Blogging About Loans: October 2009

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

The Realtor that cried "Wolf, Wolf"??

How many times have we heard or read over the past couple of weeks the GREAT NEWS about the 1st Time Homebuyer Credit being extended? A dozen, or more, maybe?? Yet, is it? NOPE!

We need to be very, very cautious about spreading "good news" that is premature, and becoming known as the Realtor that is crying "Wolf, Wolf" one too many times!

Do I personally think the tax credit will be extended? Probably. But has it been? NO. So why all the confusion? There is a great post by Tiffany of California that I read last night on Active Rain that gives clarification of the process: Proceed with Caution.

But today a letter came out from the President of the National Association of REALTORS that helps put the irregularity of what is going on into perspective: 

FROM: Charles McMillan, NAR President

Jerry Giovaniello, NAR Senior Vice President Government Affairs

DATE: 30 October 2009

RE: Tax Credit Extension and Expansion

Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote, Monday evening, for a 'Motion to Invoke Cloture' if 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action.

Please urge your REALTORS® to respond to our Call for Action

Additionally, we ask that you, NAR's leaders, call your United States Senators and ask them: 'To vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.' This will keep the legislative process moving.

NAR will continue to provide updates on the tax credit as events warrant.

There was an additional development in the Senate yesterday:

The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.

SO, if it's at all important to you to turn this hope to extend the homebuyers tax credit into a reality, call your Senators and ask them to vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.  303-881-7849.


Twitter Icon 


by Twitter Buttons


Comment balloon 5 commentsRuth Vogt • October 30 2009 03:41PM
The Realtor that cried "Wolf, Wolf"??
How many times have we heard or read over the past couple of weeks the GREAT NEWS about the 1st Time Homebuyer Credit being extended? A dozen, or more, maybe?? Yet, is it? NOPE! We need to be very, very cautious about spreading "good news… more
Maximum loan amounts are in danger!
With all this talk about proposed legislation dealing with HVCC and the first time homebuyer credit, is anyone even noticing that we are in serious danger of having our maximum FHA and conforming conventional loan amounts reduced?? If you remember,… more
FHA loans in Denver
Getting FHA loans in Denver may be easier than the media wants you to think. That is, only if you are an owner occupant… as it is true that FHA no longer offers investor financing, and actually hasn't for some time However, buyers can get an FHA… more
Sign this Petition PLEASE!
I wrote a blog previously about HR 3126, and for those of you following that bill, there is really good news: IT PASSED THE COMMITTEE REVIEW! The update on the government tracking screen states: "This bill was considered in… more
Mortgage Lenders in Colorado
Mortgage Lenders in Colorado are required to retain licensing with the Department of Regulatory Agencies since the passage of HR Bill 1085. This bill went into affect August 5, 2009, subject to company exemptions from the mortgage loan originator… more
The Crash of 1929 (80 years and still going up and down)
Interesting blog, so much so that I decided to reblog. If you follow the links in this blog you will see that two of the banks are now one, and the third bank referenced is today referred to as one of "The Big Four Banks". Should I say… more
We've been hoping and watching HR 3044, which was a proposal to put an 18 month moratorium on HVCC but suddenly there is a new and better one out there: HR 3126 This bill is currently being reviewed by the Housing Finance Committee and is expected… more
Wordless Wednesday: Are You Who You Think You Are?
I don't really reblog many things… and never do I reblog jokes, but his one has some merit worth consideration: Wordless Wednesday: Are You Who You Think You Are? It's OK if you don't get this right away. I'll be honest - it took me a few… more
We closed $70 million more in September!
This September, our company closed $70 million more than any other September in our history! BUT the really great news is that 80% of our production resulted from purchase money transactions!! Yet, we only have offices in 9 states (by choice,… more