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C.A.R. Supports ”Yes” Vote to Protect Homeowners from Unjust Eminent Domain Takings

RISMEDIA, May 15, 2008-Imagine someone from your city or community knocking on the door of your home and telling you to move because they have found someone else who will contribute more in taxes than you do. Sound far-fetched? Not if you’re one of the thousands of people throughout California currently living under the very […]

What President Bush Has in Store to Save Homeowners From Foreclosure

RISMEDIA, May 12, 2008-The Bush Administration has put in place responsible solutions to help American families stay in their homes and avoid foreclosure, U.S. Department of Housing and Urban Development Deputy Secretary Roy A. Bernardi said today. Delivering the keynote address at the Federal Home Loan Banks Annual Directors Conference, Bernardi highlighted President Bush’s responsible […]

Mayors Put Urban Issues Front and Center In Presidential Campaign

RISMEDIA, May 8, 2008-The nation’s mayors, led by Conference President and Trenton, NJ Mayor Douglas H. Palmer, will gather in Miami from June 20-24 for the 76th Annual Meeting of The United States Conference of Mayors (USCM), hosted by Miami (FL) Mayor Manny Diaz to debate national policy impacting America’s cities and metropolitan areas.
With over […]

NAR Calls to Stabilize Mortgage Market by Increasing Conforming Loan Limits Permanently

RISMEDIA, May 7, 2008-The National Association of Realtors®, in a letter to members of the U.S. House of Representatives, urged Congress to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill, which is expected to be marked up this week.
Reps. Jerry McNerney, D-Calif., and Gary Miller, R-Calif., […]

More than 600 Foreclosure Counselors to Be Trained in Foreclosure Intervention

RISMEDIA, May 6, 2008-NeighborWorks(r) America, the nation’s leading non-profit organization developing solutions, partnerships and trained counselors to combat the rising level of foreclosure, is hosting a national symposium on neighborhood stabilization at its NeighborWorks Training Institute this week. Speakers include Federal Reserve Board Governor Randall S. Kroszner and FDIC Director Thomas J. Curry.
The symposium — […]

Buyers with Spotty Credit Could Benefit from FHA Loan

By Mathew Padilla
RISMEDIA, May 2, 2008-(MCT)-Tara Poulsen bought a four-bedroom house in Mission Viejo, Calif., for $469,000, after waiting out the housing market for more than three years. To do it, she and her husband went with a federal loan program that waned in popularity in some areas during the housing boom.
They got a loan […]

Bernardi Highlights Solutions to Save Homeowners from Foreclosure

RISMEDIA, May 1, 2008-The Bush Administration has put in place solutions to help American families stay in their homes and avoid foreclosure, U.S. Department of Housing and Urban Development Deputy Secretary Roy A. Bernardi said this week. Delivering the keynote address at the Federal Home Loan Banks Annual Directors Conference, Bernardi highlighted President Bush’s responsible […]

A Key to Help Congress Solve the Housing and Foreclosure Crisis

RISMEDIA, April 25, 2008-The CMPS Institute has just sent Congress a detailed proposal calling for government-backed loans to homeowners of up to 20% of the homeowner’s current mortgage balance.”Negative homeowner equity is the one root problem that Congress can help solve,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers […]

Bush Administration to Expand Mortgage Help for Struggling Families

RISMEDIA, April 14, 2008-The Bush Administration announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures […]

Builders Tell Congress Housing Finance System Reform Vital For Housing and Economy

RISMEDIA, March 7, 2008-To help bolster a faltering housing market, the National Association of Home Builders (NAHB) called on Congress to move quickly to enact comprehensive regulatory reform for housing government sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and the Federal Home Loan Banks that will ensure their financial safety and soundness and allow them […]

FTC Charges Mortgage Foreclosure ‘Rescuers’ with Deceiving Homeowners

RISMEDIA, March 3, 2008-In an ongoing effort to crack down on businesses that prey upon homeowners facing foreclosure, the Federal Trade Commission has charged six businesses and three individuals with violating the Home Ownership and Equity Protection Act (HOEPA), the FTC Act, and the Truth in Lending Act (TILA) by enticing homeowners into high-cost, short-term […]

