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Phone: 703.404.4877
Fax: 703.404.3888
Address: 117 Norwood Pl., Sterling, VA 20164
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Monday, August 8, 2011
Thursday, April 21, 2011
Friday, April 1, 2011
Senate Panel Advances Bankruptcy Foreclosure Mediation Bill -- Fannie and Freddie Restart Frozen REO Sales
Obama to Nominate New Overseer for Fannie and Freddie President Obama said Friday that he intends to nominate North Carolina Banking Commissioner Joseph A. Smith, Jr. to head the Federal Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and Freddie Mac.
If confirmed by the Senate, Smith will replace Edward DeMarco, who has served as acting director of the agency since September 2009.
Lawmakers have been urging the president to appoint a permanent FHFA director for months now. More specifically, they’re calling for someone who will “aggressively pursue claims” on behalf of Fannie Mae and Freddie Mac to force lenders to buy back bad loans that were sold off to the GSEs during the housing boom, according to letters sent to the president from Rep. Barney Frank and Rep. Paul Kanjorski.
The timing of Smith’s appointment would put him at the center of the administration’s efforts to reform the nation’s housing finance system and decide the future of Fannie and Freddie. Officials have said they plan to put forth a proposal for restructuring the two mortgage companies early next year.
read more...
Senate Panel Advances Bankruptcy Foreclosure Mediation Bill
The Senate Judiciary Committee on Thursday approved legislation that would give bankruptcy courts the authority to order face-to-face meetings between homeowners and their lenders for foreclosure mediation.
The Limiting Investor and Homeowner Loss in Foreclosure Act (S. 222) passed the committee with a 10 to 8 vote, clearing the way for it to move on to the full Senate.
The legislation would not give bankruptcy judges the power to modify mortgages or slice off a portion of the principal like the controversial bankruptcy cramdown proposals that have repeatedly failed in Congress.
Instead, it would give bankruptcy judges a mechanism for opening up the lines of communication between homeowners and creditors in order to explore work out options and optimally, avert a foreclosure action.
Sen. Sheldon Whitehouse (D-Rhode Island) authored the bill. His proposal is modeled after a program in his home state.
“Too many families…have been hurt by a broken foreclosure system fraught with long waits on the phone, lost paperwork, and an inability to speak with someone who’ll give their last name or make a decision,” Whitehouse said.
read more...
Fannie and Freddie Restart Frozen REO Sales
Both Fannie Mae and Freddie Mac have instructed their selling agents to move forward with transactions involving foreclosed properties in cases where sales were suspended due to potential problems with the legal paperwork.
The GSEs were forced to temporarily halt the sale of certain properties two months ago when news surfaced that some of the nation’s largest servicers – including Bank of America, JPMorgan Chase, and GMAC Mortgage – had been employing robo-signers who failed to comply with clearly defined state laws when handling foreclosure documentation.
Fannie and Freddie also employed the services of the so-called foreclosure mill law firm of David J. Stern in Florida, which is currently under intense investigation for forging foreclosure documentation. Both companies terminated their business dealings with the Stern firm in early November.
read more...
Friday, March 25, 2011
The Washington Post: AT HOME
Our guide to spring vegetable gardening watch video...
Salanova, a curly-headed superstar
House Calls: The mantel doesn’t light her fire
HOME & GARDEN, HOUSE CALLS: A Finished Homework AreaDesign Solutions
• Remove the fireplace and install drywall in its place.
• Reduce clutter by adding a shelving unit for keeping books and backpacks organized and out of sight.
• Place a rug over the wall-to-wall carpet to bring color and pattern into the room.
• Add a corner desk next to the kitchen for a homework area near Mom and Dad.
• Remove the wood paneling, hang drywall and paint: Benjamin Moore's Van Courtland Blue Hang art and accessories to add personality.
- Jennifer Mangum and Suzan Meredith, Designers
read more...
Salanova, a curly-headed superstar
House Calls: The mantel doesn’t light her fire
HOME & GARDEN, HOUSE CALLS: A Finished Homework AreaDesign Solutions
• Remove the fireplace and install drywall in its place.
• Reduce clutter by adding a shelving unit for keeping books and backpacks organized and out of sight.
• Place a rug over the wall-to-wall carpet to bring color and pattern into the room.
• Add a corner desk next to the kitchen for a homework area near Mom and Dad.
• Remove the wood paneling, hang drywall and paint: Benjamin Moore's Van Courtland Blue Hang art and accessories to add personality.
