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Fannie Mae, Freddie Mac, REO’s Indifferent to State Laws

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As buyers actively pursue foreclosures in the country they may not be aware of certain statutes regarding the purchase of condominiums and/or properties located within a homeowners associations. In some instances condominium associations could be part of a homeowners association.

A prospective buyer should be sure the real estate agent they are selecting is aware of these statutes and be willing to obtain them in the case of a foreclosed property, when they are considering a purchase. [Read more...]

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Naples Real Estate News 07/17/08

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FANNIE AND FREDDIE

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in “no danger of failing.” However, he says that “weakness of market confidence” is hurting the companies.

STATE FARM

State Farm, Florida’s largest private property insurer, asked the state for an average rate increase of 47.1 percent on homeowner policies, saying it needs the money to pay claims if major storms strike. The planned increase tests lawmakers’ efforts to curb property insurance prices that doubled or tripled in some cases after hurricanes hit in 2004 and 2005.

AMENDMENT 5

If Florida voters pass Amendment 5 in November, property taxes will drop by 25 to 40 percent, but the amendment must first face a court challenge. A Tallahassee judge will hear arguments on August 13.

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Naples Real Estate News 07/16/08

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MORTGAGES

Local banks in Naples, Bonita Springs, Estero, through-out Florida, and the nation are telling investors that they should relax – “We’re fine.” A general fear of bank failures has made consumers wary of all financial institutions, even though most banks have no liquidity problems and very little risk.

HOMEBUYERS

There’s a dilemma for the nation’s lawmakers and millions of Americans priced out of homeownership: any rescue policy to stem foreclosures could artificially prop up home prices and perpetuate affordability problems.

FANNIE MAE AND FREDDIE MAC

Key Republicans on Tuesday expressed skepticism about an emergency Treasury Department plan to bolster troubled mortgage giants Fannie Mae and Freddie Mac, raising doubts on Wall Street about quick enactment.

MORTGAGE INSURANCE

Mortgage insurers have been tightening their standards throughout the U.S., further squeezing potential home buyers. Borrowers with less than a 20 percent downpayment now find few ways to avoid private mortgage insurance.

Filed Under: Bonita Springs Florida Real Estate, Estero Florida Real Estate, Naples Florida Real Estate, Real Estate News Tagged With: , , ,

Naples Real Estate News 07/15/08

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MORTGAGE REGULATIONS

The Federal Reserve issued new guidelines, effective Oct. 1, to curb shady lending practices. “It seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower,” says Fed Chairman Ben Bernanke.

HOUSING AID

The Fannie Mae/Freddie Mac problem will likely boost momentum for a quick final passage of Congress’ massive housing aid bill, aimed at helping some 400,000 struggling homeowners. “I’m confident we’re going to get this done,” said Senator Christopher J. Dodd. “Unfortunately, these events over the last few days have probably increased the importance of this in the minds of some.”

MORTGAGES

There were encouraging signs Monday for the Fannie Mae/Freddie Mac rescue plan, but also signs of concern; and in the wake of the IndyMac seizure by the federal government, investors worry about other big banks that might be in trouble. For homebuyers, it could mean tighter lending rules and fewer loan approvals.

OFFSHORE DRILLING

To drill or not to drill, that is the question. Louisiana, which allows drilling, gets about $1.5 billion annually in oil and gas revenue, and many Americans now want drilling to offset the high price of gasoline. Will Florida’s leaders give in to demand?

Filed Under: Bonita Springs Florida Real Estate, Estero Florida Real Estate, Naples Florida Real Estate, Real Estate News Tagged With: , , , , ,

Naples Real Estate News 07/14/08

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HOMEOWNERS INSURANCE

Start shopping around now for the best rates on homeowners insurance for your Naples, Bonita Springs or Estero residence. As the largest insurer of homes, condos and apartments in the state, Citizens Property Insurance has nearly 9,000 agents writing policies. But the insurance agents say that Citizens doesn’t pay them enough, especially in light of the heavier workload expected in February when new forms are introduced for its windstorm policies.

FHA

Starting today, homeowners trying to save their homes from foreclosure may find it easier to get federal help. FHASecure guidelines have been relaxed, expanding its eligibility standards to include borrowers with ARMS who were late on two monthly mortgage payments in the past 12 months, even if they were consecutive.

FORECLOSURES

With foreclosure rates at record highs, the Bush administration has been trying to keep people from losing their homes. But “many of today’s unusually high number of foreclosures are not preventable,” Treasury Secretary Henry Paulson said last week. “There is little public policymakers can, or should, do to compensate for untenable financial decisions.”

MORTGAGES

If Fannie Mae and Freddie Mac collapsed, it would deal a blow to the mortgage market. But the federal government unveiled a broad program yesterday to bolster the troubled mortgage giants. Both companies said they were financially sound but grateful for the confidence-building efforts.

Filed Under: Bonita Springs Florida Real Estate, Estero Florida Real Estate, Naples Florida Real Estate, Real Estate News Tagged With: , , , , ,
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