Nenita Dasalla- Single Family Residence Real Estate Sales Consultant

The New York Times

Those who have issues with their mortgage lenders now have another place to take them: The Consumer Financial Read the full story
http://www.nytimes.com/2012/01/29/realestate/mortgages-on-troubleshooting.html?_r=1&ref=realestate

A study by the Government Accountability Office (GAO) found that the Appraisal Subcommittee, which oversees the appraiser regulatory programs established by the states, needs to improve its monitoring procedures.

“These findings underscore the need to establish an effective oversight system to ensure that appraisals accurately reflect true market values and don’t harm aspiring home buyers or builders,” said NAHB Chairman Bob Nielsen.

A recent NAHB survey shows that one out three builders have lost signed sales contracts because of flawed appraisals, and a fall survey conducted by NAR shows that 18 percent of REALTORS® reported a recent contract cancellation or delay as a result of a low appraisal.

Numerous flaws in the appraisal system are causing inaccurate home valuations, both in times of housing weakness and strength. Industry groups been actively seeking improvements in appraiser education and training, particularly for appraisals of new homes, as well as more rigorous oversight so appraisal guidelines are enforced and errors can be corrected as they occur.

The GAO report found the Appraisal Subcommittee’s “enforcement tools and procedures for reporting compliance levels have been limited.” The GAO cited “several weaknesses” that have potentially limited the subcommittee’s ability to monitor state appraiser regulatory agencies, the federal financial institution regulators and the Appraisal Foundation, a private, non-profit corporation that sets criteria for appraisals and appraisers.

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San Diego Union-Tribune
The number of loan servicers taking part in a state mortgage-aid program continues to grow roughly one year after its launch.  The Keep Your Home California program now has 55 participating mortgage servicers, up from 21 in June.
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http://utsandiego.com/news/2012/jan/10/more-lenders-added-calif-mortgage-aid-program/

By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a national survey conducted on behalf of the National Association of Home Builders.  The survey gauged voters’ attitudes towards homeownership and housing policy issues.

The poll shows that three out of four voters – both owners and renters — believe it is appropriate and reasonable for the federal government to provide tax incentives to promote homeownership. This sentiment cuts across regional and party lines.

Highlights of the survey include:

• Two-thirds of respondents say that the federal government should help home buyers to afford a long-term or 30-year, fixed-rate mortgage.
• Nearly 75 percent of voters oppose eliminating the mortgage interest deduction.
• Sixty-eight percent would be less likely to vote for a congressional candidate who proposed to abolish the deduction.
• Ninety-six percent of homeowners are happy with their decision to own, and 84 percent who are “underwater” expressed the same sentiment.
• Job uncertainty and saving for a downpayment and closing costs are the biggest barriers to buying a home.

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In most cases, it is easier to qualify for a home mortgage by applying with another person – be it a spouse or partner, or even a close friend or sibling.  But problems may arise if the other person’s credit score is less than stellar.
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http://www.nytimes.com/2011/11/27/realestate/mortgages-when-a-co-borrower-has-poor-credit.html?_r=1&ref=realestate