Today’s Real Estate News 8-1-2011

01 Aug

Today’s news that may be of interest to you:

White House, Congressional Leaders Reach Debt-Limit Deal
The Washington Post | August 1, 2011
President Obama and congressional leaders Sunday night sealed a deal to raise the federal debt limit that includes sharp spending cuts but no new taxes, breaking a partisan impasse that has driven the nation to the brink of a government default.

Who Got What from the Deal?
The Washington Post | August 1, 2011
A look at what the Democrats and Republicans wanted and what they got in the deal.

The Math Behind the Mortgage Interest Deduction
DSNews | July 30, 2011
What many consider to be a staple of American homeownership is expected to be on the chopping block as lawmakers in Washington look to trim the nation’s deficit.

U.S. Homeownership Falls to Lowest Since 1998 on Tight Lending
Bloomberg | July 30, 2011
The U.S. homeownership rate fell to the lowest level since 1998 in the second quarter as stricter lending standards blocked purchases and foreclosures forced people out of their residences.

Homeowners Who Want to Trade Up are Stuck Waiting
The Los Angeles Times | July 31, 2011
Before the bust, rising prices fueled the housing market, enabling buyers to start small and climb the ladder. Now that promise of upward mobility has been all but shattered, gumming up the market.

Some Bankers Never Learn
The New York Times | July 31, 2011
You’d think the mortgage bust would qualify as a teachable moment. But some people refuse to learn from mistakes – a list that apparently includes certain mortgage bankers. Their industry is fighting a new rule that might prevent a repeat of the lending binge that helped drive our economy off a cliff.

FHA Announces Sanctions Against 240 Lenders
DSNews | July 29, 2011
The Federal Housing Administration’s (FHA) Mortgagee Review Board (MRB) has announced sanctions against 240 FHA-approved lenders.   Actions taken against the 240 lenders include reprimands, probations, suspensions, and civil money penalties. In addition, some lenders will have their FHA-approval revoked.

What the heck is the consumer protection bureau?
CNNMoney | July 25, 2011
The new Consumer Financial Protection Bureau is having a tough time reaching the very people it is aiming to protect — consumers.  (Good article, and here is a really great illustration of what the CFPB will oversee –The new pup watching our money ~Anthony)


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