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us government: Fannie Mae's New Site to Help Distressed Home Borrowers - "Know Your Options" - 08/04/10 07:08 PM
Fannie Mae (U.S. Government owned mortgage company) introduced its new website to help distressed home loan borrowers who are struggling to avoid foreclosure.
Fannie has launched http://www.knowyouroptions.com and wants to provide understandable definitions of mortgage industry terms and online calculators that help distressed home loan borrowers determine whether they can qualify for a refinanced mortgage or a loan modification.
Fannie doesn't want risk of more home loan borrowers giving up on their loans and stepping aside for foreclosure.
Fannie Mae and Freddie Mac have been hit hard by defaults and foreclosures as the housing makret decline continues and needed $145 billion capital from the U.S. Government … (0 comments)
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us government: Fannie and Freddie Size and Operations Should be Reduced by Government - 07/30/10 05:50 PM
Agree with Henry Paulson (former head of U.S. Treasury Dept) and his current argument that U.S. government should reduce size and operations of Fannie and Freddie, the two giant government backed housing funds.
Investment banks bought the mortgages and packaged them into securities and resold them to investors.
Fannie and Freddie (on the other hand) kept the mortgages and eventually forced government to take over the funds before the economy collapse of 2008.
Paulson argues that some part cause of the 2008 economy crisis was government policies promoting home ownership, housing GSEs, FHA, and that home ownership was over stimulated by these programs.
The U.S. government, its Fannie, Freddie, FHA, VA … (0 comments)
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us government: Foreclosure Prevention - Is This What Government Should be Doing with Taxpayer Money? - 07/07/10 06:11 PM
I wonder whether our US government should be in the business of mortgage loan modification and foreclosure prevention.
The Home Affordable Modification Program (HAMP) started by the Obama administration has stopped or slowed down some foreclosures.
But should our government be doing this? Or should those who are unable to make their mortgage payments be allowed to go through foreclosure?
The US government put billions of US taxpayer dollars into the economy with the idea to support financial institutions, which has resulted in some improving financial stability.
However, there are many and perhaps 2.3 million different properties in the pipeline for possible loan default … (2 comments)
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us government: US House Today Approved Homebuyer Tax Credit Extension and Expansion - 11/05/09 04:32 PM
U.S. House of Representatives today voted by overwhelming positive vote of 403-12 to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
This bill with bipartisan support already passed in the U.S. Senate so now will advance from Congress to the White House for President Obama's signature.
The Administration already has signaled its support of the Homebuyer Tax Credit amendment and the President's intention to sign the bill into law.
So extension and expansion of the US Homebuyer Tax Credit will soon be a reality.
Voices by REALTORS and National Association of Realtors … (2 comments)
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us government: How to Get and Use the First Time Homebuyer Income Tax Credit Money - 07/28/09 12:03 PM
How Does the Buyer Use and Take Advantage of the First Time Homebuyer U.S. Income Tax Credit? See and download form 5405 from IRS website ~ Form 5405 "First Time Homebuyer Credit" (click here). The credit is for up to $8,000 or 10% of the purchase price of the new home with an $8,000 maximum. For a 2009 purchase the buyer has the option of claiming the credit on their 2008 return or their 2009 return. This is a fully refundable credit, so there isn't a reason to wait. This IRS form 5405 (click here) is to be filed with form 1040X Amended 2008 US Individual Tax … (3 comments)
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us government: Lake Forest, CA ~ Fannie Mae REO Homes Offer Special Financing For Buyers - 04/24/09 01:42 AM
Fannie Mae is smarter now ... offering special financing on its REO BANK OWNED HOMES at Lake Forest, California.
22713 MALAGA WAY 3 - 2 bedroom, 2 bath - $199,900
24255 LARKWOOD LN - 2 bedroom, 1 bath - $312,000
25583 MONT POINTE - 2 bedroom, 2 bath - $213,500
23216 ORANGE AVE - 1 bedroom, 1 bath - $104,000
289 CHAUMONT CIR - 2 bedroom, 2 bath - $245,900
These are bank owned REO homes after foreclosure, which sold for much higher prices between 2004 to 2007.
