REALTORS® Warn Consumers of Rising Loan Fraud Scams
C.A.R. Loan Fraud PSA
SOURCE: LeFrancis Arnold, 2012 President – www.LeFrancisArnold.com www.LeFrancis2012.com
California Association of REALTORS®http://videos.car.org/bcpid=987216733001&bckey=AQ~~%2cAAAAzBtBmCE~%2cgKfMMlGoPZI5kU4oXdOB9V1GODmgg1BX&bclid=969642122001&bctid=1550636009001
ASAE Open Letter to Congress re Restrictions on Government Employees Attending Meetings and Conferences
NAR has signed on to a letter being circulated by the ASAE and asks you to consider signing on as well. Over 800 other groups have already signed on including some state and local REALTOR® associations. The letter urges Congress to consider revisions to amendments passed by the House and Senate in two separate bills April 25 that place severe restrictions on government employees attending meetings and conferences. These amendments were included in bills passed by the House and Senate in the last two weeks of April.
The ASAE letter indicates support for the intent of creating greater transparency and accountability in government spending. However, while designed to limit spending on government-sponsored conferences and travel expenses for federal employees, the actual language would have a chilling effect on government employees’ participation in non-governmental meetings and conferences such as those that REALTOR® organizations hold at the federal, state and local levels. A reasonable reading of one section of the amendment is that, for example, if employees from FHA attend a meeting sponsored NAR, no other FHA employee can attend any other NAR event until the next fiscal year. Obviously, the dialogue that takes place between federal agency staff at various NAR sponsored events essential to the development of informed policymaking that facilitates real estate markets.
The ASAE email below includes links to the text of the letter and instructions for how to sign on to the letter electronically. The email also provides more details on the amendments and the issues involved. The deadline for signing on to the letter is May 4.
From: Jim Clarke, ASAE Public Policy
Sent: Wednesday, May 02, 2012 10:40 AM
To: Marcia Salkin
Subject: Update on Government Travel Restrictions
ASAE
Thanks to those of you who have already signed on to ASAE’s open letter to Congress this week. The letter urges Congress to revise legislative language attached to separate bills in both chambers last week that severely restricts government employees from attending meetings and conferences held by associations, nonprofits and other private sector organizations. (Read the amendment language here)
The response from our community has been outstanding. More than 800 organizations have signed on to ASAE’s letter to date. ASAE is collecting signatures through this Friday, May 4 before delivering the letter to Congress. If you have not done so already, please take action and add your voice to the hundreds of associations, nonprofits and for-profit corporations who want to preserve the valuable interchange between government and the private sector at meetings and conferences. If not revised, the provisions passed separately by the House and Senate last week could greatly impact attendance at many meetings and conferences and further erode the important dialogue between federal agencies and the private sector.
You can help ASAE’s efforts on this issue in three ways:
— Take a look at ASAE’s open letter with signatures received as of 8AM this morning. If you have already signed on in support, review your organization’s name and send any changes to Robert Hay at rhay@asaenet.org. If you have not already signed, use the web form or complete this document to add your voice to this effort.
— Share this email with your colleagues, members, business partners or other contacts. These provisions would impact all organizations that hold meetings and conferences and invite government employees, either as speakers or just attendees. There are no types of conferences exempted from these proposed restrictions.
— During this week’s recess, contact your members of Congress in the district and share with them your concern on this issue. Here is a one-pager that outlines the concerns with these provisions.
Thank you again for your strong support on this issue. If you have any questions about these provisions or ASAE’s related advocacy efforts, please contact us at 202-626-2703 or publicpolicy@asaenet.org.
SIGN ON VIA WEB SIGN-ON FORM OR BY COMPLETING THIS DOCUMENT
SOURCE: Jim Clarke, Public Policy American Society of Association Executives
1575 I St. N.W., Washington, DC 20005-1103
Phone: (202) 626-2703; Fax: (202) 371-1673; Email: phpgrassroots@asaenet.org
Tax-Increase Measures to Become Propositions on the Fall Ballot
While nearly a dozen tax-increase measures have been approved by the Office of the Secretary of State for signature gathering, four measures stand out as most likely to become propositions on the fall ballot because of the big money behind them.
Sacramento is promoting an initiative that would raise between $4.8 billion and $6.9 billion. While it would increase sales taxes and income taxes on upper-income filers, independent analysis shows that most of the money will come from the sales tax increase, which would have the greatest impact on middle- and lower-income families. Among those funding Brown’s measure are the California Hospitals Committee, the American Beverage Association, Occidental Petroleum, and Native American gambling interests, all of whom could benefit from the governor’s favor.
Wealthy Southern California lawyer Molly Munger has pledged $2 million to her own tax measure that would raise between $10 billion and $11 billion by raising income taxes on all Californians.
We’ll have more info in a future blog.
