February 6th, 2009 12:28 PM by Robin Bain
Now this from Sen. Charles Schumer, D-N.Y., THIS GUY JUST DOES NOT GET IT!!!!!!!!!!!!!!!!! TAKE ACTION!!!!!!!!!
By Dana Bain General Mortgage Discussion
GOP Continues to Push for a 4% Mortgage BuydownSenate Republicans are trying to revive and refine an interest rate buy-down proposal that would create a 4% mortgage even though the Senate shot down the language on a 35-62 procedural vote. The original buy-down amendment offered by Sen. John Ensign, R-Nev., provided low-rate mortgages to 40 million borrowers at an estimated cost of $300 billion. A majority of senators refused to waive budget procedures to add such an expensive program to the economic stimulus bill. In opposing the Ensign amendment, Sen. Charles Schumer, D-N.Y., said it would not help borrowers with underwater mortgages, adding that a refi surge would not reduce the glut of unsold homes on the market. "It is a totally flawed proposal," he said. One source said Sen. Ensign might pare down the buy-down program and possibly limit it to homebuyers. Sen. Patty Murray, D-Wash., is expected to offer an amendment on Friday that raises the maximum loan limit on Fannie Mae, Freddie Mac and Federal Housing Administration loans back to $729,750 for the rest of this calendar year. A similar loan limit provision is contained in the House-passed Economic Stimulus bill. -----------------------------------------------------------------------------------------Fellow Mortgage Colleagues YOU NEED TO TAKE ACTION ASAP!!!Between this concept by Sen Charles Schumer and the Home Value Code of Conduct.This guy does not get it!!!!!!!!!!!!!!!!!Support NAMB TODAY Join if your not a member and DONATE TO FIGHT THE FIGHT.
Write your Representative TODAY!! Let your clients know what Sen Schumer is doing...Let the MEDIA know.. Most of All Take ACTION……
Premiere Mortgage Services Inc.
Save Your Business!
On January 16th, NAMB President Marc Savitt, CRMS issued a call to all NAMB members and members of the real estate and appraisal industries to support NAMB’s efforts against the Home Valuation Code of Conduct (HVCC) as agreed upon by the GSEs (Fannie Mae and Freddie Mac) and New York Attorney General Andrew Cuomo. NAMB urges you to join the fight to prevent the HVCC from taking effect. With your support, NAMB will be taking legal and legislative action to stop the HVCC. Should the HVCC take effect, lenders will no longer accept any appraisal report completed by an appraiser selected, retained, or compensated in any manner by any third party, including mortgage brokers. Please make a donation today to protect your profession! Click here to donate today!For a copy of the e-mail sent to all NAMB Members, click here.For a copy of the e-mail that can be sent to real estate agents, click here.For a copy of the e-mail that can be sent to appraisers, click here.