Delta Currents November 2011

www.deltaaor.com DELTACURRENTS 1 delta

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DELTA ASSOCIATION OF REALTORS®

NOVEMBER 2011 • www.deltaaor.com

2 www.deltaaor.com DELTACURRENTS

MORTGAGE LOAN ORIGINATORS: 8 HOUR LIVE CONTINUING EDUCATION COMPREHENSIVE COURSE

NMLS Provider ID #1400388 - Duane Gomer Inc.

Cost Only $139 (includes $12 NMLS Bank Fee)

LIVE CLASS—NO 8 HOURS ON A COMPUTER NO EXAM TO PASS LIKE AN ONLINE COURSE

Delta Association of REALTORS®

3428 Hillcrest Ave. #200, Antioch, CA

Tuesday, November 8th — 8:30 a.m. to 4:30 p.m.

To Register: Call (925) 757-8283 EIGHT HOUR LIVE COURSE : Includes three hours federal law and regulations, two hours of ethics, and two hours of lending standards for nontraditional mortgages and one elective hour .

OUTSTANDING INSTRUCTORS: All instructors must meet stringent NMLS requirements including experience, education, and professional standards.

SEMINAR: • The course will be from 8:30 a.m. to 4:30 p.m. with a one hour lunch break. • There is a $12 NMLS bank fee for your course and we will pay that. • Students taking home study courses of any kind must be on a computer eight hours and must

pass a NMLS approved exam. You don’t want to do that. A real live class is of more value. • We are a California-only company. We know California regulations.

OTHER NOTES: • Selling out classes: Outstanding reviews—sign up now • DRE Credit: Available for a small service charge • State Company: We will help you year-round on State Regulations

Duane Gomer Seminars offers courses for anyone who wants to obtain or renew a real estate sales license, a broker license, a notary commission, a MLO Endorsement or learn about REOs, Short Sales, Foreclosure, etc. Courses are available live, online or by home study. Check us out at www.DuaneGomer.com.

CAMP MEMBER

DRE Sponsor #0054

www.deltaaor.com DELTACURRENTS 3

OFFICERSRalph Garrow, Jr. PresidentCecily Tippery, President-ElectCynthia Alfred, TreasurerDenise Stewart, Immediate Past PresidentJohn Bedford, Secretary

DIRECTORSJames Britto • Angela JohnsScott MacIntyre • Cathie Marples Aaron Meadows • Errol Mooney Iris Obregon • Ramesh SumanLynn Valintis

STAFFJohn Bedford, Association [email protected]

Tonia Nielsen, Chief Operations [email protected]

Jean Ruelas, Manager- Retail [email protected]

Ron Greenslade, Chief Financial [email protected]

Barbara Baham, Members Service [email protected]

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NOVEMBER 2011Delta Association of REALTORS®

3428 Hillcrest Avenue, Suite 200,

Antioch, CA 94531

Phone 925 757 8283

Fax 925 757 [email protected]

Delta Currents is the official monthly publication of the Delta Association of REALTORS®. Although every effort has been made to ensure the accuracy and thoroughness of this publication, errors may occur. DAR shall not be held liable for misinformation, typographical errors, omissions, and/or misprints in editorial and/or advertising materials.

Delta Currents is published byMichelle Manos Design.

For advertising rates, please contact Michelle Manos at 831 869 5084 or [email protected].

Linda Walling-Stone 925 689 2439

BY AIR, LAND, OR SEA, CALL ME!The Bargain Travel Lady

(on Facebook.com)Member, Delta Association of Realtors®

www.lwalling-stone.cruiseone.com

Subscribe to my weekly newsletter!

