|
MAMB
News> NAMB
News You
Need to Know
September
2007
| October
1, 2007 Deadline Approaching
Last
December, the Federal Reserve Board
and the Office of Thrift Supervision
announced the release of a revised Consumer
Handbook on Adjustable-Rate Mortgages
(the CHARM booklet), which provides
information to consumers about the features
and risks of such loans. On Monday,
October 1, 2007 creditors must beginning
using the revised CHARM booklet to comply
with Regulation Z. To view an electronic
copy, click
here.
Up
to 100 copies of the brochure are available
free of charge from: Publications, Mail
Stop 127, Federal Reserve Board, 20th
and C Streets, N.W., Washington, DC
20551; 202-452-3245.
|
NAMB’s
Harry Dinham Testifies Before the U.S.
House Financial Services Committee on
FHA and Foreclosure Assistance
On
Thursday, NAMB Past President Harry Dinham,
CMC testified before the House Financial
Services Committee at a hearing entitled
"Legislative and Regulatory Options
for Minimizing and Mitigating Mortgage
Foreclosures." Dinham urged Congress
to take steps to enable Fannie Mae, Freddie
Mac, and the Federal Housing Administration
(FHA) to provide much-needed assistance
to homeowners facing eminent default or
foreclosure. “Temporarily lifting
Fannie Mae and Freddie Mac’s portfolio
caps will inject necessary liquidity into
a distressed market and help make financing
more available and affordable for countless
homeowners, especially those living in
high-cost areas. Moreover, increasing
the limits for GSE conforming loans and
FHA loans in high-cost areas, coupled
with elimination of the FHA down payment
requirement, will greatly expand the opportunities
for these entities to reach the first-time,
minority, and low- to moderate-income
borrowers their respective programs are
intended to serve.” |
NAMB
President Hit the World Airwaves Last
Week With Live Interviews on CNN, CNBC,
& BLOOMBERG TV
NAMB
President George Hanzimanolis led the
charge on a two-day media blitz that included
on-air interviews on CNN International’s
“World Business Today”, Bloomberg
TV, and MSNBC’s “Closing Bell
with Maria Bartiromo”. On topics
ranging from the Fed rate cut to raising
FHA and GSE loan limits and assisting
troubled borrowers, Hanzimanolis praised
government efforts to ease the credit
crunch and help calm the home financing
market. “Tightened credit has kept
many first-time homebuyers from entering
the market,” he said. “Although
we have already begun to see the market
correct itself, the Fed’s move will
help restore investor confidence in the
industry and that is what is needed now.”
He also praised proposals to increase
the loan limits set for FHA and the GSEs
in high-cost areas such as California
and Florida. “It has been years since
these limits were originally set,”
he said. “They need to be updated
to reflect prices at this time.”
In addition to the NAMB President, NAMB
President-Elect Marc Savitt, Vice-President
Jim Pair, and EVP Roy DeLoach all participated
in the media blitz. Tune in tomorrow for
more news of those meetings. |
| MAMB
would like to thank it's Gold Partners in
Education for their continued support: |
|
720
Light St., Baltimore, MD 21230
TEL: (410) 752-6262 | FAX: (410) 752-8295
EMAIL: MAMB@assnhqtrs.com
|