Malibu Association of REALTORS®
FOR IMMEDIATE RELEASE
Malibu Association of REALTORS® Legislative Committee Chair William Bowling attended a private primary campaign event for Assemblywoman Betsy Butler who is running for the 50th district (West Hollywood to Malibu). Members of the Beverly Hills Greater Los Angeles Board of REALTORS® also attended the event hosted by REALTOR® Jeanne Dorbin at her west side home. Butler was instrumental in a bill that bans biphenyls in baby bottles and promises to continue fighting for environmental rights in her district. Bowling plans to meet with Butler again to discuss other issues and concerns of Malibu and Topanga residents. Leadership from the Malibu Association of REALTORS® including President Bobby Lehmkuhl, will join thousands of California REALTORS® headed to Sacramento for their annual meetings with state legislators this week.
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SOURCE: Susan Manners, Association Executive
Malibu Association of REALTORS® – 23805 Stuart Ranch Road, Suite 140, Malibu CA 90265
Phone: 310.456.5566 – Fax: 310.456.1809 Email: info@MalibuRealtors.org
Join CAR for Legislative Day on May 2, 2012 in Sacramento, CA
Join CAR for Legislative Day on May 2, 2012 during the May 2-5 business meetings in Sacramento, CA.
SOURCE: LeFrancis Arnold, 2012 President – www.LeFrancisArnold.com www.LeFrancis2012.com
California Association of REALTORS® for Legislative Day, May 2, 2012, Sacramento, CA.
http://videos.car.org/?bcpid=987216733001&bckey=AQ~~%2cAAAAzBtBmCE~%2cgKfMMlGoPZI5kU4oXdOB9V1GODmgg1BX&bclid=969642122001&bctid=1550636009001
REALTORS® Praise FHFA for Issuing Short Sale Approval Guidance
WASHINGTON (April 18, 2012) –
The National Association of REALTORS® applauds the Federal Housing Finance Agency (FHFA) for issuing new guidance requiring servicers of Fannie Mae and Freddie Mac loans to speed responses to short sale requests.
The guidelines would require servicers to acknowledge receipt of short sale purchase offers within three business days; respond to short sale requests within 30 days (with a possible 30-day extension); and make a final decision within 60 days of receiving purchase offers.
“As the leading advocate for housing and homeownership, NAR knows that delays in approving short sale requests remain a significant challenge for REALTORS® and consumers and often result in canceled contracts and the property going into foreclosure,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “REALTORS® greatly appreciate FHFA’s efforts in establishing a timeframe for responding to sellers and potential buyer offers to help streamline the short sales process.”
NAR has long urged the lending industry to improve the process for approving short sales. When a family is absolutely unable to stay in their home, a short sale minimizes the negative impact on sellers and communities, and NAR believes that streamlining the approval process will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close, and reduce the number of foreclosures. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery.
Veissi praised FHFA Acting Director Edward DeMarco for responding to the concerns of consumers and REALTORS® regarding the ongoing delays in the approval process and the negative impact that slow response times are having on buyers, sellers, lenders, and the housing market.
NAR also thanked Sens. Lisa Murkowski (R-Alaska), Scott Brown (R-Mass.) and Sherrod Brown (D-Ohio) for introducing S. 2120, and Reps. Tom Rooney (R-Fla.) and Rob Andrews (D-N.J.) for introducing H.R. 1498, proposed legislation to reduce delays in approving short sale transactions.
“Their leadership on this issue helped raise the attention needed to make the short sales process more efficient. While these new guidelines will hopefully help close short sale transactions at higher rates, we believe legislation is still needed to impose mandatory deadlines on all loan servicers,” said Veissi.
Implementation of the new guidelines should begin after June 15, 2012. For more information, visit www.realtor.org/topics/short-sales.
The National Association of RealtorsÒ, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.=
SOURCE: Chris Gosselin, Regional Political Representative AK, CA, CT, GU, HI, MA, ME, NH, NV, RI & VT
National Association of Realtors® – CGosselin@realtors.org
Chris Gosselin’s Brief Update from DC to State and Local GAD’s
Hello from Washington. While Congress has been notably quiet about big picture items that we are continuing to monitor such as tax policy and the future of the secondary mortgage market, there are some things moving here in DC that I wanted to update you about.
First is the taxation of forgiven debt – there is now legislation in the House that would extend the provision for two years and another provision that would extend it for one year. Obviously two years is better than one, but we are not taking a position on which one goes forward. More information about the issue can be found on our website: Will I Pay Tax on Short Sales, Foreclosures, or Loan Modifications?
There have been several questions about the Bank of America announcement about their deed-for-lease pilot program and our position. I’ve attached a summary from B of A that outlines their proposal.
