REAL ESTATE TAXES
Every homesteaded property owner in Naples, Bonita Springs, Estero and elsewhere in Florida will pay less property tax this year than they would have paid if Amendment 1 had not passed in January and property values had not declined. However, owners of $420,000 and higher properties who have a lot of their property taxes shielded by Florida’s Save Our Homes amendment will probably still pay more.
COUNTRYWIDE
In an interview yesterday, Florida Attorney General Bill McCollum discussed details of the state’s lawsuit against Countrywide. “They knew very well these (homebuyers) didn’t qualify,” McCollum said. Meanwhile, Bank of America completed its acquisition of Countrywide yesterday.
MORTGAGES
The 7th U.S. Circuit Court of Appeals in Chicago is expected to rule sometime this month on a case that could force the U.S. banking industry to cancel or rescind mortgage loans if borrowers prove that their lenders violated a federal lending disclosure law.
HOUSING AID
President Bush expressed confidence yesterday that he’ll reach a deal with Congress on a housing-rescue plan, but he prodded lawmakers to show “less politics.” The Senate is considering a $300 billion plan to back cheaper loans for people who risk losing their home, but that measure has stalled for now.
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