Archive for July, 2008
Bush Signs Historic Housing and Economic Recovery Act
July 30th, 2008 Categories: Real Estate News
Shortly after 7am this morning, President Bush signed the Housing and Economic Recovery Act of 2008. Widely known as a stimulus package designed to prevent further foreclosures, the bill covers a number of other areas including:
- Higher Loan Limits - raises the GSE (government sponsored enterprise), FHA and VA single-family loan limits on a permanent basis.
- GSE Regulatory Reform - increases regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (GSEs) by creating a new regulator and regulatory requirements.
- GSE Stabilization - establishes several new powers and authorities to stabilize the GSEs in the event of financial crises.
- Affordable Housing Trust Fund - creates from assessments on the GSEs businesses a fund to help prevent foreclosures and facilitate affordable housing.
- Licensing - encourages a nation-wide licensing and registry system for loan originators by setting minimum qualifications and assigning HUD responsibility for establishing requirements for those states not enacting licensing laws.
- Active Service Members - extends stays of foreclosure and legal proceedings from 90 days to 9 months and extends the 6 percent mortgage rate cap for one year after active duty.
- Truth in Lending Act (TILA) - adds new mortgage disclosure requirements under TILA.
- Veterans Matters- provides home improvement benefits for the disabled.
- FHA Rescue Plan - authorizes a new FHA “Hope for Homeowners Program” to refinance existing borrowers into fixed rate FHA mortgage products.
- FHA Modernization - modernizes FHA programs.
- Redevelopment of Abandoned and Foreclosed Homes - authorizes $4 billion in block grant funds for states to purchase and redevelop foreclosed properties.
- Counseling - authorizes funds for the Neighborhood Reinvestment Corporation (NRC)
- Public Housing Authorities - reduces regulatory requirements for smaller PHAs
- Tax Incentives - establishes a range of tax incentives, including first-time home buyer tax credits and expands the Low-Income Housing Tax Credit.
- Real Estate Investment Trusts (REITs) - loosens certain restrictions on REITs.
- Public Debt Limit - increases the Federal debt limit to $10.615 trillion.
Thanks to our Preferred Mortgage Broker Rob Clark and the Mortgage Bankers Association for this helpful overview. The full summary of the the Housing and Economic Recovery Act is available here.
For more information or specifics on the higher loan limits, call me at 703.927.4554.
Michael
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Alexandria Offers Free Wireless Service in Large Areas of Old Town
July 30th, 2008 Categories: Alexandria, Old Town
Large outdoor areas on the King Street corridor in Old Town Alexandria, from Washington Street to the City Marina, are now optimal for free outdoor wireless use thanks to Wireless Alexandria.
The outdoor coverage is the largest of its kind in the region.
The signal is also available for some distance in all directions depending on building locations and other conditions.
Wireless Alexandria is a great draw for residents and tourists alike. Whether sitting in a sidewalk cafe or lounging in a shady nook on the waterfront, the ability to stay in touch or work while distant from a home network is just one more great reason for living in Alexandria.
As with all good things there is a warning - the network is not secured and any sensitive personal or financial information sent across the network will not be encrypted.
And if it’s raining? Head for Old Town’s Queen Street Library - or any of Alexandria’s other public libraries - for their free wireless.
Want to know more about living in Alexandria? Click here to check up to date housing lists and then call me at 703.927.4554.
Michael
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3 Things Every Alexandria Resident Needs to Know for Election Day 2008
July 29th, 2008 Categories: Alexandria
Local election officials are predicting a record turnout for the November 4th Presidential Election. No matter who you support or who you will vote for, there are 3 things every Alexandria resident should do before Election Day:
1 - Check your registration to make sure it is current. Call 703.838.4050 or go online to verify that you are registered at your current address. If you need to register or update your registration you may also download a voter registration application.
2 - Check your absentee voter eligibility. If you are going to be out of town or even think a heavy work schedule might prevent you getting to the polls before they close or open, remove the risk by filing an absentee ballot. Voters who are working and commuting 11 or more hours between 6:00am and 7:00pm on Election Day can vote absentee by mail or in person at the Voter Registration Office at 132 North Royal St. in Old Town, beginning in late September. Mail applications are available online.
3 - Serve your community, be an Alexandria Precinct Election Officer. More than 500 election officers will be required at the City’s polling places this year. Election officers, who must be registered to vote, are paid $100 for a full day at the polls (5:00am to 9:00pm) and must attend a required 3 hour training.
I’ve already signed up to be an Election Officer. Don’t you want to do your part too?
Michael
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