Archive for March, 2011

House votes to kill main Obama foreclosure aid

By Corbett B. Daly Corbett B. Daly Wed Mar 30, 9:44 am ET

WASHINGTON (Reuters) – The House of Representatives on Tuesday voted to kill President Barack Obama’s signature program to help struggling homeowners avoid foreclosure.

A bill to terminate the program was approved on a 252-170 vote. But the bill is unlikely to clear the Senate.

It was the last in series of four measures brought forward by newly empowered House Republicans to end government assistance for homeowners hurt by the housing crisis.

Republicans argued the foreclosure prevention plan, known as the Home Affordable Modification Program, is ineffective and not worthy of taxpayer support amid soaring budget deficits. The vote broke largely along party lines.

The program, which offers incentives for lenders to modify loans, was launched to great fanfare in the spring of 2009. The Obama administration had hoped it would permanently lower mortgage payments for 3 million to 4 million homeowners.

 

But fewer than 600,000 borrowers have received permanent loan modifications, and the program has been widely criticized as ineffective from critics on both the left and the right.

“The HAMP program is a failure,” said Representative Patrick McHenry, the North Carolina Republican who sponsored the bill. “If we can’t eliminate this failed program, what program can we eliminate?”

Analysts see the votes as an effort by Republicans, who last seized control of the House in an election in November with an anti-bailout, anti-spending message, to score points with their political base.

The White House has already threatened to veto the measure. However, it is unlikely to come to that since Democrats, who retained control of the Senate, largely opposed the measure. Both the House and Senate would have to approve the bill for it to reach the president’s desk.

About $30 billion has been set aside for the program from the government’s $700 billion financial rescue fund, but only about $1 billion of that has been spent so far.

Democrats argued the program should be fixed, not killed.

“The absence of any program leaves people worse off,” said Representative Barney Frank, the top Democrat on the House Financial Services Committee.

Even as the Obama administration argues for keeping HAMP in place, it is pressing forward on a separate track that could result in much larger aid for struggling homeowners.

Big U.S. banks are meeting with federal officials and state attorneys general at the Justice Department on Wednesday as they negotiate what could turn into a multi-billion dollar settlement over alleged abuses by the companies that collect mortgage payments.

The banks and authorities are expected to discuss a settlement proposal that the state officials sent out earlier this month, which called on banks to treat borrowers better and to reduce loan balances for some struggling homeowners.

A group of 50 state attorneys general and about a dozen federal agencies are probing bank mortgage practices that came to light last year, including the use of “robo-signers” to sign hundreds of unread foreclosure documents a day.

On March 3, state attorneys general leading the probe sent banks the outline of a proposed settlement endorsed by some federal agencies, including the Justice Department, the Housing and Urban Development Department and Treasury staff setting up the Consumer Financial Protection Bureau.

The banks that received the proposal and that will have representatives at Wednesday’s meeting are Bank of America Corp, JPMorgan Chase & Co, Citigroup Inc, Wells Fargo & Co and Ally Financial, according to sources briefed on the meeting.

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Mortgage mod test becomes clearer

Mortgage borrowers who are turned down for loan modifications may now get additional information that could help them understand why they didn’t qualify under the so-called “HAMP test.”

Read the full story

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San Jose Homes- Some Aspects While You Buy Them

With the booming of a variety of sectors like computer, microprocessor firms and high technology engineering companies in the ‘Silicon Valley’, San Jose is slowly turning into a career destination for many a professional across the world. San Jose has headquarters of various leading brands like eBay, Cisco, Adobe and SunPower. With the San Jose University, Santa Clara University, University of California, San Francisco University and Stanford University at ready reckoning, people from far and near are going to this city in Santa Clara County in search of career and education. High economic growth is accompanied by search for San Jose homes because many people who come here plan to settle down even though the cost of living is quite high in the city.

It has been a buyer’s market in San Jose real estate sector for some time now. If you want to buy San Jose homes, this could be the right time for you as the prices are negotiable and there is a chance for you to land a deal which is affordable and attractive at the same time. Make sure that you visit them personally in order to get the flavor of the neighborhood where it is situated and check out whether the condition of the house.

San Jose homes are available websites such as www.carolpefley.com.  Many of them are sellingasn short sales. Look for them when you are intending to invest in homes. As a realtor in the San Jose area I have a lot of experience in the local real estate deals. Selecting the proper neighborhood is important while buying a house.  As a realtor I can help you in getting the right home since I am well-versed in the localities and the neighborhoods where you can get good San Jose homes.   

The internet is the best place  to give you an idea of the various San Jose homes available for sale. Take a look around my website at www.carolpefley.com, you might find your next dream home.

Written by Carol Pefley

www.carolpefley.com

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How to Sell Real Estate in San Jose

San Jose is the third largest city in California. San Jose is the largest city in the San Francisco Bay Area. Some exciting places to visit include a number of museums, Raging Waters which is the largest water park in the Bay area and Santana Row, which is a shopper’s paradise. San José has a world-renowned quality of life, offering a wide variety of exciting cultural, recreational, educational and entertainment opportunities. Also the city has the nation’s best public safety record of any metropolitan area, a marvellous ethnic diversity and a beautiful climate; reasons which have led to more and more people settling down there and hence a flourishing real estate in San Jose CA.

If you are planning on selling your property in San Jose CA, the first thing you should ask is “how much is my home worth?” Up to date information on CA real estate gives you the best chances of selling your home. You could log on to real estate websites such as www.carolpefley.com,  and do some research first before hiring a real estate agent to list your home. 

A realtor can help you sell real estate in San Jose CA. Since realtors come with experience they can help you get the best deal in the shortest period of time. Their marketing plan can give your home optimum degree of visibility in short order. They can bring the best marketing and negotiation skills to the table. They work very closely with you to make your property more marketable, helping you to price it correctly, qualifying buyers and reviewing the offers. They help you to minimize the stress with clear accountability and regular progress reports.

 Successfully selling real estate in San Jose CA requires a lot of consideration to the condition of the house. All the cleaning and prepping can be worth the effort. There are also things to consider while getting a service from a realtor. The seller is the one who pays for the realtor and not the buyer; these are the most important things you should know.

Written by Carol Pefley

www.carolpefley.com

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Homes for Sale in San Jose CA

 San Jose in California is the third largest city of the State. In the entire US, it is the 10th largest city and is located in south of San Francisco bay. It is home to about 7.5 million people and when it started of, it was more of an agricultural land. The quality of life and the various opportunities it offers is world-class. San Jose has a proud record of superb public safety, pleasant climate and various ethnicities. In the real estate sector, there are many new homes for sale in San Jose CA. Due to the vast land use by the city’s commercial and industrial sectors there is an increased land re-development that has taken place. This has led to land being used for large scale home construction. From townhomes, condos to villas, there are a whole variety of homes for sale in San Jose CA.   

If you are looking for homes for sale in San Jose CA, you can start out by looking at my website link below.

Listings usually include the description of the site on sale, its neighbourhood, area map, photos of the property, area size and the sale price. You will get the benefit of choosing from new or old homes for sale in San Jose CA.  

My website also offers online user-friendly search tools, to make your search faster and comprehensive.           

Some things to keep in mind while looking for your next home is doing your research:  The very first one is the budget you have decided for the home purchase. The amount of investment that you want to make will largely influence your decision making process. The second thing is the location of your choice. The price of the place will vary, depending upon the location. The third point includes the specific features of the house that you may be on the look out. If you are unable to find each of these conditions fulfilled at one place, then you need to find a harmonious balance between all of them.  

Written by Carol Pefley

www.carolpefley.com

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