North Redington Beach FL – Great penthouse in a gated waterfront community with over 1300 feet of sandy beach. This beautifully decorated and completely furnished three bedroom penthouse has wonderful direct views of the Gulf of Mexico. This unit has over-sized tile in the living areas. The kitchen has upgraded wood cabinets with granite counters. This beautiful unit has neutral beach colors throughout. There is a large balcony off the living room and master bedroom where you will watch sunsets each day. The complex has a fitness room, billiard room and club room. You can truly relax and unwind in your beautiful penthouse on the beach.

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Clearwater FL – Carol Browner, Assistant to the President for Energy and Climate Change, reports on the Gulf Oil Spill from The White House.

 

"I'm pleased to report that no oil has leaked into the Gulf of Mexico since July 15, and because of the progress we’ve made capping the well, we don't anticipate that any additional oil will spill into the Gulf.  We also have new information about the effectiveness of the Federal Government’s response to the spill: Recently, government scientists released a report stating that the vast majority of the oil that spilled into the Gulf has evaporated, skimmed, burned off, been recovered from the wellhead or dispersed."

 

As many of you already know, Clearwater Beach is 630-MILES south of New Orleans and has NOT experienced any oil from the spill, so if you have been waiting to hear the spill is over, then:

 

THE SPILL IS OVER – come visit Clearwater Beach Florida.

Check out the seafood feast: http://www.whitehouse.gov/saints-seafood?utm_source=email72&utm_medium=ps&utm_campaign=gulf

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Clearwater FL – Florida to receive about $239-million in what is called a new Emergency Homeowner Loan Program to help struggling unemployed homeowners to help avoid foreclosure.

States that have already benefited from previously announced assistance under the Hardest Hit Fund may use these additional resources to support the unemployment programs previously approved by Treasury or they may opt to implement a new unemployment program. States that do not currently have Hardest Hit Fund unemployment programs must submit proposals to Treasury by Sept. 1, 2010 that, within established guidelines, meet the distinct needs of their state.

“We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment,” said Assistant Secretary for Financial Stability Herb Allison. “This is part of the Administration’s comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels.”

“HUD’s new Emergency Homeowner Loan Program will build on Treasury’s Hardest Hit initiative by targeting assistance to struggling unemployed homeowners in other hard hit areas to help them avoid preventable foreclosures,” said Bill Apgar, HUD Senior Advisor for Mortgage Finance. “Together, these initiatives represent a combined $3 billion investment that will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the Administration’s efforts to stabilize housing markets and communities across the country.”

President Obama first announced the Hardest Hit Fund in February 2010 to allow states hit hard by the economic downturn flexibility in determining how to design and implement programs to meet the local challenges homeowners in their state are facing. Under the additional assistance announced, states eligible to receive support have all experienced an unemployment rate at or above the national average over the past 12 months. Each state will use the funds for targeted unemployment programs that provide temporary assistance to eligible homeowners to help them pay their mortgage while they seek re-employment, additional employment or undertake job training.

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The Obama administration plans an Aug. 17 conference to discuss ways to fix the country’s “broken” housing-finance system and intends to submit a proposal by January to overhaul Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac guarantee more than $5 trillion in mortgages and hold $1.6 trillion in agency loans and other securities in their portfolios. 

Government-controlled mortgage giant Freddie Mac is requesting $1.8 billion more in federal help after a larger second-quarter loss. Freddie Mac lost $6 billion, or $1.85 per share, from April through June, the firm announced Monday. Those losses include $1.3 billion the company is required to pay the Treasury Department, representing a 10 percent annual dividend. During the same period last year, the company lost $840 million. 

On Thursday, Fannie Mae asked for an additional $1.5 billion after posting a $3.13 billion loss, although its losses shrank dramatically in the second quarter, down from $11.5 billion in the first quarter.

Both companies, which own about half of the nation's mortgages, about 31 million, were rescued by the government from the edge of collapse almost two years ago. They've needed more than $149 billion to stay in business, including $63.1 billion used by Freddie Mac and $86.1 billion for Fannie Mae, including the second-quarter request. 

Fannie and Freddie faced political pressure and got an added push from Wall Street during the housing boom to expand home ownership to back riskier loans. Both companies have blamed their losses on bad loans they backed between 2005 and 2008. 

See full article: http://www.bloomberg.com/news/2010-07-27/obama-to-hold-aug-17-housing-conference-on-ways-to-repair-fannie-freddie.html

August 5, 2010

 

 

As I have previously stated in my testimony before Congress, FHA will lower its upfront premium simultaneously with the increase to the annual premium¹. It is our intention that effective on September 7, 2010, FHA’s upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years². A Mortgagee Letter will be forthcoming once President Obama signs the bill into law, but with today’s passage of H.R. 5981 and our expedited implementation schedule, I wanted to immediately inform the industry of our plans so the lending community can begin preparing for the operational and system changes required to implement FHA’s new mortgage insurance premium structure on all new case numbers by September 7, 2010.

 

With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market.

 

While we appreciate and applaud this recent action, there is still work to be done. HUD remains steadfast in its commitment to comprehensive FHA reform legislation, similar to the FHA Reform Act passed earlier this year by the House, which would further enhance FHA’s lender enforcement capabilities and risk management efforts. We hope Congress will take swift action to pass a broader FHA reform bill when they return from the August recess. FHA’s risk management efforts will not be complete without the ability to monitor lender performance and ensure compliance with our rules.

 

Although the transition timeframe is short, implementation by September is critical. Thank you in advance for the efforts of you and your organization to make this change happen on such short notice. We appreciate your hard work and continued partnership.

 

¹The upfront and annual premium changes do not apply to the following FHA Programs: Title I, HECM, HOPE for Homeowners (H4H), Section 247 (Hawaiian Homelands), Section 248 (Indian Reservations), Section 223 (e) (declining neighborhoods), Section 238(c) (Military Impact areas in Georgia and New York).

² LTV’s <= 95% will increase to 85bps and LTV > 95% will increase to 90 bps"

 

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