Jun13 Written by:mikewest
6/13/2008 1:33 PM
I haven't posted in a while due to going to C.A.R. in Sacramento so here is a little something for you Repo Tours.com members:
Originally Posted On My Site
Let me start this entry off by saying that C.A.R. (California Asssociation of REALTORs®) was very informative and there are many things going on right now in the industry. The most important news I pulled from the Convention was about HR Bill 3221 and Senate Bill 3221. These started as energy bills and foreclosure prevention was added as a "rider" (Definition Here) The House Bill will raise FHA limits to 729,000 and about 750,000 in high-priced areas of California. The Senate would raise the limits to only 550,000. There will also be 6.5 million dollars alloted to attorneys who specialize in foreclosures! Now this is another tricky part and has some people very concerned and it's called the "bailout." With this the lender agrees to write down to 85% of the appraised value and allow homeowners to change their loan. The government will then take 3% of the equity that builds in the home. This part becomes tricky because the system for administering it hasn't been developed yet. And finally, money to local governments so that they can buy foreclosures that have been sitting on the market! WOW...this bill is getting a lot of support, but some stauch opposition from Senator Shelby Dodd. Let's see this one through! What do all of you think? Is this too late to fix a problem or just what the doctor ordered? What would you do differently?
Full HR Bill Link Click Here
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Copyright ©2008 Mike West
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