Monday, August 30, 2010
GSE Regulator Eyes Private Transfer Fees
NAR commended the Federal Housing Finance Agency for taking steps to restrict Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks from investing in mortgages with private transfer fees. A private transfer fee, often attached to a property by a developer, is a fee due to the developer each time the property is resold. The term of some covenants can extend to 99 years. NAR is par t of a coalition that strongly opposes such fees. Twelve states enacted legislation in 2010 to ban them. FHA has also denied its home loan programs to transfer fees. Learn more.
Seller-Financing Licensing Exemption Reinstated
Texas Department of Savings & Mortgage Lending Commissioner Doug Foster has issued a notice that allows the continuation of the de minimis exemption until further action is taken by the Legislature. This exemption, which was briefly repealed by the federal SAFE Act, means that a seller can once again finance up to five properties in a 12-month period without being licensed as a residential mortgage loan originator. The de minimis exemption has not yet been recodified, but the Texas Association of REALTORS will continue to work during the next legislative session to see that it is reinstated in statute.
Wednesday, August 25, 2010
September 2010 Dallas County Foreclosure List
If you would like to receive a copy of the September 2010 Dallas County foreclosure list please fill out the contact form to the right and indicate in the comments you would like to receive this list.
Monday, August 23, 2010
Tim McGraw in Concert Sept 10, 2010 at Cowboys Stadium
Enter for chance to win 2 VIP tickets to XLV Countdown Live at Cowboys Stadium on September 10, plus access to the pre- and post-concert receptions. The event features a star-studded tribute to the 50th Anniversary of the Dallas Cowboys, a celebration of Emmitt Smith's Hall of Fame career, NFL Films archival footage scored by the 90-piece University of North Texas Symphony Orchestra, a rare public performance by Van Cliburn and a concert performance by Tim McGraw.
Click the link below to register:
http://timmcgraw.ebby.com/
Click the link below to register:
http://timmcgraw.ebby.com/
Saturday, August 21, 2010
Tuesday, August 17, 2010
FHA Refis for Underwater Borrowers
Author: NAR
Source: NAR
Topic: Government / Legislative
FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth. Beginning Sept. 7, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence. Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500. The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens.
Source: NAR
Topic: Government / Legislative
FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth. Beginning Sept. 7, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence. Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500. The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens.
Four Proposals for Reforming Fannie and Freddie
The government is wrestling with what to do about Fannie Mae and Freddie Mac, which have needed a combined $148 billion since the government bailed them out two years ago. There are many ways to restructure the system.
Here are four that have the most support:
1. Fully private system. Eliminate Fannie and Freddie and let private lenders take over. The problem is that the market for mortgage securities issued without government backing is small – perhaps, nonexistent.
2. Semi-private system. Dissolve Fannie and Freddie and turn their function over to private companies that would pay for the right to issue government-backed mortgage securities. Small banks don’t like this plan because it would inevitably increase the role of the largest banks.
3. Hybrid system. Fannie and Freddie would compete against other companies that would also issue government-backed mortgage securities.
4. Government-run system. Fannie and Freddie would become part of the government. This is unpopular because it would expand the ballooning federal debt.
Here are four that have the most support:
1. Fully private system. Eliminate Fannie and Freddie and let private lenders take over. The problem is that the market for mortgage securities issued without government backing is small – perhaps, nonexistent.
2. Semi-private system. Dissolve Fannie and Freddie and turn their function over to private companies that would pay for the right to issue government-backed mortgage securities. Small banks don’t like this plan because it would inevitably increase the role of the largest banks.
3. Hybrid system. Fannie and Freddie would compete against other companies that would also issue government-backed mortgage securities.
4. Government-run system. Fannie and Freddie would become part of the government. This is unpopular because it would expand the ballooning federal debt.
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