February 16th, 2009 categories: Home Ownership
JPMorgan and Citigroup announced last Friday that they would temporarily halt their foreclosures while they wait for the government to finalize some of its foreclosure relief package. The foreclosure relief package was a portion of the $700 billion under the Troubled Asset Relief Program (TARP) and was outlined by Secretary of the Treasury Tim Geithner as being in the neighborhood of $50 billion. The detail of the plan expected to be worked out by early March.
Citigroup will hold off on foreclosures effective February 12th and will do so until either March 12th, 2009 or until the government finalizes all the details of its foreclosure relief package (whichever comes first). JPMorgan will hold off on its foreclosures until March 6th (extending a program they had initiated last year).
| Discussion: 3 Comments »
November 14th, 2008 categories: Home Ownership
The city of Minneapolis and the city of St. Paul will be the first 2 cities to pilot the National First Look Program, which “coordinate the transfer of real estate-owned properties from financial institutions nationwide to local housing organizations, in collaboration with state and local governments”. Basically allows communities to purchase foreclosed homes from banks participating in the program after the redemption period, but before they come on the market for public sale. Should be a great way for some cities to attempt to “reclaim” some of the neighborhoods that have been devestated by the current run of foreclosures recently. City of Minneapolis website has a good ‘press release’ with some more info on The First Look Program.
| Discussion: No Comments »
August 5th, 2008 categories: Home Ownership
Last Wednesday, President Bush signed H.R. 3221, the “Housing and Economic Recovery Act of 2008″ into law. There are a bunch of items involved in this bill that may affect you as a current homeowner or a potential homeowner. Here at The Don Edam Group, we’re going to spend the next 4 days pouring through the bill with you to give you the ‘ins and outs’ of each of the key provisions withing the bill. We will begin this afternoon with a tax credit given out to certain first time home owners who qualify. Stay Tuned…
| Discussion: No Comments »
July 23rd, 2008 categories: Finances, Home Ownership, Mortgages
There might be a bit of overacting in this video 
, but nonetheless, if you’re interested in the latest Housing Stimulus Bill and where the National Association of Realtors stands, here’s your update…
NAR President-Elect Charles McMillan sits down with NAR Chief Lobbyist Jerry Giovaniello to discuss the importance of the Housing Stimulus legislation currently pending on Capitol Hill.
| Discussion: No Comments »