Look for the Fannie Mae special financing opportunities on its REO homes at HomePath.com.
Fannie Mae guidelines on … (0 comments)
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us government: The INVESTMENT VISA ~ US Immigration Through Investment In Commercial Enterprise - 04/23/09 07:37 PM
US IMMIGRATION THROUGH INVESTMENT ... Under section 203(b)(5) of the Immigration and Nationality Act (INA), 8 U.S.C. §1153(b)(5).
10,000 immigrant visas per year are available to qualified individuals seeking permanent resident status on the basis of their engagement in a new commercial enterprise.
We learned about the INVESTMENT VISA program some time ago from immigration lawyers who talked about foreign nationals getting legal residency to the US in this way.
Some foreign nationals have held back from buying real estate in the US, because getting permanent residency status is so challenging. However, for people with MONEY, there is an option, the Regional Center EB-5 Program, known as … (0 comments)
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us government: President Obama Is Right ~ Don't Pay Advance Fees for Private Home Loan Modifications - 04/13/09 11:16 AM
AVOID THE PRIVATE SERVICE SCAMS AND DON'T PAY UP FRONT FEES FOR HOME LOAN MODIFICATIONS.
You should try and use free serviceers, non-profit agencies and those of the Federal Government for your home loan modifications.
President Barack Obama said on April 9, 2009, during a news conference ... that people shouldn't pay fees in advance for private home loan modifications services ... and that if somebody asks for advance payment of fees, it's probably a scam.
See the MSNBC video where Obama Urged Folks to Decline Mortgage Mod Scams ~ http://tinyurl.com/chj5jha.
WE AGREE.
_____________________________________________________
Homeowners … (0 comments)
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us government: Government's Economy Stimulus Policy 2009 Should Include Creation and Protection of Jobs for Legal Residents - 03/12/09 06:04 PM
At least part of our GOVERNMENT's POLICY should be to PROTECT LEGAL RESIDENTS of the US and help them get jobs that are and will be offered as a result of the US Economy Stimulus Spending Plan 2009.
USA Today reported on March 8, 2009, that "Illegal Immigrant Might Get Stimulus Jobs, Experts Say".
That would be troubling. Government should protect legal residents of this country who want and need these jobs. Why? Because it's the right thing to do and will help our economy and the real estate industry too.
Good jobs will be created by the US govt. economic stimulus … (2 comments)
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us government: President's Housing Plan 2009 Provides Limited Government Help For Existing Home Loans - 03/10/09 02:45 PM
The Obama administration on March 4, 2009, introduced its housing plan ... saying they intend to try and help up to 9 million struggling homeowners avoid foreclosure.
That's a dreamy goal. I'd like to see that match with reality but don't have high expectations.
The US Obama Housing Plan 2009 can HELP WITH refinanced mortgages or MODIFIED LOANS ONLY IF ...
First ~ You are borrowers who owe only up to 5 percent more than home's current value.
Second ~ Borrowers must provide their most recent income tax return, two pay stubs, and an "affidavit of financial hardship" to qualify, citing reasons behind their financial woes, such as job … (6 comments)
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us government: Any Help For Real Estate? ~ US Govt Official Estimate of Effects of Spending Plan 2009 - 03/04/09 03:33 PM
The US Government doesn't expect much help for homebuyers and homeowners from the recently passed SPENDING PLAN 2009.
Check out the ...
US Congressional Budget Office publication, year by year estimate of economic effects of the SPEND PLAN, the American Recovery and Economic Investment Act of 2009 .... (ARRA, public law 111-5, which was enacted February 17, 2009).
If you are smarter than I am and can see from the March 2, 2009, US government letter and publication ... that there will be some significant help for real estate, please let me know. Thanks.
Also see the Widipedia.org explanation of the actual American … (0 comments)
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us government: Protecting Home Values ~ US Budget Proposal Should Retain Current Level Of Mortgage Interest Deduction - 02/27/09 12:00 PM
The President Obama US budget proposal released on Feb. 26, 2009, has plans that would potentially result in more declines of home and real estate values and hurt our ecoonomy.
This provision of the plan would increase revenue for the US Govt and increase income taxes for the rich, which seems to be a popular mantra these days.