$50 toDAR CSF for any 7+day

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ANTIOCH/PITTSBURG/BAYPOINTEvery TuesdayDelta Associatioan of REALTORS®3428 Hillcrest Avenue, Ste. 200, Antioch8:30am • $2For more information call Ramesh Suman, Majestic Homes, 779-1234, or Ralph Garrow Jr., Ralph Garrow Real Estate, 757-3770

DISCOVERY BAY/BYRONMARKETING MEETING & TOUR1st and 3rd TuesdayBoard Walk Grill at the Marina, Discovery Bay9:00am • $1For more information call LeeAnn Seamann634-2224 at Marples & AssociatesGroup does use Paragon to schedule homes on tour. Tours are Caravan and must be in by Noon on Monday.

OAKLEY/BETHEL ISLAND/BRENTWOOD/KNIGHTSENMARKETING MEETING & TOUREvery WednesdayBlack Bear Diner, 3201 Main Street,Oakley • 8:30am • $2For more information contact Dan Barnes,Tour Coordinator, 759-4648.Group will use Paragon to schedule homes on tour.

CONTRA COSTA REALTORS® IN MOTIONCONTRA COSTA NORTHMartinez, Pacheco, Pleasant Hill, Concord, Walnut Creek, Clayton, ClydeEvery Tuesday8:30am • $10 Centre Concord, 5298 Clayton Rd., ConcordDoors open at 8am for breakfastwww.ccrim.info

REALTORS® MARKETING ASSOCIATIONCONTRA COSTA SOUTHDanville, San Ramon, Blackhawk, Diablo, AlamoEvery ThursdaySan Ramon Community Center, 12501 Alcosta Blvd., San Ramon8:30am • $5Doors open at 8am for breakfastNo formal tourwww.RMAtoday.com

INFORMAL TOURSMartinez, Pacheco, Pleasant Hill, Concord, WalnuCreek, Clayton,Clyde, Rossmoor, Orinda, Lafayette, MoragaTuesday between 9:00am and 2:00pmDanville, San Ramon, Blackhawk, Diablo, AlamoThursday between 9:00am & 2:00pm


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® REALTORS®Diana WallinPrudential California Realty2510 Sand Creek Rd., Brentwood634-3200 FAX 634-3393

Jenifer WassoRealty World Pigati and Russell Realtors6670 Lone Tree Way, Ste. 4, Brentwood513-4004 FAX 513-4330

Ron PestanaWR Properties651 First St., Brentwood634-3100 FAX 634-3190

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MEMBERS ON THE MOVE

Jennifer Banta is now with Intero Real Estate at 5541 Lone Tree Way #150, Brentwood, 516-9090 FAX 513-0986

Amanda Chamberlain is now Keller Williams Premier Properties at 4041 Lone Tree Way, Ste. 101, Antioch, 315-8700 FAX 315-8701

Noelle Charles-Merrill is now with Mark Skilling Broker at 5170 Discovery Point, Discovery Bay, 354-2037-513-1465

Six years inspecting East County houses • Same-day reports • SUPRA lock box access • Fully insured, including REALTOR® coverage • Comprehensive walkthrough with your buyer • Flexible scheduling • Competitive rates Click for customer reviews.

ASHI andCREIA Certified

Mike and Shawn Stewart

NATIONAL PROPERTY

INSPECTIONS925 768 7818


EBRDI Paragon TrainingFree to MLS SubscribersSteven Pean, InstructorWednesday, November 9, 2011 1:00pm – 4:00pmCMAs, Listingbook and Cloud (lecture training class)To register call EBRDI at 363-2333Or logon to EBRDI.com

New Members OrientationWednesday, November 2, 20118:30am – 12:00pmTo register call DAR 757-8283

dare

duca

tionMortgage Loan Originators:

8 Hour Live CEDuane Gomer courseTuesday, November 8, 20118:30am – 4:30pmCost: $139.00To register call DAR at 757-8283

45 Hour CE Review CourseDuane GomerTuesday, November 14, 20111:00pm – 4:00pmCost: $72 members $82 non membersTo register call DAR at 757-8283

