© The New York Times 2009  The “broad agreement” that Senator Harry Reid announced Tuesday night on the proposed overhaul of the health care system was less a comprehensive accord among Democrats than an effort by the party’s leaders to keep the process moving ahead, even as Republicans attempt to prolong a seemingly endless floor fight.  The deal did not entirely resolve the biggest dispute: whether the legislation should include a “public option,” a government-run health plan to compete with private insurers. Read more.  ...
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© Dayton Business Journal 2009 Treasury Secretary Tim Geithner notified Congress Wednesday that he is extending the Troubled Asset Relief Program through Oct. 3, 2010.“This extension is necessary to assist American families and stabilize financial markets because it will, among other things, enable us to continue to implement programs that address housing markets and the needs of small businesses, and to maintain the capacity to respond to unforeseen threats,” Geithner wrote in a letter to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid.More >>

©Rueters 2009  U.S. Treasury prices rose on Tuesday, heartened by the realization that despite last week's improved jobs report for November, the Federal Reserve would not be in a hurry to raise interest rates.  On Friday, bond prices fell because news of shrinking job losses in November argued the case for economic recovery and raised the prospect of less monetary accommodation next year. Read more.  ...
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© WSJ 2009  Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.Jon Mirmelli, a Phoenix real-estate investor, learned late in the morning of Sept. 28 that a never-occupied custom house on the northern fringes of this Phoenix suburb was going up for auction around noon the same day. The six-bedroom home, built on a three-acre desert plot, has a kitchen with two dishwashers, four ovens, "antibacterial" copper sinks, and a master "spa" bathroom with space for a flat-screen TV visible from the tub.  The minimum bid, as set by a unit of Citigroup Inc., which had a $1.3 million mortgage on the home, was $379,900. ...
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On November 30, The U.S. Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which is part of the Home Affordable Modification Program (HAMP).  HAFA will provide incentive in connection with a short sale or a deed in lieu of foreclosure used to avoid foreclosure on a loan eligible for modification under the HAMP program.  HAFA applies only to loans not owned or guaranteed by Fannie Mae or Freddie Mac as they will be issuing their own version of this program in a few weeks.  NAR staff has reviewed the aspects of the program and prepared a brief on the intricacies in hopes to make it more understandable.  To ...
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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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