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.

Bill To Ease Foreclosure Crisis Passes Senate

WASHINGTON, D.C. - December 14, 2007 - Today, the U.S. Senate passed S.2338, legislation aimed at resetting interest rates to refinance without the usual burdens associated with a Federal Housing Administration (FHA) loan, by a vote of 93 to 1. Much of the bill language was taken from the Expanding American Homeownership Act of 2007 – legislation introduced by U.S. Senator George V. Voinovich (R-OH) last month in order to spur action by the Senate to help ease the foreclosure crisis and increase homeownership opportunities for millions of American first-time home buyers

Frank, others prod Fed on subprime lending

Dec. 14, 2007 - The Federal Reserve Board should bar prepayment penalties for subprime loans and limit the size and duration of any remaining prepayment penalties, 19 Democratic House Financial Services Committee members said in a letter yesterday to Fed Chairman Ben Bernanke.

Senate mortgage reform bill out

Dec. 14, 2007 - A Senate counterpart to the House-passed H.R. 3915 was introduced late Wednesday by Senate Majority Leader Harry Reid, D-Nev., on behalf of Senate Banking Chairman Chris Dodd, D-Conn., and a dozen more panel members.

7 Tips for Selling a Home Faster and for More

Online real estate firm Redfin offers seven recommendations for selling a home faster and for more money.

FHA Legislative Will Help Homeowners, Economy, Says NAR

WASHINGTON, December 14, 2007 - The FHA Modernization Act of 2007, passed today by the U.S. Senate, would help protect the interest of America’s current and future homeowners by giving borrowers a safer alternative to riskier mortgage products while also helping many homeowners who may be facing foreclosure, according to the National Association of Realtors

Hitwise Ranks REALTOR.com as Top Real Estate Search Term

LOS ANGELES, Dec. 13 /PRNewswire-FirstCall/ -- Hitwise, a leading online competitive intelligence service, ranked REALTOR.com as the number one search term used in the real estate industry category during the month of November (1). REALTOR.com accounted for 1.56% of all searches on the Internet in the real estate category, far exceeding the next closest ranking term that captured .91% of all searches in November.

Best Blue-Chip Real Estate Investments

While gambles on up-and-coming neighborhoods and new developments paid off for many real estate investors during the boom, housing markets across the country are now awash with unsold condos and suffering from sluggish sales.

Fed Pumps Up Banking System to Treat Credit Crunch

The Federal Reserve announced an agreement Wednesday with four foreign central banks to inject billions of dollars into the world’s financial system to make more money available for big banks to lend to smaller ones.

Wachovia Ranks Highest In Primary Mortgage Loan Originations According To J.D. Power And Associates...

CHARLOTTE, N.C. - December 13, 2007 - Wachovia Bank is ranked highest in customer satisfaction for primary mortgage loan originations in 2007, according to the 2007 Primary Mortgage Origination Study.

Justice Department Obtains Court Approval to Distribute $700,000 in Fair Housing Lawsuit

WASHINGTON – The Justice Department today announced that it had obtained approval from the United States District Court for the Eastern District of Michigan to distribute $700,000 in monetary damages to 37 persons with disabilities pursuant to the consent decree entered in United States v. Edward Rose and Sons, et al., a case that was resolved by a consent decree entered in the Eastern District of Michigan in September 2005.

Popular Government & Nonprofit Press Releases

ConsensusDocs

ConsensusDocs Publishes New O&M Agreement

Today, ConsensusDocs is announcing the release of a new industry standard agreement for operations and maintenance. The ConsensusDocs 910 Standard Operations and Maintenance (O&M) Agreement is the first agreement that ConsensusDocs has published that focuses on construction work services that take place after substantial completion.

Recent Government & Nonprofit Press Releases

ABC National

ABC CEO Mike Bellaman Appointed to Task Force on Apprenticeship Expansion...

Michael D. Bellaman, president and CEO of Associated Builders and Contractors (ABC), has been appointed by U.S. Department of Labor Secretary R. Alexander Acosta  to the Task Force on Apprenticeship Expansion, created by President Trump’s June 15 Executive Order 13801.