BUT HOW COULD THIS PART OF THE US BUDGET PLAN 2009 BE GOOD FOR REAL ESTATE AND OUR ECONOMY? IT WON'T.
We agree with the National Association of Realtors and are opposed to the provision, which would modify the Mortgage Interest Deduction.
The current draft of budget plan changes the Mortgage Interest Deduction by reducing … (0 comments)
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us government: For Homebuyers & Homeowners ~ Income Tax Help in Recent Government Spending Bills - 02/24/09 01:54 PM
LOOKING FOR INCOME TAX HELP FROM THE GOVERNMENT?
If you are a first time homebuyer during 2009 ... or if you are a homeowner ... you will find some possible government help with income taxes in the recently enacted GOVERNMENT SPENDING BILLS 2009.
FOR HOMEBUYERS ~
If you are thinking about buying a home ...
The new U.S. income tax credit of up to 10 percent of the value of the home (depending upon sale price) ... benefit up to $8,000 ... for home purchased during 2009.
This is encouragement for you to buy a home.
If you buy and live in that house for … (2 comments)
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us government: Celebrating U.S. Presidents' Day ~ History of Our American Democracy - 02/16/09 08:34 PM
We today Celebrate U.S. Presidents' Day - National Holiday and Celebration of American Democracy ~ February 16, 2009
Check out this fun HISTORY OF US PRESIDENTS in SONG.
1. George Washington - 1st U.S. President. (property and land surveyor, hero of the Revolutionary War, General who lead and inspired the revolution troops, created standards for US Presidency and then relinquished authority, considered by many to be the greatest President after Lincoln)
2. John Adams - 2nd U.S. President (from Massachusetts, lawyer, had strong thoughts & feelings about morality of slavery, lost to Jefferson after serving just one term)
3. Thomas Jefferson - 3rd U.S. President … (4 comments)
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us government: Lawrence Yun, NAR Chief Economist ~ Spoke Today at Orange County Association of Realtors - 02/10/09 02:29 AM
I attended the Orange County Association of Realtors speaker series meeting today in Laguna Hills.
Lawrence Yun, National Association of Realtors chief economist, was our speaker and presented his thoughts on the real estate industry and the state of our US economy ... and not surprisingly made the following observations:
Our US Economy is in bad shape with high unemployment. Real Estate is the central aspect of our US economy. The financial markets irresponsibility lead to bad lending and then loan market collapse during 2008. The housing market prices spiked up too much in 2006 and needed to come down. Too many people bought homes based upon "emotional" wants and … (38 comments)
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us government: Contact U.S. Senators With Your Thoughts About Proposed US Economy Stimulus Plan 2009 - 02/05/09 12:29 PM
Most everyone agrees that we need some kind of US Government and Economy Stimulus Plan for 2009.
What do you think about the current proposed US Economy Stimulation Plan 2009 ... for spending about $900 billion dollars ... which is now being considered at the Senate?
Here is your US Senator contact information:
Begich, Mark - (D - AK) Class II825C HART SENATE OFFICE BUILDING WASHINGTON DC 20510 (202) 224-3004E-mail: senator@begich.senate.gov
Murkowski, Lisa - (R - AK) Class III709 HART SENATE OFFICE BUILDING WASHINGTON DC 20510(202) 224-6665Web Form: murkowski.senate.gov/public/index.cfm?FuseAction=ContactM...
Sessions, Jeff - (R - AL) Class II335 RUSSELL SENATE OFFICE BUILDING WASHINGTON … (13 comments)
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us government: Will Obama and the US Government Take Fannie Mae and Freddie Mac Private and Sell the Parts? - 01/18/09 05:26 PM
I'd like to see US government get out of the ownership and management control of Fannie Mae and Freddie Mac.
Some say that we should take these agencies private, cut them up and sell the parts off.
[See the January 9, 2009, commentary published in the Orange County Register by Deroy Murdock, syndicated columnist].
What would be the objective of breaking up and selling off these agencies? And will dissecting these large government agencies and selling the parts accomplish the goal?
It looks like selling off of parts of Fannie and Freddie would generate revenue to erase some of the debt in the next US government budget. … (2 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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