The CALIFORNIA ASSOCIATION OF REALTORS® has donated $250,000 to the Association’s Disaster Relief Fund to help support the victims of the recent Southern California wildfires. As of November 2nd, C.A.R. received a total of $521,799 in donations to the fund from various REALTOR® associations and individuals, including $500,000 from the NATIONAL ASSOCIATION OF REALTORS®, and $25,000 from the Florida Association of REALTORS®.
The U.S. Department of Housing and Urban Development (HUD) and the Advisory Council on Historic Preservation (ACHP) have released a working roadmap of policies supporting the use of historic preservation as a tool for creating more affordable housing. HUD and ACHP, at a symposium held recently, backed by a panel of national experts on affordable housing and historic preservation, unveiled a working set of policies the agencies say carry the potential to help pave the way for more affordable housing in urban neighborhoods.
The Federal Reserve in a recent survey shows that 41 percent of banks say they have tightened their lending practices, compared with 15 percent when last surveyed in July. The Federal Reserve survey, which was conducted in early October, found that 41 percent of banks responding said they had tightened loan standards either “considerably” or “somewhat” for prime residential mortgages, or loans offered to borrowers with solid credit histories. In addition, 60 percent of the banks that offered nontraditional mortgages say that they have tightened up lending standards, up from 40 percent in July.
Legislation addressing the subprime mortgage crisis now carries a crucial amendment from Representative Brad Sherman aimed at protecting REALTORS® from certain guidelines proposed in H.R. 3915. This measure, sponsored by House Financial Services Chairman Barney Frank, calls for the establishment of minimum standards for home loans nationwide, and holds mortgage lenders more accountable for ensuring borrowers’ ability to afford a loan. Among other things, the bill would require lenders to document all borrowers’ ability to repay loans at offer and, if adjustable, once rates rise to market levels. Under the original terms of the bill, all REALTORS® would have been subject to these new standards, regardless of their role in the loan brokerage process. Sherman’s amendment changes the definition of “loan originators” to exclude real estate brokers.
November has been designated by the NATIONAL ASSOCIATION OF REALTORS® as REALTOR® designation awareness month. Members are encouraged to stay current in such a fast-paced industry. NAR and its nine Institutes, Societies and Councils offer twenty-one advanced education designation and certification programs which are tailored to virtually every real estate specialty and are the means necessary to take an agent to the next level. Continuing education is an important part of achieving a successful career as a REALTOR®.
Proposition 93, which is on the February 5, 2008 Presidential Primary ballot, will, if passed by the voters, allow the 10 California State Senators that are termed out in 2008 to serve an additional 4-year term (extending their term limit to 2012) and the 23 State Assembly Members that are termed out in 2008 to serve three additional 2-year terms (extending their term limit to 2014).
Mortgage Lenders and Brokers Regulated: Starting January 1, 2008, anyone who makes eight or more loans to the public in a calendar year using that person’s own funds must be licensed as a real estate broker. This law applies to loans secured by one-to-four residential units, including condominiums, whether such loans are held or resold. Excluded from the law, however, are loans negotiated through a real estate broker who meets the criteria of Article 7 of the real estate law (California Business & Professional Code section 10232). This legislative bill also requires the Department of Real Estate (DRE) and other agencies to take steps to ensure that licensed mortgage lenders and brokers are aware of certain guidelines on subprime and other nontraditional mortgage product risks. (Source: Senate Bill 385)
Anti-Discrimination of Tenants’ Immigration Status: Beginning January 1, 2008, a landlord or landlord’s agent cannot inquire into the immigration or citizenship status of an existing or prospective tenant or occupant. A landlord may, however, request information or documentation necessary to determine or verify the financial qualifications of a prospective tenant, or to identify a prospective tenant or occupant. This law also prohibits any city or county from requiring a landlord or landlord’s agent of residential rental property to inquire into, or take any action based upon, the immigration or citizenship status of an existing or prospective tenant or occupant. (Source: Assembly Bill 976)
|