2/11/2009
Bad NEWS… SERIOUSLY…
Back in July of 2008… I sat at the computer like a good studious asian kid and actually READ the dam…. “Housing and Economic Act of 2008″
I’ve been protesting things like HVCC etc etc…
Check out this video
Now we got this other dam issue back on the blocks… and us “real estate professionals” MUST come together…
So listen… Here’s the deal…
HUD is trying to ELIMINATE OWNER FINANCING!
This will kill the market… How? Simple… markets is still dropping and lending is getting tighter..
Now add NO OWNER FINANCING to the mix? Disaster…
I was up until 3am reading the dammmm thing last night…
Read it and comment… voice your opinion TODAY!
Click HERE =========>>>
http://www.regulations.gov/search/Regs/home.html#documentDetail?R=0900006480a6b033
Side Note
History:
As you may recall, we lobbied hard last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc… However, that law was passed subject to the Department of Housing and Urban Development’s (HUD) approval of the law as “compliant” with the intention of the federal law. If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state. HUD has since issued proposed rules. In a nutshell, seller financing would no longer be allowed for non-owner occupied homes.
How YOU can help:
We learned about the publishing of the rules very late in the process… and the deadline for comment is upon us on February 16. However, we desperately need for thousands of REIA members across the country to go on record with HUD on this issue. We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. This is your chance to be counted on this issue.
PLEASE SUBMIT YOUR COMMENTS TO HUD! We have less than one week to flood this system with comments.
Jeff
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