Can They Break the Deadlock? NAHB and The Financial Services Roundtable Join Forces

RISMEDIA, Jan. 18, 2008-The National Association of Home Builders (NAHB) and Housing Policy Council (HPC) of The Financial Services Roundtable joined forces today in taking a leadership role to break the deadlock in Congress over regulatory oversight reform of the housing government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
“Because we are seeing continued liquidity […]

Votes to Extend Mortgage Insurance Tax Deductibility for New Home Loans Through 2010

RISMEDIA, Dec. 21, 2007-The U.S. House of Representatives voted to help many troubled homeowners and potential home buyers looking for an affordable mortgage, making mortgage insurance premiums tax deductible for all mortgages originated for the next three years. The Senate passed this legislation last week by unanimous consent. Mortgage insurance first became tax deductible in […]

Anti-Predatory Lending Bill Jumpstarts Crystal Ball into Mortgage Mayhem

RISMEDIA, Dec. 14, 2007-Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) expressed concerns about “The Homeownership Preservation and Protection Act of 2007,” legislation introduced by U.S. Senator Christopher Dodd (D-CT), Chairman of the Senate Banking Committee.Quinn issued the following statement:
“The introduction of this bill is an important development as it will […]

Alliance Urges Bill with Higher CAFE, Tax Incentives, Appliance Standards

RISMEDIA, Dec. 7, 2007-This week, the Alliance to Save Energy urged members of the U.S. House of Representatives to adopt an energy package that will save American consumers money while also improving our environment and increasing our nation’s energy security.
H.R. 6, the Energy Independence and Security Act, emphasizes energy efficiency by raising vehicle fuel economy […]

New HUD Data Shows Program Has Helped 33,000 Prevent Foreclosures

RISMEDIA, Dec. 4, 2007-In response to the Bush Administration’s plan to help families avoid foreclosure, tens of thousands of homeowners are refinancing their exotic subprime loans with HUD’s new government-backed mortgage product. HUD Secretary Alphonso Jackson announced that more than 33,000 borrowers have already refinanced their subprime home loans with FHASecure, a government-insured foreclosure avoidance […]

HUD to Take Over Rental Housing Assistance for Residents Affected by 2005 Hurricanes

RISMEDIA, Nov. 21, 2007-Nearly 30,000 residents affected by the 2005 Gulf Coast hurricanes will continue to receive housing assistance when the U.S. Department of Housing and Urban Development (HUD) assumes control of the Federal Emergency Management Agency’s (FEMA) rental program on December 1, 2007. HUD continues to work with its local public housing agencies (PHA) […]

Regional Spotlight: New Campaign Helps Dreams Come True For Michigan Residents

RISMEDIA, Nov. 19, 2007-The Michigan State Housing Development Authority (MSHDA) and the Michigan Hispanic Caucus have announced the release of the latest in a series of tools aimed to make homeownership a reality for Michigan’s Hispanic population.
Mi Sueno, an informative video produced in Spanish with English subtitles, walks viewers through the home buying process, providing […]

Regional Spotlight: Illinois Law to Help Protect Against Foreclosures

RISMEDIA, Nov. 8, 2007-In the midst of the foreclosure crisis striking the nation, Illinois homeowners received some good news; Governor Rod Blagojevich has delivered a state law to help protect consumers from losing their homes.
The AARP-backed Homeowner Protection Act, sponsored by Senator Jacqueline Collins (Chicago) and Representative Karen Yarbrough (Broadview), will help eliminate misleading loan […]

NUL Applauds Decision to Hault HUDs Effort

RISMEDIA, Nov. 7, 2007-The following statement was issued by the National Urban League (NUL) in response to a preliminary injunction by the Unites States District Court for the District of Columbia barring the U.S. Department of Housing and Urban Development (HUD) from enforcing the “Standards for Mortgagor’s Investment in Mortgaged Property” regulation published on October […]