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1. Open Escrow

2. Ask a question about Short Sales and our role as a settlement service provider.

3. Obtain Notice of Default/Notice of Trustee Sale confirmations.

4. Confirm Property Taxes or verify Special Assessments/Mello Roos.

5. Ask me to explain the First American Preliminary Report to clients.

6. Confirm Parcel numbers and Subdivision/Tax Assessor information.

7. Request Comparable Sales and/or Property Profile information.

8. Ask me to explain the HUD-1 settlement services line items.

9. To address issues that can slow or stop your escrow from closing including those at other First American offices.

10. To schedule a “Welcome to Escrow” call from me with clients or Review Escrow Opening packages.

Top Ten Reasons to call your local First american

Branch Manager and SaleS repreSenTaTive

CA - 09/2011

FINAL DOCUMENTS SENT TO

INTERESTED PARTIES

AFTER RECORDING, CONFIRMEDESCROw COMPANyDISBURSES FUNDS

DOCUMENTS RECORDED AND ESCROw CLOSED

BUYERRECEIVES KEyS FROM

REAL ESTATE PROFESSIONAL

LENDER "FUNDS LOAN"(SENDS FUNDS TO ESCROw)

The Life of an EscrowUnderstanding your escrow transaction

ESCROw COMPANy ENSURES ALL CONTRACT CONDITIONS

HAVE BEEN MET

LOAN DOCUMENTSRETURNED

TO LENDER FOR REVIEw

BUYERDEPOSITS REQUIRED FUNDS

SEPARATE APPOINTMENTS SET:BUYER & SELLER

SIGN DOCUMENTS

CLOSING DOCUMENTS COMPILED By ESCROw COMPANy

LOAN DOCUMENTS PREPARED By LENDER & SENT TO ESCROw

BUYERRECEIVES FINAL LOAN

APPROVAL FROM LENDER

BUYERADVISES ESCROw COMPANyOF HOME INSURANCE COMPANy

PRELIMINARy REPORT RECEIVEDAND APPROVED By BUYER

APPRAISAL ORDERED By & COMPLETED FOR LENDER

INSPECTION REPORTS SENT TO APPLICABLE PARTy, REVIEwED

AND NOTIFICATION SENT

VARIOUS INSPECTIONSORDERED

ESCROw OPENED AND PRELIMINARy REPORT ORDERED

SELLERREVIEwS AND ACCEPTS

CONTRACT FROM BUyER

BUYER SELECTS HOME AND

SUBMITS CONTRACT wITH LOAN STATUS REPORT (LSR)

BUYERVIEwS HOMES wITH

REAL ESTATE PROFESSIONAL

SELLERPREPARES HOUSE FOR SHOwING & SELLING

BUYERGETS PRE-APPROVED By LENDER

IF NEw LOAN NEEDED

SELLERSELECTS A REALTOR

BUYERSELECTS A REALTOR START

STRATEGIC MARKETS CERTIFIEDBRANCH MANAGER & BUSINESSDEVELOPMENTOFFICE 925.240.9901 | CELL [email protected]

925.240.9901 | www.firstam.com

First American Title Insurance Company makes no express or implied warranty respectingthe information presented and assumes no responsibility for errors or omissions. © 2011 First American Financial Corporation. All rights reserved. | NYSE:FAF

All Classes are held at the Delta Association of REALTORS®3428 Hillcrest Ave., Ste: 200, Antioch, except as otherwise noted.

Savings & Investment Products • TraditionalSavings• MoneyMarketSavings• IndustryleadingCertificateInvestments• Traditional,RothandSEPIndividual

RetirementSavingsandCertificateAccounts

Checking• FreeeCheckingwithMasterCard®

DebitCard*withnominimumbalancerequirement

• Fee-FreeATMTransactionsatThousandsofCO-OPNetwork&CU24ATMs

Lending to Fit Your Needs • VehicleLoans• PersonalLoans&LinesofCredit• HomeLoans,RefinancingandHomeEquity

LinesofCredit

Your Own Virtual Branch• RemoteCheckDeposit• OnlineBillPay• ElectronicInternal&ExternalTransfers• ElectronicStatements• Alerts&SecureMessaging

Not a Member? Not a Problem! All REALTORS® and immediate family members are eligible for lifetime membership!

