I’m starting to sense something of a theme in some recent news pieces about the housing market. Consider the following quotes from two recent articles (emphasis mine). Reuters, June 22: Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the…
Tag: Appraisals
Cramdowns Rejected by Senate, Appraisals Insulated from Banks
Two good news stories on the national front that are worth sharing this morning. Story 1: Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk The U.S. Senate rejected a measure that would let bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the legislation would increase…
Short Sale Impact on neighbors: Appraisers please advise.
For many newer homeowners, this is the first correction they have experienced. I’ve been asked a question about short sales in an e-mail. It is a good question for both agents and appraisers to answer. It is presented as follows: Appraisers, please chime in. Fake Scenario: A home is sold as a short sale. It…