- Jennifer Mangum and Suzan Meredith, Designers
read more...
Friday, March 11, 2011
Should I Buy A Home Now?
The Zillow Home Value Index fell 26% from its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.
According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”
But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. It’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment.” reported Zillow.com.
However, if you’ve been watching, waiting, and wondering when to buy, now the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market. Some predictions indicate it will improve half-way through this year while "homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com
read more...
According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”
But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. It’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment.” reported Zillow.com.
However, if you’ve been watching, waiting, and wondering when to buy, now the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market. Some predictions indicate it will improve half-way through this year while "homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com
read more...
5 Tax Tips, Tricks and Traps for Homeowners
Ask Tara @Trulia
make smart decisions w/Tara's real estate + mortgage need-to-knows
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Note: This post first appeared on WalletPop.com on 2.28.2011.
P.S. - You should follow Trulia and Tara on Facebook, too!
make smart decisions w/Tara's real estate + mortgage need-to-knows
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Note: This post first appeared on WalletPop.com on 2.28.2011.
P.S. - You should follow Trulia and Tara on Facebook, too!
Welcome to Open House on Sunday 1:00 pm to 3:00 pm
Just Listed towhhouse for sale in Centreville, VA!
List Price: $279,900
3 bedrooms, 2.5 bathrooms 3 finished levels with fully finished basement with recreation room, den and half bath. Beautifully renovated with top quality upgrades.
granite counter tops, stainless steel appliances 42" upgraded maple cabinets. New
hardwood floors main level, carpet upper and lower level. New windows, doors, screens, bathroom vanities, fixtures, crown molding and custom paint in/out. New water heater, newer HVAC and roof. MUST SEE!
For more info click here
List Price: $279,900
3 bedrooms, 2.5 bathrooms 3 finished levels with fully finished basement with recreation room, den and half bath. Beautifully renovated with top quality upgrades.
granite counter tops, stainless steel appliances 42" upgraded maple cabinets. New
hardwood floors main level, carpet upper and lower level. New windows, doors, screens, bathroom vanities, fixtures, crown molding and custom paint in/out. New water heater, newer HVAC and roof. MUST SEE!
For more info click here
Wednesday, March 2, 2011
Monday, February 21, 2011
Tuesday, February 15, 2011
U.S. Department of Treasury: Obama Administration Plan Provides Path Forward for Reforming America’s Housing Finance Market, Winding down Fannie Mae and Freddie Mac
Reforms Will Shrink the Government’s Footprint in Housing Finance on a Responsible Timeline, Help Protect Taxpayers
Plan Includes Critical Measures to Help Fix the Fundamental Flaws in the Mortgage Market, Better Target Government’s Support for Affordable Housing
WASHINGTON – Today, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options.
“This is a plan for fundamental reform – to wind down the GSEs, strengthen consumer protection, and preserve access to affordable housing for people who need it,” said Treasury Secretary Tim Geithner. “We are going to start the process of reform now, but we are going to do it responsibly and carefully so that we support the recovery and the process of repair of the housing market.”
“This report provides a strong plan to fix the fundamental flaws in the mortgage market and better target the government’s support for affordable homeownership and rental housing,” said Housing and Urban Development Secretary Shaun Donovan. “We must continue to take the necessary steps to ensure that Americans have access to quality housing they can afford. This involves rebalancing our housing priorities to support a range of affordable options, from promoting much-needed financing for quality, affordable rental homes to ensuring the availability of safe, and sustainable mortgage products for current and future homeowners.”
The Obama Administration's reform plan will:
read more...
MORTGAGE NEWS: Housing Finance Reform: Reduced Loan Limits, Larger Down Payments, Higher FHA MIP Fees
by Adam Quinones
The long-awaited report on the future of housing finance has been released by the Obama Administration.
Below is the presser....
I highlighted some talking points. The first thing to take away from this paper is the Administration's intention to wind down Fannie and Freddie on a responsible timeline. That tells you this reform/winding down process will take many years and much debate. 5 to 7 years according to Treasury Secretary Tim Geithner. There's nothing wrong with that though. Slow and steady works as long as lenders have funding liquidity in the process. The main goal is to get housing finance reform done right....the first time, this market can only take so much more stress, rewriting regs repeatedly would be detrimental to the overall housing recovery process.
