The financial reform legislation signed into law on July 21 by President Obama will precipitate some key changes within the mortgage market that will likely affect homebuyers, according to U.S. News and World Report. Under the legislation, a new consumer financial protection bureau will be set up to establish and enforce rules for the financial marketplace and protect consumers’ interests. The law will force lenders to make sure that borrowers have the financial means to repay the mortgage loan before they approve it. It also bans brokers from receiving additional fees for putting borrowers into risky mortgages.
Great information from CRS Member Connect, on-line newsletter.
Fannie Mae has launched a new website to help homeowners who are behind on their mortgage payments or are facing foreclosure.
Knowyouroptions.com features practical information and resources homeowners need to avoid foreclosure and either stay in their home or sell it. Resources include a list of local foreclosure prevention events, housing counselors, Fannie Mae resources, credit score information, forms, videos, calculators and more. The site also provides important tips for recognizing and avoiding foreclosure scams. For more information, visit www.knowyouroptions.com.
from CRS Member Connect on-line newsletter.
Remodeling spending is expected to increase by the end of the year and accelerate to double-digit growth in the first quarter of 2011, according to the latest Leading Indicator of Remodeling Activity (LIRA) report by the Joint Center for Housing Studies of Harvard University.
Kermit Baker, director at the Joint Center for Housing Studies, says homeowner optimism is driving the trend toward investing in the home again. “The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades,” Baker says. “A wider activity base would help generate the expected growth in the quarters ahead.”
from CRS MemberConnect on-line newsletter
When you buy a home, there will be many jobs to accomplish, from changing your address and having your utilities shut off at your old residence to cleaning and unpacking at your new home. Don’t overlook these important tasks to help ensure your safety:
- Immediately have the locks changed. You never know how many contractors, neighbors, or maintenance providers possess copies of the keys. Although these people may be trustworthy, your keys could get into the wrong hands.
- Change the codes on security systems and garage door openers. Similar to choosing a password for your computer, make sure your cods aren’t easy to guess: don’t use your house number as the code for your garage.
- Replace the batteries on the smoke alarms. Buy one fire extinguisher for each level of the house and garage.
- Make sure the house numbers are at least 6-inches tall. They should be clearly visible from the street to help emergency vehicles spot your house should the need ever arise.
The financial reform legislation signed into law on July 21 by President Obama will precipitate some key changes within the mortgage market that will likely affect homebuyers, according to U.S. News and World Report. Under the legislation, a new consumer financial protection bureau will be set up to establish and enforce rules for the financial marketplace and protect consumers’ interests. The law will force lenders to make sure that borrowers have the financial means to repay the mortgage loan before they approve it. It also bans brokers from receiving additional fees for putting borrowers into risky mortgages.
