hr 6694: Part 2 - Down Payment Assistance Rescue H.R. 6694
- 09/15/08 04:08 AM
With the melt down of Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the US, the buy out of Merrill Lynch by Bank of America, Insurance Giant AIG looking for $40 Billion in "shore up money", and over 117 banks on the FDIC Watch List (source www.cnbc.com), the negative impact to the real estate industry, particularly the conventional lending arena, could be legendary... perhaps more dynamic and life changing than the events of the Great Depression. These turns of events simply reinforce the need to do all we can to convince congress to pass H.R. 6694 before they adjourn for the year on … (4 comments)
hr 6694: Down Payment Assistance Rescue H.R. 6694
- 09/10/08 06:25 AM
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30th, 2008. The bill was strongly supported by the NATIONAL ASSOCIATION OF REALTORS® (NAR). What many don't know is that NAR did not oppose SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT, a component of this bill that ripped away Down Payment Assistance Programs and increased the minimum down payment requirement of FHA buyers. I have searched everywhere to try and find an answer to why NAR would not take a stand … (12 comments)
My BLOG is published to help contribute mine and my wife, Lori Klindera, knowledge and experience of the industry, unusual transactions, and other industry related articles. We are REALTORS for over two decades, practicing first in Florida and now for the past decade plus, in The Valley of The Sun, Phoenix Arizona.
With the melt down of Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the US, the buy out of Merrill Lynch by Bank of America, Insurance Giant AIG looking for $40 Billion in "shore up money", and over 117 banks on the FDIC Watch List (source www.cnbc.com), the negative impact to the real estate industry, particularly the conventional lending arena, could be legendary... perhaps more dynamic and life changing than the events of the Great Depression. These turns of events simply reinforce the need to do all we can to convince congress to pass H.R. 6694 before they adjourn for the year on … (4 comments)
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