Join online today, here’s how:1. Visit REALTORSFCU.ORG2. Click “Membership” to learn more3. Click “Membership Application” to

get started

Have Questions?Call a Member Care representative 24-hours a day at 866.295.6038.

Must meet REALTORS® Federal Credit Union (RFCU) membership eligibility. Membership requires opening and maintaining a primary share savings account with a $100 minimum balance. Rates, terms, conditions and services are subject to change. RFCU savings are federally insured by the National Credit Union Administration (NCUA).*No monthly service fee. Other fees may apply. Please refer to the Schedule of Fees and Charges at REALTORSFCU.ORG for details.

Where youandyourmoney

belong

REALTORS® Federal Credit Union is dedicated to serving the financial needs of REALTORS® like you!REALTORS® FCU offers customized products & services to meet the unique financial and cash flow needs of REALTORS®. You deserve the freedom to manage your finances when and where you want to.

GF1101

Joinonlinetoday!


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November 2 New Members Orientation 8:30am - 12:00pm

November 2 Business & Technology Committee 10:00am - 11:00am

November 3 ByLaws Committee 10:00am - 11:00am

November 9 EBRDI Three CMAs, Client Connect 1:00pm - 4:00pm

and Morning Report (Lecture Training)

November 9 Strategic Planning Committee 2:00pm - 3:00pm

November 9-14 C.A.R. Realtors Conference in Anaheim

November 10 Local Government Relations 11:30pm

November 11 DAR Closed Veterans Day

November 15 Delta Realtors Community Service Foundation 1:30pm - 2:30pm

November 23 DAR Closed half day 12:00pm

November 24-25 DAR Closed Thanksgiving

November 30 Board of Directors 12:00pm - 1:30pm

December 1 ByLaws Committee 10:00am – 11:00am

December 7 Business & Technology Committee 10:00am - 11:00am

December 8 Local Government Relations Committee 11:30am

December 14 New Members Orientation 8:30am - 12:00pm

December 14 Strategic Planning 2:00pm - 3:00pm

December 15 Holiday OpenHouse 11:30am - 3:00pm

December 20 Delta Realtors Community Service Foundation 1:30pm - 2:30pm

December 21 Board of Directors Meeting 12:00pm

December 23 DAR Closed half day 12:00pm

December 26 DAR Closed

December 27 Education/Membership Committee 2:00pm - 3:00pm

December 30 DAR Closed half day Inventory 12:00pm

East County InsuranCE agEnCy, InC.ANTIOCH

925 757 42082738 B W. Tregallas Rd.

BRENTWOOD925 240 1330

6440 Brentwood Blvd.

All personal and commercial lines

www.eastcountyins.com


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tions Most homes have ionization type smoke detectors (because they are cheaper).

But, they are by far less reliable in saving lives during a smoldering fire.

Residential Fires: Around 3,500-3,600 deaths per year, Nearly all from smoke inhalation. Most deaths occur between 8 PM and 8 AM

Lives Lost Annually: Around 1,000 persons die in homes where alarm goes off after occupants are dead.

Around 2,400 persons die annually where the alarm is non-functionalof has been intentionally disabled, IE the battery removed.

EVERY DAR member should put at least one photoelectric smoke detector in their home.

* Data from various NFPA, NIST, NFIRS, CPSC and University SourcesData compiled by Skip Walker of CREIA Reprinted with permission.

Most homes have ionization type smoke detectors (because they are cheaper). But, they are by far less reliable in saving lives during a smoldering fire.

