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Home Ownership Matters on the Hill and on the Road, Posted by Ron

Comments
  1. is there any chance that the idea of all current mortgage holders that are behind in there mortgage …get a new three strike rule …what i mean is that they are given a new 50 year mortgage at the current great fha rate..if they miss3 payments under these terms then foreclosure is swift and final ..I believe this will stop flood of foreclosures and stabiise home values .

  2. Government Regulations:
    I would like to see the leadership focus on fewer government regulations and getting those regulations that are unecessary removed. The recent addition of “Mars” is just another expansion of unnecessary paperwork. The new HUD is simply confusing to the buyer and makes no sense at all to the Realtors, the title companies, the attorneys and most of all the buyers. We need to push to get this reversed. I hope that the NAR leadership takes a good “big picture” look at what can be done to get rid of regulations that do nothing to enhance the buying or selling experience of our customers.

    Going Green…just want you to be aware that many of us realize what a scam this is. It seems that it is a program to put lots of money in the pockets of those who are already very rich. I would like to see any dollars spent to market this go back to struggling agents as a credit on their NAR dues.

    Best Regards,
    Carol Brown, CRS,GRI,CDPE
    Broker/Associate

  3. The housing struggle continues! The foreclosures are killing the market. We are still not sure if we have hit rock bottom. The industry needs help!

  4. Why do the legislators not pursue the banks, who we as taxpayers have baled out, and dog them about working to help turn around the economic difficulties. Too many banks are not caring if the problems are resolved or not. Thos who are having difficulties with their loans and are making efforts to modify their loan rather than face foreclosure are getting no assistance from the lenders. There is no logic behind this other than that they have the bale-out money to do with what they wish and there is no reason to use the funds for what we were told it would be used. We as public citizens would be prosecuted for making false claims or false statements to get a loan or a bale-out. How does NAR approach this. Diplomacy probably is not going to work. We must call the kettle black. Call it what it is. FRAUD by the banks.

  5. Yolanda Hutton

    I agree with Linda Sale. One of the reasons this market is such a mess is that there has not been and does not seem like there ever will be any true consequences for the banks involved.

    First they irresponsibly gamble on mortgage returns with people who have no money. Although that may have been good for the housing industry for several years look where we are now because of it. When that does not work out so well for them, the house decides to give them more money???? Our money! Yet we do not have any say on how these banks are using these funds, how they should respond to folks who are trying to get out of a bad situation, and we have no leverage at all to make these short sale/ foreclosure situations move forward. If the banks are not held accountable so that they are forced to at least make an effort (Bank of America) to diligently process these short sales then I don’t see how we are going to move quickly to a more stable market. I guess HAFA was an effort but in my experience has not worked very well. It offers incentives to the banks but no consequences if they don’t follow through.

  6. Robert Taylor

    The federal policy that every family needs to be in a home lead to the present mess. Ending that policy, and the belief system that brought this agony is the first start. Realtors can work on the behalf of persons who need to buy, and on behalf of those who need to rent. The focus on sales has to end, and a focus on long term stability has to be the new goal. We have to come to terms with the fact that, for many, purchase is not the right option and may never be the right option. The trend is for fewer families to own homes, and that trend is not likely to change, nor likely should it. The presidents deficit commission recommends ending deductions for mortgage interest, and I support this policy move for the good of the nation. Our present priority should be an end to hugh deficits, the threat of jumping interest rates would really hurt our industry for everyone, home buyers and investors.

  7. speeches on capitol hill and bus tours is suppose to make me feel good? I write an offer on bank-owned(short sale) property and after 15 days still waiting just to get a response, my qualified buyer says to forget about it and look for something else. I agree with earlier comment: banks have been baled out and feel no need to work things out.

  8. Natalie in California

    You are a salesperson and your not going to be able to sell that story to the hill.

  9. I do a tremendous amount of short sales and I am hear to tell you that the process is getting much smoother and easier if you know what you are doing. I know how to get a short sale approved in an extremely timely manner (sometimes in 2-3 weeks) because I’m constantly educating myself on the what is new in the industry and I’m here to tell you that banks making it easier every month to get short sale transactions approved. 95% of the time if there is a problem (in my experience) it is because of agent incompetence (and I’ve learned my lessons) or because the property went to foreclosure. If you cannot get a short sale approved smoothly it’s because the offer submitted has not been priced properly or you haven’t submitted the correct documentation. Making banks accountable is not going to make the process easier. Solving agent ignorance is the only thing that is going to move us to a quicker recovery. As far as the President of NAR’s video about heading into recovery, Lawrence Yun, the chief economist of NAR also said we were heading into recovery at the end of 2008. Not sure where Mr. Phipps is getting his data from, but last time I checked when 7 million additional properties come onto a market that wouldn’t normally be there then that is basic supply and demand. I take the stance of not to believe the cheerleaders, and not listen to national stats. Why would I care what the market is doing in Santa Rosa, CA if I have 25 short sales that I doing in Virginia Beach, VA. I wouldn’t be a good agent if I used national numbers or national unit sales as a benchmark of what is happening in my locale. I will spend my time knowing my individual market inside and out, plan appropriately, and be the best agent I can be for my clients.

  10. JIM PARCHMAN

    DEAR SIR:
    THIS IS IN REGARD TO FANNIE MAE’S SOCIAL ENGINEERING POLICIES.
    WHEN A LISTING IS PUT INTO THE MLS FOR FANNIE IT CANNOT BE SOLD TO AN INVESTOR FOR 15 DAYS. AFTER 15 DAYS AN INVESTOR CAN MAKE AN OFFER. IF A HOME OWNER AND AN INVESTOR MAKE AN OFFER AFTER 15 DAYS AND THE INVESTOR OFFER IS HIGHER THAN THE HOME OWNER OFFER THEY WILL ACCEPT THE HOME OWNER OVER THE INVESTOR EVEN THOUGH THEY ARE LOOSING TAX PAYER MONEY. WHEN AN INVESTOR BUYS THEY ARE PUTTING MANY PEOPLE TO WORK. NOT SO WITH THE HOME OWNER. THEY MUST BE LOOSING BILLIONS OF TAX PAYER MONEY WHEN YOU THINK OF HOW MANY HOMES ARE SOLD A YEAR AT A LOWER PRICE.
    THANK YOU;
    JAMES E PARCHMAN

  11. The best solution is to pass legislation that binds the lender along with the buyer and seller. The purchase contract has time restraints which the buyer and seller must comply to, but the lender can, at his whim, ignore any time obligations that the buyer or seller commit to. Since they really are an integral part of the contract, they provide the money, they should be bound if they commit to be the lender. It seems “incomplete” to have that party to the contract have no obligation to perform. Lenders seem to have the attitude that they control the “deal”. It is so frustrating because we have no recourse to “arm twist” them to meet deadlines. I hope the NRA can make this aspect of contract law a part of their “Hill” priorities.

  12. I think what’s killing the market are all the lending constraints. I realize the previous requirements to make loans to people who couldn’t afford a home certainly hurt us but I think more have made their payments than not, why not just keep lending and loosen the constraints again?

  13. Immigration reform is the answer to he U.S housing melt down.There are 11 million illegal immigrants in this country,and if Govt.introduce immigration bill with condition of home ownership.This immigration reform will inject $100,000 from the sale of each house into the economy and it will create more jobs and people will start seeing their asset’s appreciating.The Immigration reform is the call of the day and we need to bring reform which will help economy.The illegal immigrants will rescue the U.S economy along with baby boomers.Its just a simple math by putting together 1+1 and we will see the result.
    Thanks

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