Next on the list of observations is a tightrope transition from government supported loan funding to private investor supported loan funding. It appears the Administration is taking an "if we don't do it, someone else will" approach. They will attempt to accomplish their objective of reducing the government's "footprint" in the secondary mortgage market by tightening underwriting guidelines and raising fees. They believe this will effectively "level the playing" field and lower the barriers to entry for private investors. We hope risk retention (skin in the game) regs don't "unlevel" that playing field. READ MORE: Proposed Risk Retention Reform Affects Banker and Broker Loan Pricing
There is a ton of discussion still to be had. For now, read on...
read more...
Monday, February 14, 2011
THE WASHINGTON POST: Administration proposals to overhaul federal housing role draw fire from left
By Zachary A. Goldfarb and Brady Dennis
Washington Post Staff Writers | Saturday, February 12, 2011; 1:25 AM
The Obama administration's plan to overhaul the U.S. housing market drew fire Friday from some of the president's traditional allies, who argued that proposals in the newly released report could make it too costly for many Americans to buy a home.
But while consumer and civil rights groups broke with President Obama over the long-awaited white paper, the plan met with little objection - and even praise - from Republicans, who have pilloried the administration over its housing policies.
Senior administration officials offered a series of suggestions for scaling back the federal role in the housing market, which has been on government life-support since the mortgage meltdown three years ago. In the near term, the administration wants to require larger down payments and higher fees for home loans and reduce the number of borrowers getting government-backed loans. Beyond that, the plan calls for eliminating Fannie Mae and Freddie Mac and putting private financial firms at the center of the mortgage market.
The future of Fannie and Freddie
The White House is going to propose a range of options to reform Fannie Mae, Freddie Mac and the mortgage market, which could cause changes to the face of American housing. (CBS News).
Watch Video...
Obama administration proposals to reduce federal role in housing market
By Dina ElBoghdady
Washington Post Staff Writer | Friday, February 11, 2011; 11:46 PM
The Obama administration is pressing to scale back the federal government's role in the mortgage market. On Friday, it presented Congress with several proposals that would raise the costs of federally backed loans, a move designed to help the private sector better compete with Fannie Mae, Freddie Mac and the Federal Housing Administration. Here are some highlights from the administration's report:
read more...
Washington Post Staff Writers | Saturday, February 12, 2011; 1:25 AM
The Obama administration's plan to overhaul the U.S. housing market drew fire Friday from some of the president's traditional allies, who argued that proposals in the newly released report could make it too costly for many Americans to buy a home.
But while consumer and civil rights groups broke with President Obama over the long-awaited white paper, the plan met with little objection - and even praise - from Republicans, who have pilloried the administration over its housing policies.
Senior administration officials offered a series of suggestions for scaling back the federal role in the housing market, which has been on government life-support since the mortgage meltdown three years ago. In the near term, the administration wants to require larger down payments and higher fees for home loans and reduce the number of borrowers getting government-backed loans. Beyond that, the plan calls for eliminating Fannie Mae and Freddie Mac and putting private financial firms at the center of the mortgage market.
The future of Fannie and Freddie
The White House is going to propose a range of options to reform Fannie Mae, Freddie Mac and the mortgage market, which could cause changes to the face of American housing. (CBS News).
Watch Video...
Obama administration proposals to reduce federal role in housing market
By Dina ElBoghdady
Washington Post Staff Writer | Friday, February 11, 2011; 11:46 PM
The Obama administration is pressing to scale back the federal government's role in the mortgage market. On Friday, it presented Congress with several proposals that would raise the costs of federally backed loans, a move designed to help the private sector better compete with Fannie Mae, Freddie Mac and the Federal Housing Administration. Here are some highlights from the administration's report:
read more...
THE WASHINGTON POST: Washington area is beginning to bounce back from recession, economists say
No, there aren't huge signing bonuses, or personal concierge services, or the jaw-dropping luxury perks that companies threw at top talent back in the boom days of the '90s. But with the pall of the Great Recession finally lifting, some Washington area companies are handing out iPads at interviews and rewarding employees with $5,000 referral bonuses and trips to France.
As other parts of the United States continue to stagger under nearly double-digit unemployment, large swaths of the Washington region's economy are beginning to bounce back, even if fitfully, economists say.
After 17 straight months of job losses, the District and its suburbs had nine consecutive months of employment growth through the end of last year, totaling more than 23,000 new positions, according to the Center for Regional Analysis at George Mason University. The last four months of 2010 were particularly strong, although economic forecasters said it could be years before the recovery is fully realized. Some sectors, including construction and manufacturing, continue to face significant slides.
