Naples FL Real Estate News - 09/12/07
Will the FHA increase their insurable loans higher? What is good a housing income ratio? After what we have endured with mortgage loans is there some television or radio ads that are still misleading? More layoffs anticipated at Countrywide? Is a bailout for the mortgage industry in the winds?
FHA LOANS - U.S. House Financial Services Committee Chairman Barney Frank said Tuesday that he will introduce an amendment to a broad reform bill, expected to pass the House, that would allow the Federal Housing Administration to offer loans up to $500,000. In addition, the Housing and Urban Development chairman could increase that maximum loan amount if market conditions warrant it.
HOUSING AFFORDABILITY - Thirty-seven percent of U.S. homeowners with mortgages spend 30 percent or more of their before-tax income on housing – the threshold where the government says a home becomes unaffordable – according to new 2006 Census data. And, in just the one year from 2005 to 2006, 1.5 million additional homeowners with mortgages joined those ranks.
MORTGAGES - The ads are everywhere – “Borrow $200,000 for only $938/month.” But many are “potentially deceptive,” according to the Federal Trade Commission, which warned more than 200 companies that they could be violating federal law.
COUNTRYWIDE FINANCIAL CORP. - Countrywide Financial Corp. is putting together another multi-billion dollar bailout plan as the nation’s largest home lender continues to struggle amid the global credit crunch and declines in the housing market. Personally, I know a few home loan consultants with Countrywide who have left for employment in another industry.
FEDERAL REGULATIONS - Even as more Florida cities and town struggle to find the money to help homeowners caught in the housing downturn, some people are questioning the government’s role in repairing the mortgage mess, saying a bailout sets a bad precedent. Does this sound like the Chrysler bail out? What I find ironic about this situation, is the people that have kept up their payments through their own hardships did not get any assistance, now they might be assisting others. Worst yet, those receiving assistance may have committed mortgage fraud to get the loans.
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