Photoelectric versus Ionization Smoke Alarms*

Ionization Units Photoelectric Smoke Alarms

Percent Installed in

Homes: 95% 5%

Nuisance Trip when cooking

High Low

Chance of being intentionally disabled

8x more likely

Response time in Residential fire

30-90 MINUTES Note: nearly 20%

of ionization never activate

30-90 SECONDS

Survival rate in Residential fires

40% 96%

Cost $7 to $20 $13 to $25

Residential Fires: Around 3,500-3,600 deaths per year, Nearly all from smoke inhalation. Most deaths occur between 8 PM and 8 AM Lives Lost Annually: Around 1,000 persons die in homes where alarm goes off after occupants are dead. Around 2,400 persons die annually where the alarm is non-functional of has been intentionally disabled, IE the battery removed. EVERY DAR member should put at least one photoelectric smoke detector in their home. * Data from various NFPA, NIST, NFIRS, CPSC and University Sources Data compiled by Skip Walker of CREIA Reprinted with permission.


DELTA ASSOCIATION OF REALTORS® PRESENTS Duane Gomer’s Most Popular Continuing Education

Optional Review & Group Testing Formerly All Your Tests on 1 Day.

We Have You Covered —

It’s Easy, Quick and Low Priced

Wednesday, November 16th at 1:00 p.m. Delta Association of REALTORS® 3428 Hillcrest Ave. #200, Antioch

YOU MUST REGISTER & RECEIVE THE MATERIALS BY Tuesday, November 14th

SCHEDULE

12:45 p.m. Registration

1:00 p.m. Course review and industry update

3:00 p.m. Home-study Exams on 5 Mandatory Courses and Certificates Awarded.

REQUIREMENTS

1. You must sign up and receive your materials before the class to comply with DRE regulations for testing. 2. Easy exams, 70% to pass, 99.99% passing rate. 3. Please have a Government issued picture ID available. 4 Fee includes $10 for the cost of the required courses.

Anyone who fails an exam can take a second test at no cost any time within one year from date of registration or take the class again at no cost. Courses are for all licensees. These courses are approved for Continuing Education Credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructor, author or lecturers. DRE Vendor #0054.

ONLY $72 Members

$82 Non Members

To register contact (925) 757-8283 Make checks payable to Delta AOR

Name Company_

Address Phone

City Zip Code

Please charge my VISA MC DRE #

Credit Card #___________________________ Exp.__ __ Signature_________________________

WHAT THE PROGRAM WILL COVER 1. All Brokers & Salespersons will receive 3 hour home-study mandatory courses of Agency, Ethics, Trust Funds, Fair Housing,

Risk Management and a 30 hour course on Foreclosures, Taxes & Evictions. 2. There will be an optional review to prepare you to pass the easy exams. Money-back guarantee. 3. Exams will be offered on the five mandatory courses. You may test on only 15 hours a day—DRE Rule (we don’t like this

either). Students will be provided with instructions for testing on the additional 30 hour course online. If you received your materials at least five days before the class, you will be given passwords and user names to test later online. Later signups will receive their passwords by email.


DELTA Association of REALTORS® Installation of Officers and Directors

Honoring 2012 President Cecily Tippery January 13, 2012

Luncheon at Wedgewood, Brentwood Golf Club “Change is Opportunity”

Platinum Level Sponsor $1200

• 8 tickets to the event. • Full one page ad and recognition at the event. Provide artwork. • Pre-event recognition in Delta Currents for articles promoting the event. • Post-event recognition in any article submitted to the newspapers and post-event coverage in the

Delta Currents and Delta News Views • Photograph with incoming President for the Delta Currents February edition. • Recognition on Power Point Presentation • Special introduction and recognition at the event by the Master of Ceremonies of the

representative(s) in attendance.

Diamond Sponsor $750

• 4 tickets to the event • One half page ad in program (Priority for rear and inside cover) and recognition at the event-first

come first serve. Provide artwork. • Pre-event recognition in Delta Currents for articles promoting the event. • Post-event recognition in any article submitted to the newspapers and post-event coverage in the

Delta Currents and Delta News Views • Recognition on Power Point Presentation • Recognition at the event by the master of ceremonies of the representative(s) in attendance.

