Daily Real Estate News / October 12, 2008
Veterans across America now have expanded home ownership opportunities due to the Veterans Benefits Improvement Act of 2008, which President Bush signed into law last Friday.
The bill includes housing provisions for veterans who are already home owners and those who aspire to home ownership, according to the National Association of Realtors.
"This bill will go a long way toward helping veterans buy and keep their homes", says NAR President Dick Gaylord.
Three provisions, in the legislation are critical to help veterans during the current housing turmoil.
1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the US Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increase permanent, which will help veterans living in high-cost areas.
3. The VA also can now offer adjustable-rate mortgages to veterans. That would make home ownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
"We need to support and protect those who serve our country," Gaylord says. "Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it a part of that commitment."
-NAR
Monday, October 13, 2008
Tuesday, October 7, 2008
Fed Tries to Unclog Credit Markets
Daily Real Estate News - October 7th, 2008
Wall Street took a nose-dive Monday, with the Dow Jones Industrials plunging more than 800 points at one point during the day before finishing down 370. The sell-off on Monday sent the Dow below 10,000 for the first time in four years.
The US government, facing increasing pressure to do something about the unstable financial markets, is reportedly weighing a plan to buy massive amounts of unsecured short- term debt in a dramatic effort to break the credit clog.
The market for this financing, in which many companies rely to make payrolls and purchase supplies, has virtually dried up.
Pressure is also growing on the Fed to cut its key interest rate, now at 2 percent. Many predict the Fed will act on or before its next meeting on October 28-29. This really doesn't affect mortgages directly but can have an impact on them.
Treasure Secretary Henry Paulson has tapped a former Goldman Sachs executive Neel Kashkari who has worked with Paulson at the department since July 2006, to serve as interim head of the government's effort to unclog the credit markets.
Source: The Associated Presss, Jeannine Aversa (10/07/08)
Wall Street took a nose-dive Monday, with the Dow Jones Industrials plunging more than 800 points at one point during the day before finishing down 370. The sell-off on Monday sent the Dow below 10,000 for the first time in four years.
The US government, facing increasing pressure to do something about the unstable financial markets, is reportedly weighing a plan to buy massive amounts of unsecured short- term debt in a dramatic effort to break the credit clog.
The market for this financing, in which many companies rely to make payrolls and purchase supplies, has virtually dried up.
Pressure is also growing on the Fed to cut its key interest rate, now at 2 percent. Many predict the Fed will act on or before its next meeting on October 28-29. This really doesn't affect mortgages directly but can have an impact on them.
Treasure Secretary Henry Paulson has tapped a former Goldman Sachs executive Neel Kashkari who has worked with Paulson at the department since July 2006, to serve as interim head of the government's effort to unclog the credit markets.
Source: The Associated Presss, Jeannine Aversa (10/07/08)
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