With a relatively low unemployment rate of less than 6 percent, the Washington region has long been buoyed by the economic engine that is the federal government. Although the government is helping the recovery, the area's increasingly diversified economy is paying off: Businesses from a variety of sectors - including tech start-ups, hotels and retailers - have begun to open their wallets and hire, a positive sign, given sharp cuts expected in defense spending, officials said.
"The Washington area economy is leading the way, or at least recovered the fastest and is generating jobs at a much greater rate than any other metro area," said Stephen Fuller, director of the George Mason center. "The private sector is beginning to pull away from its dependence" on the federal government.
read more...
As other parts of the United States continue to stagger under nearly double-digit unemployment, large swaths of the Washington region's economy are beginning to bounce back, even if fitfully, economists say.
After 17 straight months of job losses, the District and its suburbs had nine consecutive months of employment growth through the end of last year, totaling more than 23,000 new positions, according to the Center for Regional Analysis at George Mason University. The last four months of 2010 were particularly strong, although economic forecasters said it could be years before the recovery is fully realized. Some sectors, including construction and manufacturing, continue to face significant slides.
With a relatively low unemployment rate of less than 6 percent, the Washington region has long been buoyed by the economic engine that is the federal government. Although the government is helping the recovery, the area's increasingly diversified economy is paying off: Businesses from a variety of sectors - including tech start-ups, hotels and retailers - have begun to open their wallets and hire, a positive sign, given sharp cuts expected in defense spending, officials said.
"The Washington area economy is leading the way, or at least recovered the fastest and is generating jobs at a much greater rate than any other metro area," said Stephen Fuller, director of the George Mason center. "The private sector is beginning to pull away from its dependence" on the federal government.
read more...
Friday, February 11, 2011
The Wall Street Journal: Fannie, Freddie Phaseout Proposed
By NICK TIMIRAOS And ALAN ZIBEL
WASHINGTON—The Obama administration unveiled a proposal Friday for winding down mortgage giants Fannie Mae and Freddie Mac, spelling out three options for what could take their place and setting the stage for a debate over the nation's $10.6 trillion mortgage market.
View Document
WASHINGTON—The Obama administration unveiled a proposal Friday for winding down mortgage giants Fannie Mae and Freddie Mac, spelling out three options for what could take their place and setting the stage for a debate over the nation's $10.6 trillion mortgage market.
The steps, outlined in a "white paper," are likely to mean higher borrowing costs and more-limited access to home loans for consumers. Treasury Secretary Timothy Geithner said establishing a new system could take five to seven years.
"This is a plan for fundamental reform of the housing market," Mr. Geithner said, cautioning that "we're going to proceed on this path of reform very carefully."
All of the administration's proposals envision a scaled-back role for the government, and officials emphasized the goal of restoring the market for mortgage-backed securities issued without the government's guarantee.
The initial reaction on Capitol Hill was positive. Rep. Scott Garrett, (R., N.J.), a frequent critic of the administration, said, "I'm encouraged to see the administration included a number of reform ideas that track closely with my own."
One option proposed by the administration includes a new government backstop of certain mortgages under a federal 'reinsurance' model, while another would proposes a more limited backstop that would scale up primarily during times of economic crisis. The third option proposes no such government backstop beyond existing federal agencies such as the Federal Housing
CNN Money: Obama wants big changes in mortgages
The highly anticipated "white paper" outlines steps the administration says will help draw private capital back into the mortgage market, curb unfair lending practices and make federal support for borrowers more targeted.
The plan would phase in changes over a period of years and push back the most dramatic restructuring, which would require congressional approval, until as late as 2018. (Colin Barr: The long goodbye). read more...
CNBC: Mortgage Costs to Rise As Government Lessens Role
Published: Friday, 11 Feb 2011 | 12:21 PM ET
The Obama administration laid out three broad options Friday for reducing the government's role in the mortgage market. All three would almost certainly lead to higher interest rates and costs for borrowers.
by CNBC.com
--------------------------------------------------------------------------------
But rather than making a single recommendation, the administration offered Congress three scenarios and will let lawmakers shape the final policy.
The options are:
The Obama administration laid out three broad options Friday for reducing the government's role in the mortgage market. All three would almost certainly lead to higher interest rates and costs for borrowers.
by CNBC.com
--------------------------------------------------------------------------------
The administration said in a report that the government should withdraw its support for the mortgage market slowly, over five years or more. The report describes a path for winding down the troubled mortgage giants Fannie Mae and Freddie Mac.
