Naples Real Estate News 07/17/08
FANNIE AND FREDDIE
Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in “no danger of failing.” However, he says that “weakness of market confidence” is hurting the companies.
STATE FARM
State Farm, Florida’s largest private property insurer, asked the state for an average rate increase of 47.1 percent on homeowner policies, saying it needs the money to pay claims if major storms strike. The planned increase tests lawmakers’ efforts to curb property insurance prices that doubled or tripled in some cases after hurricanes hit in 2004 and 2005.
AMENDMENT 5
If Florida voters pass Amendment 5 in November, property taxes will drop by 25 to 40 percent, but the amendment must first face a court challenge. A Tallahassee judge will hear arguments on August 13.
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