Gold Sponsor $400

• 2 Tickets to the event • Business card ad in the program. Provide Artwork. • Pre-event recognition in Delta Currents for articles promoting the event. • Post-event recognition in any articles submitted to the newspapers and post-event coverage in the

Delta Currents. • Recognition on the Power Point Presentation • Recognition at the event by the master of ceremonies of the representative(s) in attendance.

Friends of the Delta Association $150

• Recognition on the Power Point Presentation and listed in the Official Program

Contact the Delta Association of REALTORS® at 925-757-8283. Pay by check or credit card. Ticket Prices are $40 per person.

Champagne Sponsor (previously reserved) $1000

Delta Association of Realtors® 2012 Installation of Officers and Directors


Sponsor Information/Donation Form

We would be honored to participate in DAR’s 2012 Installation as a sponsor as noted below. ____________ $1200.00 Platinum Level Sponsor ____________ $750.00 Diamond Sponsor ____________ $400.00 Gold Sponsor ____________ $150.00 Friends of the Delta Association In lieu of financial support we will offer the following as an “in kind” sponsor. ______________________________________________________________________________ We cannot participate in the above categories, but will make a contribution of $ _______ Company Name: ___________________________________________________ Name/Contact: ____________________________________________________ Address/City/State/Zip: ___________________________________________ Phone: ___________________________ Fax:_____________________________ Email: ____________________________________________________________ Credit Card Type: _______Number:___________________________________ Exp. mo/yr: ______________________________ Code: _________________ Authorizing Signature: _____________________________________________ Please indicate how you would like your name to appear on all printed materials. Be sure to provide artwork. Return with donation by November 30, 2011 to:

Delta Association of Realtors Attn: Tonia Nielsen

3428 Hillcrest Ave., Suite 200 Antioch, CA 94531

925-757-8283 or FAX to 925-757-8393

14 www.deltaaor.com DELTACURRENTS contrinued

2011 Five-Point Housing Solutions Plan It’s no secret our nation’s housing markets remain depressed and continue to suffer. While no one thought the crisis would carry on so long, markets are slowly recovering and are in need of immediate policy solutions to address the myriad challenges in order to stabilize housing and support an economic recovery.

We have long maintained that the key to the nation’s economic strength is a robust housing industry. And, we remain steadfast in our belief that swift action is needed now from Congress and the Administration that could directly stimulate a housing recovery.

To that end, NAR worked with two well-respected policy think tanks – the Progressive Policy Institute (PPI) and the Economic Policies for the 21st Century (e21) – that organized and conducted a policy meeting on October 4. New Solutions for America’s Housing Crisis brought together policy leaders, industry representatives, Members of Congress, thought leaders and the media to present ideas and make actionable recommendations intended to stimulate the growth necessary for a sustained recovery in housing and extend an ensuing positive effect on job creation and the broader economy.

NAR unequivocally endorses many of the bipartisan ideas and recommendations that came out of the meeting and we wholeheartedly urge Congress and the Administration to undertake their consideration promptly.

In letters sent Oct. 24, 2011 to the Chairman of the Federal Reserve Bank, President Obama, and Congress, NAR provided recommendations and solutions to stabilize and revitalize the housing industry and economy:

Recommendation 1: Do Not Risk Weakening Our Nation’s Housing Markets Any Further

• Recraft the Qualified Residential Mortgage rule mandated by the Dodd-Frank Act to include a wide variety of traditionally safe, well documented and properly underwritten products. Requiring a 20% down payment coupled with stringent debt-to-income ratios and rigid credit standards – as defined under the proposed rule by six federal regulators – would be detrimental to prospective home buyers, especially first-time and middle-income buyers.

• Restore higher loan limits supported by FHA and the GSEs to provide liquidity in housing markets and to assure mortgage financing options while stabilizing local housing markets. On September 30, the loan limits in 669 counties and 42 states declined. Already, this has had a harmful impact on our fragile housing recovery. Sellers have had to lower their price in markets where mortgages backed by FHA and the GSEs are no longer available. Buyers are confronting higher mortgage rates and larger downpayments because only private mortgages are available in these high-cost markets. In some instances buyers have given up their home search entirely.


contrinued

• Resist proposals that call for changing the tax rules that apply to homeownership now or in the future. Without a doubt, now is not the time to change the mortgage interest deduction or any other housing incentives. Making gradual or targeted changes would send the wrong signal further undermining confidence and further depressing home values.

