FLORIDA REAL ESTATE TAXES - The Florida House passed a bipartisan real estate tax reform package yesterday by a 108-2 vote that addresses many issues important to property owners in Naples, Bonita Springs and Estero. It now goes to the Senate for consideration.
MORTGAGE PAYMENT RELIEF - Countrywide Financial Corp., the nation’s largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008. The company’s plan would help provide some relief to about 82,000 borrowers.
Worried about the fallout from a record number of homes going into foreclosure, federal lawmakers, regulators and consumer advocates are pushing the mortgage industry to move faster to help homeowners in trouble.
SUBPRIME MORTGAGES – A bill was introduced in the U.S. House yesterday designed to lessen problems within the mortgage industry. The legislation aims to prod states into enacting stronger mortgage regulations and sets up federal-level regulations if they don’t do so.
HOMEOWNERS INSURANCE – A new property insurer, based in Orlando, recently entered the market. In an Orlando Sentinel interview, President William K. Lowry Jr. explains why he thinks big insurers have cut back in Florida, and why smaller firms see that as an opportunity.