GOOD NEWS DEPARTMENT


  • Fannie Mae is providing 3.50% Buyer Assistance on HomePath Loans Story

  • Purchases of new homes in the U.S. climbed 11% in June 2009, the biggest gain in eight years,

  • U.S. Monthly House Price Index Estimates 0.9% Price Increase from April to May 2009


  • Freddie Mac announced August 28 that its Conventional Mortgage Home Price Index (CMHPI) for purchases registered a modest 0.4 percent annualized decline in U.S. home values during the second quarter of 2008, following a downward revised 10.8 percent annualized drop in the first quarter.

  • The 2008 Housing Bill provides up to a $7,500 tax credit for first time home buyers effective April 9, 2008

  • Legislation was introduced in the House of Representatives on 07/31/08 to reinstate the Down Payment Assistance program. 

  • The Housing Bill signed into Law 07/30/08 permanently increased conforming, FHA and VA loan limits to $625,000 effective 01/01/09.

  • Fannie Mae announced, as of June 1st, they are buying 95% and 97% loans in High Risk Areas although most MI companies will not insure above 95%

  • Fannie Mae also announced in mid-May a 120% LTV program to be rolled out by August 1st…we’ll see what it looks like and who offers it

  • Great time for 1st time buyers or move up buyers who want to buy more house than they have now at lower prices

  • Due to CAMB’s leadership AB 2880 has effectively been killed…that could have put everybody out of business

  • Even though rates are up…they are still really low historically

  • US consumer savings is actually up...If you count 401K’s and IRA’s,  which most statistics don’t use ,

  • Actual income figures are up over the past several years, although adjusted for inflation that could be a different story

  • Word has it that opposition to the Cuomo appraisal deal with the GSE’s is growing…expect it to at least be changed if not totally canned

LEGISLATIVE UPDATE
Although AB2880 is all but dead,  HUD bill 1880 and other bills are still alive and kicking and they can be deadly to our industry.  We are also fighting HUD with issues regarding RESPA.   We will need all your support in the next couple of months as some of these bills come up for a vote.  CAMB has done an awesome job against major league money…we cannot keep winning simply based on our smarts and good looks anymore…we need funds to continue to pay our contacts in Sacramento and Washington that are fighting for us.  We need your help.



February 9, 2010
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