But rather than making a single recommendation, the administration offered Congress three scenarios and will let lawmakers shape the final policy.
The options are:
United Staes Treasury: Housing Finance Reform
On February 11, 2011, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options.this photo is courtesy of http://www.treasury.gov/Read the Report on Reforming America’s Housing Finance Market.
Read the press release.
Press Center
8/17/2010Page Content
August 17, 2010
Conference on the Future of Housing Finance
On August 17, Treasury and HUD hosted the Obama Administration's Conference on the Future of Housing Finance at Treasury. Secretary Geithner was joined by HUD Secretary Shaun Donovan and senior White House, HUD, and Treasury officials, as well as a wide cross-section of stakeholders, including citizen and consumer advocacy groups, economists, investors, lenders, market researchers, mortgage servicers, and many others. The conference provided an additional opportunity for the Administration to hear a diverse set of perspectives on the key issues surrounding housing finance reform and to make certain that all of the best ideas are on the table as it continues to develop a comprehensive housing finance reform proposal for delivery to Congress by January 2011. click here to read more...
Obama Administration Plan Provides Path Forward for Reforming America’s Housing Finance Market, Winding down Fannie Mae and Freddie Mac
2/11/2011
Page Content
Reforms Will Shrink the Government’s Footprint in Housing Finance on a Responsible Timeline, Help Protect Taxpayers
Plan Includes Critical Measures to Help Fix the Fundamental Flaws in the Mortgage Market, Better Target Government’s Support for Affordable Housing
WASHINGTON – Today, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options. click here to read more ...
Monday, February 7, 2011
Friday, January 21, 2011
MRIS: December, 2010 -- Real Estate MarketWatch
December 2010 Northern Virginina MarketWatch
December 2010 Washington, DC MarketWatch
December 2010 Maryland Suburbs MarketWatch
December 2010 Washington, DC MarketWatch
December 2010 Maryland Suburbs MarketWatch
Federal officials studying how to protect housing market
By Zachary A. Goldfarb
Washington Post Staff Writer
Tuesday, January 18, 2011; 10:52 PM
Federal officials took two steps Tuesday to attempt to reduce the likelihood of a second financial crisis caused in large part by large declines in the housing market.
The first would try to tackle the problem of foreclosures. The Federal Housing Finance Agency, which oversees the massive mortgage finance companies Fannie Mae and Freddie Mac, said it would consider a new approach to how home loans are managed by banks. Critics say the current system makes it more lucrative for a bank to foreclose than to find ways to modify loans to allow struggling borrowers to stay in their homes.
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Sharga Says U.S. Housing Prices May Bottom in 2011
Jan. 13 (Bloomberg) -- Rick Sharga, senior vice president at RealtyTrac Inc., discusses the outlook for the U.S. housing market and home foreclosure filings. The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, according to RealtyTrac. Sharga speaks with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg) (Bloomberg)
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Washington Post Staff Writer
Tuesday, January 18, 2011; 10:52 PM
Federal officials took two steps Tuesday to attempt to reduce the likelihood of a second financial crisis caused in large part by large declines in the housing market.
The first would try to tackle the problem of foreclosures. The Federal Housing Finance Agency, which oversees the massive mortgage finance companies Fannie Mae and Freddie Mac, said it would consider a new approach to how home loans are managed by banks. Critics say the current system makes it more lucrative for a bank to foreclose than to find ways to modify loans to allow struggling borrowers to stay in their homes.
read more...
Sharga Says U.S. Housing Prices May Bottom in 2011
Jan. 13 (Bloomberg) -- Rick Sharga, senior vice president at RealtyTrac Inc., discusses the outlook for the U.S. housing market and home foreclosure filings. The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, according to RealtyTrac. Sharga speaks with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg) (Bloomberg)
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Thursday, January 13, 2011
A 10+! Gorgeous house for Sale in Sterling, VA
$349,900. Spectacular Renovated Bright 2lvl,4BR,2.5BA home w/ oversized 2-car garage! New Italian custom tile throughout-out the main level with vaulted ceilings! Gourmet EIK w/granite counters, S/S appliances and tiled floor opens to spacious backyard! Upper level boasts 4 generous sized BR's w/ample closet space and 2 FB's updated from head to toe! Updates include windows, siding, baths, paint, flooring, fixtures and more!
For more info
click here
For more info
click here
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