Genesis Foundation & Home Downpayment Gift Foundation Prevail

Judge orders a halt to HUD’s anti-homeownership rule
RISMedia, November 2 -Genesis Foundation (Genesis) and Home Downpayment Gift Foundation, Inc. (HDGF), both 501(c)3 charitable entities dedicated to helping low and moderate income families create and maintain homeownership, announced yesterday that is had prevailed in its temporary injunction in the Unites State District Court. The decision by […]

HUD Encourages California Landlords to Help Those Effected by the Fires

RISMEDIA, Nov. 5, 2007-As more families displaced by the wildfires in Southern California look for transitional housing, the U.S. Department of Housing and Urban Development is expanding its list of available rental housing and strongly encouraging multifamily property owners and landlords to include their unoccupied housing units in HUD’s National Housing Locator System (NHLS).
Working with […]

Two Million Subprime Foreclosures Expected by 2009

By Robert Schroeder, MarketWatch
RISMEDIA, Oct. 30, 2007-(MarketWatch)-Two million subprime-mortgage foreclosures are likely to occur by 2009 if home prices continue their downward spiral, a congressional report said Thursday.
The report also estimated that $71 billion in housing wealth will be destroyed and states will lose $917 million in property tax revenue because of foreclosures.
The report was […]

Antitrust Division Launches Web site on Competition Among Brokerages

RISMEDIA, Oct. 16, 2007-The Antitrust Division of the Department of Justice launched a new Web site last week to educate consumers and policymakers about the potential benefits that competition can bring to consumers of real estate brokerage services and the barriers that inhibit that competition. Among its features, the Web site includes maps identifying states […]

Mortgage Servicers Aim to Head off Foreclosures

By Robert Schroeder, MarketWatch
RISMEDIA, Oct. 12, 2007-(MarketWatch)- Banks and mortgage companies are ramping up efforts to head off a wave of foreclosures by expanding and improving counseling services to troubled borrowers, the institutions and the U.S. government announced Wednesday.
A newly formed group called Hope Now, consisting of banks and lenders such as Citigroup Inc., First […]

Bush Administration Announces $44.1 Million in Housing Counseling Grants

RISMEDIA, Oct. 8, 2007-Approximately 700,000 families will have a greater opportunity to find housing or keep the homes they have because of more than $44 million in housing counseling and counseling training grants announced by Housing and Urban Development Secretary Alphonso Jackson.
Housing counseling grants will assist families in becoming first-time homeowners and remaining homeowners after […]

Pelosi: Subprime Crisis Demands Action, Congress Will Protect Families Who Have Lost Their Homes

RISMEDIA, Oct. 5, 2007-Speaker Nancy Pelosi was joined by Senate Majority Leader Harry Reid and other House and Senate Democratic leaders at a news conference this morning in the Capitol to offer a plan to stem the rising tide of home foreclosures created by the subprime mortgage market crisis. Below are Pelosi’s opening remarks:
“Thank you, […]

Democrats Press for More Aid to Subprime-Mortgage Borrowers

By Robert Schroeder
RISMEDIA, Oct. 4, 2007-(MarketWatch)-Top Senate and House Democrats pressed for more aid to subprime-mortgage borrowers on Wednesday, saying more funding is needed to prevent foreclosures, caps on the portfolios of mortgage-buyers Fannie Mae and Freddie Mac should be lifted and other steps should be taken. “This is a national crisis,” said Senate Majority […]

Fed Rate Cut is Becoming ‘Bernanke Conundrum’

RISMEDIA, Oct. 2, 2007-(MCT)-When the Federal Reserve lowered interest rates this month, critics complained that Fed Chairman Ben Bernanke was bailing out homeowners who should never have taken out all those wacky no-down-payment, no-documentation, no-fixed-rate mortgage loans.
Have no fear, friends.
Bernanke’s rate cut has not drastically slashed mortgage rates. In fact, for the most reliable loans […]

