What the new consumer protection bureau will do for home buyers + Other News

KEEP THIS IN MIND ABOUT THE NEW CONSUMER PROTECTION BUREAU

• Before the Bureau can begin implementing new laws to assist consumers, the president must nominate a director for the Bureau and the Senate must confirm the nominee. While this may take time, mortgage industry leaders say some of the core changes promised by the legislation either already are in effect or should be soon.

• Treasury Secretary Timothy F. Geithner has until Sept. 19 to designate a transfer date when key legal and regulator authorities shift from agencies such as the Federal Trade Commission and the Dept. of Housing and Urban Development (HUD), to the new consumer bureau. Once that takes place, the Bureau will begin implementing the new laws.

• One of the earliest and most widely anticipated changes expected to take effect impact home appraisals. By law, the agency must create new interim rules on appraisal accuracy and independence to replace the Home Valuation Code of Conduct (HVCC) rules imposed by Fannie Mae and Freddie Mac in 2009. Many in the real estate industry, as well as home buyers and sellers, report HVCC standards led to low home valuations that, in some instances, derailed home sales transactions.

• A national hotline system also will be developed that will allow aggrieved mortgage borrowers and others to issue complaints and alert the Bureau to unfair and deceptive practices.

• Rules requiring mortgage loan officers to verify mortgage applicants possess the ability to repay the loans they’re seeking also is high on the list.

To read the full story, please click here:
http://www.latimes.com/business/realestate/la-fi-0801-harney-20100801,0,821975.story

In Other News…

San Francisco Chronicle :Funds low for first-time home buyers’ tax break

The Franchise Tax Board is continuing to take applications for the state first-time home buyer tax credit more than a month after it looked as though the credit had run out.
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fc%2Fa%2F2010%2F08%2F02%2FBU891ENQVA.DTL

The New York Times: Fannie Mae offers borrowers hardship relief

Struggling borrowers may find more flexibility from lenders starting this month. Fannie Mae, which sets lending standard for most mortgages, will begin easing its policies for those facing what it calls “unique hardships.”

To read the full story, please click here:
http://www.nytimes.com/2010/08/01/realestate/01mort.html?_r=1&ref=realestate

CNN Money: Home ownership falls to lowest level in 11 years

The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey.

To read the full story, please click here:
http://money.cnn.com/2010/07/27/real_estate/home_owners/index.htm

Press Enterprise: Agents for buyers rate higher

Real estate agents rate higher with home buyers and lower with sellers this year compared with last, according to a national consumer satisfaction study released last week by a leading marketing information company.

To read the full story, please click here:

http://www.pe.com/business/realestate/stories/PE_Biz_D_realagents29.3bcaf82.html

San Francisco Chronicle: Feds put up $1 billion more for mortgage relief

Congress has just come up with an extra $1 billion to help people who can’t pay their mortgage because of unemployment or a medical problem.

To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fc%2Fa%2F2010%2F07%2F29%2FBUP21EL5T4.DTL&type=business

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About Ron Jesser Realtor

I'm All About Real Estate And I Know The Desert! After 14 years of selling, I better!   When selecting a Realtor or real estate agent, a thorough knowledge of the community, strong negotiation skills, and a commitment to excellent service are all skills you’ll want on your side of the table. Experience counts!

 With great experience as a Palm Springs Realtor and extensive knowledge as a Realtor servicing Rancho Mirage, Cathedral City, Palm Desert, La Quinta, and Indio, I help both buyers and sellers meet their real estate objectives. I will work tirelessly on your behalf by being available to you when you need me to answer questions, provide information or ensure our deal is progressing smoothly; by having a solid team ready to take care of any need or request that comes our way and by providing any resource necessary to make your transaction trouble free. Sellers—I am committed to selling your home or property in a timely fashion and at the highest possible price. If you are interested in receiving a free home valuation, I encourage you to fill out my free Home Valuation Form or check out my Dream Home Finder at www.RonJesser.com Buyers—I will work with you to find your ideal home at your ideal price. Let’s narrow down what you are looking for, so we can begin the home showing process and get you a closer look at what these communities have to offer. No matter what it takes, your next home buying or home selling experience will be an enjoyable and successful one because I will be doing the work for you. And by working tirelessly on your behalf, as a team we will make your next home buying or home selling experience an enjoyable and successful one. 
 Remember—I'm not here just to find you a home. I'm here to help you find a life you will love! Thank you for considering me as your Realtor. Please call or email me if you have any real estate questions about Greater Palm Springs. DRE# 01280106
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