a quarter of the state's nearly $2 billion midyear budget deficit, as she and lawmakers acknowledged that the action was only a start.  "These cuts that we're making today barely make a dent in the problem," said Rep. John Kavanagh, R-Fountain Hills.  The three budget bills Brewer signed Monday include $292.6 million of spending cuts, plus funding shifts and other changes to bring the total savings to $452 million. The spending cuts target funding for K-12 schools' equipment purchases and Department of Economic Security social services. More >>