You may have gotten questions about the AG Mortgage Settlement and its impact on the real estate market. We are still going through the full settlement but we have put together a brief document that outlines the top things we are watching: National Mortgage Settlement and Realtors – Five Quick Takeaways.
We also just sent regulators a letter updating our position on the REO bulk sales initiative now that we have some more guidance on the direction of the program. It’s four pages and should answer most questions about what NAR is doing on this issue – attached to this email as well. It also references the Bank of America proposal above.
Rally update: If you are getting any questions about the Realtor Rally at the midyear meetings, our website www.realtorrally.org is up and running and has answers to most questions that you or your members may have. If there is additional information needed, there is a web form on the site that is monitored by our staff in DC planning the rally. Of course, feel free to get in touch with me if I can answer any questions as well.
SOURCE: Chris Gosselin, Regional Political Representative AK, CA, CT, GU, HI, MA, ME, NH, NV, RI & VT
National Association of REALTORS® — CGosselin@realtors.org
Message from LACBOR President, Jennifer Avellan
Someone once said…
“I believe that every right implies a responsibility; every opportunity, an obligation; every possession, a duty”
As we celebrate LACBOR and the individuals who will continue to lead LACBOR in its efforts to protect property rights, let us focus on the notion that property rights are simply an extension of personal rights…that the idea of owning a home is fundamental to our pursuit of happiness and inseparable from our concept of liberty.
Our rights as property owners demand we be responsible for the enormous impact real estate can have on our communities. An empty lot or run-down property can quickly become a community park or prize of the neighborhood with the right vision and commitment towards improvement. LACBOR is dedicated towards that sense of duty, and arming real estate agents with the support, guidance, and direction necessary to help realize this vision.
Though we may, at times, feel ourselves worn-down by the predictions of pundits or the grid-lock in our capital, we can never forget that many times the most effective solutions are the ones developed and implemented on the local level. I know that many of the challenges which face our industry can be overcome by some of the practical, no-nonsense approaches possessed by many of you here today.
If there is going to be another real estate boom, then I can think of no other place better than Los Angeles to have it begin. Like many of you are aware, Los Angeles County holds one of the most resilient real estate markets in the country. Working together…sharing information, ideas, and support, there is no goal too high or expectation too far from reach. LACBOR is based on the idea that when real estate agents, brokers, owners, buyers and political leaders work together…good things happen.
The concerns of those involved in LACBOR and the real estate industry are the very concerns of many facing our nation today. Keeping the values of homes strong is what keeps a community strong. House by house, block by block we enable our city and county to live up to its true potential. Every time a new family finds their first home, or a home owner finds an able buyer to help them move on to other goals and aspirations, we strengthen the American dream and our sense of community.
Together I know we can lead Los Angeles to a bright and prosperous future while improving the standard of living and the rights of property owners throughout the county.
SOURCE: Jennifer Avellan, LACBOR President (taken from 2012 Installation Speech)
www.jencanhelp.com/home.asp
C.A.R. applauds California Congressional members urging FHFA to refrain from implementing bulk REO sales in California
For release:
April 9, 2012
LOS ANGELES (April 9) – California Congressman Gary Miller (R-Brea), along with 18 other members of California’s congressional delegation, issued a letter last week to Edward J. DeMarco, acting director of the Federal Housing Finance Agency (FHFA), urging DeMarco to refrain from implementing the agency’s “REO Initiative” pilot program in California because it would negatively impact California’s housing market and raise costs for taxpayers.
The REO Initiative pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
“We commend the California congressional delegation’s letter to Mr. DeMarco,” said C.A.R. President LeFrancis Arnold. “They clearly understand that this program may be a viable solution in states where there is a large inventory of unsold foreclosures. However, carrying out this plan in California would potentially further delay a housing recovery and, ultimately, result in greater losses for the taxpayer,” said Arnold.
The letter states, “We are concerned that including California counties in this initiative is in direct conflict with your duty as conservator to preserve and conserve the Company’s assets… In California, there is no question that disposing properties through bulk sales will yield a lower return for the GSEs and taxpayers than through traditional disposition methods. This means that such a program will increase losses to the taxpayer and GSEs,” the letter concludes.
The 19 California Congressional members who backed the letter include Gary Miller, Jerry Lewis, Ken Calvert, Jeff Denham, Elton Gallegly, Dana Rohrabacher, Buck McKeon, Duncan Hunter, Brian Bilbray, Mary Bono Mack, Susan Davis, Brad Sherman, Joe Baca, Grace Napolitano, Judy Chu, Jim Costa, Adam Schiff, Barbara Lee, and Howard Berman.
Leading the way…(r) in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org
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SOURCE: http://www.car.org/newsstand/newsreleases/2012releases/fhfaletter
Housing Crisis to End in 2012 as Banks Loosen Credit Standards
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.” In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November, 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generate actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
SOURCE: DSNnews.com, Krista Franks Brock
