A great story from the AP today. Please read below. After the article, I have my comments: __________________________________
Bill still faces hurdles Beyond the Senate, the election-year package still faces a tricky path. The president has said he thinks a deal is possible, but the White House is balking at key portions of the bill, particularly $3.9 billion included for buying and fixing up foreclosed properties. Democrats argue the money is key to preventing neighborhood blight, but most Republicans call it a bailout for lenders who helped cause the mortgage mess. The two architects of the plan, Dodd and Rep. Barney Frank, D-Mass., the House Financial Services Committee Chairman, have been negotiating privately to iron out Democrats’ differences on the plan, but the stalling tactics in the Senate have sapped momentum for a quick agreement.
One key divide is over limits on the mortgages FHA can insure and Fannie Mae and Freddie Mac can buy, which the Senate measure sets at $625,000. The House-passed bill set the caps at $725,000, which is preferable to lawmakers from the highest-cost housing markets, including Speaker Nancy Pelosi, D-Calif.
Also at issue is whether the new regulator and tightened rules for Fannie Mae and Freddie Mac should take effect immediately, as dictated by the Senate bill. The House-passed legislation delays them for six months, leaving it up to a new president to implement the changes. And the two sides are at odds over which tax breaks to include and whether to pair them with offsetting tax increases to prevent a rise in the deficit – something that conservative “Blue Dog” Democrats insist on. The Senate’s $14.5 billion package falls $2.4 billion short of being paid for, while the House’s $11 billion is fully covered.
There is broad agreement on using the FHA to help struggling homeowners refinance into mortgages they can afford. The Bush administration has twice broadened the agency’s authority to do so under a program it calls FHASecure. Top housing officials were planning to discuss the expansion – as well as the fate of the housing legislation – on Tuesday.
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As a real estate agent, I love the idea that Uncle Sam is getting involved. As an American, I not certain they should! About a year ago, we (Real Estate) were all alone in this mess! In 2008, Gas Prices have joined the loop (just filled up my Expedition at a cost of $98.00), skyrocketing property taxes got noticed and our great Governor, Charlie Crist has kicked the insurance industry right in the “mommy / daddy button” and it seems like the world is going to fall apart! NOT SO! Everything is not what is seems!
At our office, we have this big “Sale Pending” board that shows what deals are currently pending escrow. We use color to describe the deal. Bank foreclosures are green, short sales are blue and regular, arms length deals are black. since mid 2007, that board is 95% green and blue! However, in the past week, black has made a glorious return! The past 3 weeks we have been partying like its 1999 (or 2005) as MANY regular deals are starting to close. A CLEAR SIGN that the worst is behind us! If the government wants to get involved (article above) to speed the process, I say “run Uncle Sam, RUN!.” We have hit bottom and we are turning the corner! 2009, here we come!
As a final note: As the NFL training camp is about to open for all 32 teams, I want to wish my client, Michael Pittman the best of luck playing for the Denver Bronco’s. As a Buccaneer, her was not appreciated enough and like Chris Simms (not in Tampa when the season starts), Michael will shine in Denver. It would be great to see him play in the Superbowl here in Tampa this February!
Filed under: Housing, Mortgage, Property Taxes, Real Estate, Realtor, Tampa, Tampa Bay, Uncategorized, Vince Arcuri, vincent arcuri | Tagged: 2009, Affordable mortgage, AP, bill, bush, charlie crist, congress, Denver Bronco, fannie mae, FHA, florida, Florida Investment, florida real estate, foreclosure, freddie mac, gas prices, house, insurance, lender, McCain, Michael Pittman, Mortgage, mortgage rates, mortgage rescue, obama, Property Taxes, senate, Tampa, Tampa Bay, tampa bay buccaneers, Tampa Homes, tampa real estate, tax incentives, vince acuri, Vince Arcuri, vincent acuri, vincent arcuri, white house | Leave a comment »