Monthly Archives: December 2007

Freddie Mac Purchases $198 Million Capmark Mortgage Pool

McLean, VA - December 31, 2007 - Freddie Mac (NYSE:FRE) announced that it has purchased a $198 million pool of cross-collateralized, cross-defaulted mortgages from Capmark Finance, Inc (Capmark Finance). Freddie Mac put together a flexible financing solution for the borrower, Capri Capital Partners, LLC, that met its tight timeline to acquire Capri Apartments.

Live Demonstrations will be Focus of SIPA Village Exhibit at International Builders’ Show

ORLANDO, December 28, 2007 - Builders looking to learn how to build green homes with structural insulated panels can get their questions answered at the Structural Insulated Panel Association’s “SIPA Village” exhibit at International Builders’ Show, February 13-16, in the Orange County Convention Center.

Newly Launched Mortgage Relief Formula Helps Homeowners Stop Foreclosure, Lower Payments Without Getting New...

More homeowners are turning to the newly launched Mortgage Relief Formula for do-it-yourself secrets of stopping foreclosure and getting out of crushing mortgage debt. New Mortgage Relief Formula home study course reveals secrets of how to get mortgage lenders to lower their payments without refinancing. Homeowners learn how to sell their own house in days, without a broker, and how to sell when they owe more than their house is worth

National Home Prices Face Modest Decline

While some housing markets in Florida, Nevada, and California have had sharp declines, nationally home prices have been far less dramatic.

NAR Says Terrorism Insurance Law Will Protect Commercial Market

WASHINGTON, Dec. 27 /PRNewswire-USNewswire/ -- The commercial real estate market and the health of the nation's economy as a whole will benefit from the reauthorization of the federal government's terrorism risk insurance program, which President George W. Bush signed into law yesterday.

Easy-to-Use Videos Turn Homes into Stars

Users of VizzVox say the online solution for creating commercials and short movies enables them to appeal more to the real estate fantasies of potential buyers, unlike real estate postcards and Sunday open houses.

How to deal with unreasonable clients

Is there a mismatch between your clients’ expectations and the reality of your local market? It’s your job to bring them back to reality.

Bush Administration announces record $1.5 billion to support homeless programs nationwide

WASHINGTON, December 21, 2007 - A record number of local homeless programs across America will receive an unprecedented $1.5 billion in Continuum of Care grants announced today by the U.S. Department of Housing and Urban Development. This historic-level funding will offer transitional and permanent supportive housing to more than 168,000 homeless individuals and families.

Statement on President Bush’s Signing of Mortgage Forgiveness Debt Relief By NAR President Richard...

WASHINGTON, December 20, 2007 - “On behalf of the many individuals and families who would have been burdened by a tax after losing their home, the National Association of Realtors® thanks President George W. Bush for signing the Mortgage Forgiveness Debt Relief Act into law.

MHI Vigorously Opposing Freddie Mac’s Tax on Homeownership

Arlington, Va., Dec. 20, 2007 – The Manufactured Housing Institute (MHI) vigorously opposes Freddie Mac’s recent announcement that, as of March 1, 2008, it will be charging an additional “delivery fee” to lenders to purchase manufactured home mortgages of 50 basis points (or 0.5 percent of the loan balance). This delivery fee will be added to the current penalty of 0.5 percent of the loan balance that they already charge for manufactured home mortgages.

Foreclosures up 68 percent from last year

Foreclosure rates for November 2007 were 68 percent higher compared to the same month a year ago, mostly due to subprime borrowers with adjustable-rate mortgages being unable to cope with the higher payment rates, mortgage research company RealtyTrac said Wednesday.

President signs mortgage forgiveness bill

President Bush signed a bill Thursday that would temporarily change the tax code so that when lenders adjust the terms of a mortgage loan, the forgiven debt will not be treated as taxable income.

The Beehive Helps Vulnerable and First-Time Homebuyers Buy Smart & Fight Foreclosure

WASHINGTON, Dec. 19 /PRNewswire/ -- Increasing rates of homeownership is good for everybody -- boosting neighborhood investment, building assets, and strengthening community ties. At a time when working families across the country are losing their homes at an astounding pace, homeowners and prospective buyers need help to navigate this increasingly complicated process.

Interest rate freeze noted to help borrowers

Treasury Secretary Henry Paulson said Tuesday that fast-tracking struggling mortgage holders into mortgage modifications is one of the actions the Treasury is facilitating to reduce foreclosures.

Different Solution to Mortgage Crisis Needed

COLLEGE STATION, Tex. – Dec. 18, 2007 – The five-year freeze on mortgage interest rates recently announced by the federal government may be intended to help responsible homeowners avoid foreclosure, but a noted economist with the Real Estate Center at Texas A&M University says there may be a better solution to the mortgage crisis.

FORECLOSURE ACTIVITY DECREASES 10 PERCENT IN NOVEMBER

IRVINE, Calif. – Dec. 19, 2007 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 10 percent from the previous month but still up nearly 68 percent from November 2006.

Commercial Real Estate Fundamentals Are Sound But Investment Slowing

WASHINGTON, December 19, 2007 - The fundamentals in commercial real estate remain healthy with only slight increases in vacancy rates expected for the office and industrial sectors during 2008, although credit restrictions have recently slowed overall investment activity, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors

Realtors(R) Urge President To Sign Tax Relief Bill Quickly To Ease Foreclosure Burdens

WASHINGTON, December 18, 2007 - Many families and individuals are one step closer to seeing tax relief, thanks to the passage of the Mortgage Cancellation Tax Relief Act by the U.S. Senate and House of Representatives, according to the National Association of Realtors

Federal Reserve Would Allow Reckless Lending to Continue

The Federal Reserve Board (FRB) is uniquely positioned to restore confidence in the housing market because it is the one federal agency with the authority to set standards for all home loan originators. Unfortunately, the proposed rules issued by the FRB today represent yet another missed opportunity for the agency to rein in practices that have hurt millions of American families.

FHLBank Pittsburgh Awards $8.9 Million in Grants: 30 Projects with Nearly 1,000 Units of...

PITTSBURGH, PA - December 18, 2007 - The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved more than $8.9 million in grants under its Affordable Housing Program (AHP). The grants will help finance 30 housing projects across Delaware, Kentucky, New Jersey, Pennsylvania, Rhode Island and West Virginia, creating 987 units of housing with total development costs of more than $157 million.

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Affordable Housing Comes to U Street with the Funding of Portner...

On July 7th, the District of Columbia Housing Finance Agency (DCHFA) closed on the financing of an affordable housing development in one the District’s most sought after neighborhoods, the U Street Corridor. The Agency issued $27 million in short term DCHFA tax exempt bonds providing a portion of the funding for the acquisition of Portner Place and construction of Portner Flats (1440-1450 V Street, NW) located in Ward 1, one block west of The Frank D. Reeves Municipal Center at 14th and U Streets, NW

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CONSTRUCTION EMPLOYMENT INCREASES IN THREE-FIFTHS OF NATION’S METRO AREAS BETWEEN AUGUST...

Construction employment increased in three-fifths of metro areas between August 2015 and August 2016—the smallest share in nearly three and a half years—as contractors in many areas report difficulty in finding qualified workers, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials said the new data underscores the need to make it easier for school officials to set up programs that teach skills like construction.