NAR Applauds House Passage of Terrorism Insurance Bill

RISMEDIA, Sept. 24, 2007-In this month that marks the sixth anniversary of the September 11 terrorist attacks, the National Association of REALTORS® commends the U.S. House of Representatives for reauthorizing the federal government’s terrorism risk insurance program. Last week’s vote will help maintain a strong commercial real estate market and the health of the nation’s […]

HUD: What They’re Saying about President Bush’s Plan to Help Struggling Homeowners

RISMEDIA, Sept. 13, 2007-After the President announced his plan to help struggling homeowners, several news organizations took to print:The Washington Post: “The president’s proposal appropriately focuses government resources where they are likely to do the most good: on subprime borrowers who are behind on their payments but have the means to handle modified loans at […]

U.S. and China Renew Cooperation on Affordable Housing

RISMEDIA, September 3, 2007-U.S. Housing and Urban Development (HUD) Secretary Alphonso Jackson and the People’s Republic of China Construction Minister Wang Guangtao signed a Memorandum of Cooperation (MOC) that renews the two nations commitment to work together to improve and expand affordable housing opportunities.”Through cooperative actions and a sharing of experiences we will better address […]

The Nation’s Mayors Take Action on Subprime Mortgage Foreclosures

RISMEDIA, August 17, 2007—The United States Conference of Mayors, under the leadership of Conference President Trenton Mayor Douglas H. Palmer, is calling on the Federal Reserve Board to use its authority under the Home Ownership and Equity Protection Act (HOEPA) to protect homeowners from abusive practices which often result in mortgage foreclosures.
In the letter sent […]

NAMB Responds to Sen. Clinton’s Remarks about Mortgage Industry

RISMEDIA, August 9, 2007–The National Association of Mortgage Brokers (NAMB) responded yesterday to Sen. Hillary Clinton’s criticism of the mortgage brokerage industry. Sen. Clinton made the remarks during a speech she delivered on abusive mortgage lending practices yesterday in Derry, N.H.
NAMB regrets that Sen. Clinton has chosen to single out small business America in a […]

FAR Pledges $1 Million to Support Ballot Referendum

RISMEDIA, July 19, 2007—When it comes to property tax reform, the Florida Association of Realtors (FAR), the largest trade group in the state with 150,000 members, means business.
FAR has pledged up to $1 million to support passage of an amendment to reform Save Our Homes. The amendment, which goes before voters Jan. 29, 2008, would […]

Pelosi: Housing Bill a Critical Step in Addressing Nation’s Affordable Housing Crisis

RISMEDIA, July 16, 2007—Speaker Nancy Pelosi released the following statement today on H.R. 1851, the Section 8 Voucher Reform Act of 2007, sponsored by Congresswoman Maxine Waters of California.
“Housing is a fundamental human need, but as federal housing initiatives have shrunk and the cost of housing has soared in recent years, more Americans have found […]

HUD Charges Conn. Landlord with Violating the Fair Housing Act

RISMEDIA, July 9, 2007—The U.S. Department of Housing and Urban Development announced that it has charged Mahmoud Hussein, a landlord in Windsor Locks, Conn., with violating the Fair Housing Act by refusing to renew the lease of a woman whose disabled child needs a service animal.
In early June 2005, Ann Mitchell asked to have her […]

U.S Conference of Mayors Pass Resolution Supporting Down Payment Assistance Programs

RISMEDIA, June 27, 2007–The U.S. Conference of Mayors (USCM) has passed a resolution in support of privately-funded down payment assistance programs, a method of home buying which has helped hundreds of thousands of low-to moderate income families live the American dream; in addition, the USCM calls on Congress to fight a controversial plan by the […]

High Court Rules for NAHB in Clean Water Permit Case

RISMEDIA, June 27, 2007–The U.S. Supreme Court has ruled in favor of regulatory balance — and environmental stewardship — in a five to four decision regarding home builders’ consultation requirements under the Endangered Species Act.
In the case of National Association of Home Builders v. Defenders of Wildlife, the court reversed and remanded a lower court […]