Recommendation 2: Restore Vitality to Our Communities and Neighborhoods by Reducing the Foreclosure Inventory

• Support S.170, The Helping Responsible Homeowners Act, sponsored by Senators Barbara Boxer (D-CA) and Johnny Isakson (R-GA). Their bill would remove refinancing limits on underwater properties for borrowers that have been paying on time, and would eliminate risk-based refinancing fees charged by Fannie Mae and Freddie Mac.

• Support bipartisan Senate efforts calling for improvements to the Home Affordable Refinance Program (HARP). Led by Senators Barbara Boxer (D-CA), Johnny Isakson (R-GA) and Robert Menendez (D-NJ), the time is appropriate to enhance HARP and provide refinancing opportunities to at-risk borrowers as an alternative to defaulting on their mortgage loans.

• Direct Fannie Mae, Freddie Mac and servicers to prioritize short sales above foreclosures. • Support all necessary foreclosure/loss mitigation efforts to keep American families in

their homes. Reology Corporation’s President and CEO, Richard Smith, has proposed a debt for equity approach to help underwater borrowers in trouble keep their homes and lower their monthly payments while lenders take a smaller hit than they would have with a default and foreclosure. We call on Congress to introduce legislation adopting this innovative proposal.

Recommendation 3: Open Opportunities for Private Capital to Return to the Mortgage Marketplace to Foster New Demand among Responsible Homebuyers

• Open up the FHA Section 203(k) rehabilitation loan program to investors to encourage purchasing of foreclosed property. This will facilitate the rehabilitation of the existing housing stock and help reduce the inventory of foreclosed homes.

• Require the GSEs to temporarily suspend investor financing limitations, especially the limit on the number of mortgage loans allowed for any one investor/borrower (currently 4 for Freddie Mac and 10 for Fannie Mae). This will give small, private investors the opportunity to absorb some of the excess inventory, resulting in the stabilization of prices for existing real estate-owned (REO) properties.

Recommendation 4: Support a Secondary Mortgage Market Model that Includes Some Level of Government Participation


• Reject proposals that call for full privatization of Fannie Mae and Freddie Mac. This is not an effective option because private firm’s business strategies will focus on optimizing their revenue/profit generation. This model would foster mortgage products that are more aligned with the businesses goals than in the best interest of the nation’s housing policy or the consumer.

Recommendation 5: We Call on the White House to Hold a National Housing Summit to Articulate a New National Housing Policy and Move the Provision of Housing to the Front of the Nation’s Domestic Agenda

• Homeownership matters! It represents the single largest expenditure for most American families and the single largest source of wealth for most homeowners. The development of homeownership has a major impact on the national economy and the economic growth and health of regions and communities. Homeownership is inextricably linked to job access and healthy communities and the social behavior of the families who occupy it. We recognize the serious public debate as to which tax and spending policies will best support the sound fiscal management that our nation requires.

• However, we urge caution against dismantling or eliminating vital resources for housing that provide important economic, social, and societal benefits. We call on the White House to empanel a body comprised of public and private industry participants to fashion a national housing policy that is flexible enough to address the varying needs across the nation, whether it’s homeownership or rental housing, production or preservation.

In conclusion, we emphasize again the recovery of the broader economy depends on housing. The last two and a half years have shown that, with housing prices bumping along the bottom, a robust economic recovery will remain exceedingly difficult. The National Association of REALTORS stands ready to work with Congress and the Administration to move this 5-point plan to help restore housing and grow our economy.

Delta Currents November 2011

Documents

hour live course

hours of ethics

nmls bank fee live classno

hours of lending standards

real live class

nmls approved exam

elective hour

california regulations