Volume 6, Issue 5: February 15, 2013
Delaware Housing Workshops: The Delaware Attorney General's Office will be holding 3 housing workshops in March for anyone who wants to learn more about the programs available for consumers who need mortgage or foreclosure help:
Tuesday, March 19th
3:00pm - 7:00pm
Chase Center on the Riverfront
815 Justison ST, Wilmington
Wednesday, March 20th
10:00am - 1:00pm
Outlook at the Duncan Center
500 West Lockerman ST, Dover
Wednesday, March 20th
4:00pm - 7:00pm
Milford Senior Center
111 Parke Avenue, Milford
You can learn more about the Workshops HERE.
Housing in the State of the Union Address: Housing was a topic in President Obama's State of the Union Address this week:
"Tonight, thanks to the grit and determination of the American people, there is much progress to report. After a decade of grinding war, our brave men and women in uniform are coming home. After years of grueling recession, our businesses have created over six million new jobs. We buy more American cars than we have in five years, and less foreign oil than we have in twenty. Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before."
"Part of our rebuilding effort must also involve our housing sector. Today, our housing market is finally healing from the collapse of 2007. Home prices are rising at the fastest pace in six years, home purchases are up nearly 50 percent, and construction is expanding again.
But even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected. Too many families who have never missed a payment and want to refinance are being told no. That’s holding our entire economy back, and we need to fix it. Right now, there’s a bill in this Congress that would give every responsible homeowner in America the chance to save $3,000 a year by refinancing at today’s rates. Democrats and Republicans have supported it before. What are we waiting for? Take a vote, and send me that bill. Right now, overlapping regulations keep responsible young families from buying their first home. What’s holding us back? Let’s streamline the process, and help our economy grow."
You can read the entire text of the speech HERE, and you can read the REALTOR® Magazine coverage of the speech HERE.
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Federal News In Case You Missed It:
Campaign Looks at REALTOR® Party Mission: NAR President-elect Steve Brown talks about the REALTOR® Party mission in the second installment of NAR's six-week information campaign on the REALTOR® Party. Access Brown’s video message along with an infographic on the REALTOR® Party mission that you can share with your members at the REALTOR® Action Center. You can also access more information about the REALTOR® Party and the information campaign.
CFPB Finalizes Loan Originator Rules: Rules on loan originator compensation published by the Consumer Financial Protection Bureau tracks Wall Street reform legislation closely but in a nod to NAR concerns over seller financing, the rules provide a more flexible exemption for individuals that sell only one property in a 12-month period. They also don't require sellers to get proof of documentation of a borrower’s ability to repay. The rules take effect January 10, 2014. For more info contact Charles Dawson, 202/383-7522.
Proceed Cautiously on FHA Reforms, NAR says: NAR is urging lawmakers to use restraint in any FHA changes because of the important role the agency plays in the home ownership market as they consider action to shore up the agency’s reserves, which have recently come under pressure. for more info contact Megan Booth, 202/383-1222.
Refi Legislation Will Help Market, NAR Says: NAR is supporting legislation to make it easier for borrowers to refinance their mortgage and take advantage of low interest rates. "The Responsible Homeowner Refinancing Act of 2013" would also prohibit the GSEs from charging upfront fees to refinance loans they already guarantee. It also requires Fannie Mae and Freddie Mac to develop additional streamlined alternatives to manual appraisals, eliminating a significant barrier and reducing cost and time for borrowers and lenders, among other things. For more info contact Tony Hutchinson, 202/383-1120.