Posts Tagged "actions"

5 Actions That Effected The Housing Market Of 2011

on May 8, 2012 in HARP Refinance | 48 comments

5 Actions That Effected The Housing Market Of 2011

by State Library of New South Wales collection 5 Actions That Effected The Housing Market Of 2011 Article by Todd McCauley In a new article in Time Magazine, sales Jed KolKo, a journalist, communicated 5 noteworthy actions that impinged on the housing market of 2011. Their results were both direct and “slow burning” Kolko said; “Government, the mortgage industry and forces of nature all shook the housing market in 2011”. Initially among The Times list of five was the “robo-signing reverberations”. In October of 2010, banks were held accountable for sanctioning foreclosures that were either unfinished or had imprecise documentation; this was referred to as the robo-signing scandal. In effect this instigated enormous hesitation among banks, who now carefully take up foreclosures, postponing loads more within the process. Currently there is a build-up of foreclosures backed-up and waiting within the system. Debt ceiling and the budget deficit was the next matter of conversation. During August of 2011 the doubt of whether to raise the debt ceiling was of much significance for the government. Prior to this deliberation it was already widespread knowledge that the federal budget was not up to norm. At this time the dialog is concerned about decreasing the mortgage interest rates and other tax deductions. This may well cause high-income homeowners that have mortgages to exhaust more in taxes. The Home Affordable Refinance Program (HARP) allowed homeowners that were underwater to refinance, as said by the Federal Housing Finance Agency (FHA) in October. The only stipulation was that borrowers had to be up to date in their payments. As a result, borrowers not meeting their payments on time, seeking such help, would not qualify to receive any from HARP. The Times said, that this will, “stimulate the economy without having to get congress to agree on additional stimulus.” In 2011, the National Flood Insurance Program (NFIP) was even now financially encumbered down from the debt buildup subsequent to Hurricane Katrina. For that reason, NFIP’s insurance premiums do not fully shield any insurance demands made when such natural hardships take place. The incident of Hurricane Irene brought with it a good deal of flooding and water destruction also. In districts prone to flooding, someone could not acquire a mortgage while lacking flood insurance. So, the housing market comes to a stand-still in such locales, without NFIP. Loans that were backed by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration (FHA) had their upper limit lowered by the government in October of 2011. The limit was lowered to 5,500 from 9,750. It was said that by lowering this limit the housing market was accordingly not as reliant upon the government. On the other hand the real estate industry pushed to have the limits raised again. In compliance the government increased the loan limit back up only for the FHA, not for Fannie or Freddie. The times related, “Mortgage lenders are willing to charge lower rates for loans that are backed by Fannie or Freddie; with a lower conforming loan limit, a small number of loans that used to qualify for federal backing no longer do.” About the Author Check out our site for tips on how to buy or sell Boise homes, today. You can also find information about the best Boise real estate agent, now. If you would like more informaiton please visit here… 5 Actions That Effected The Housing Market Of...

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Obama to announce actions on housing, student loans

on Oct 24, 2011 in RE Finance | Comments Off on Obama to announce actions on housing, student loans

by seier+seier U.S. President Barack Obama takes aspect in a town-hall meeting at ElectraTherm, case Inc. Mortgage News Much more informaiton please go to right here… Obama to announce actions on housing, student...

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