Reno Nevada Property In Distress As Of February 9th 2010
February 12, 2010
Due to the fact that the status of these properties changes frequently, please refer to local MLS or agent to verify if property is listed or sale pending. The information provided is deemed reliable, but is not guaranteed.
Curtis Berger
Coldwell Banker
www.TahoeRenoPropertyGroup.com
775-830-0701 Cell
cptcurt@attglobal.net
Licensed in California and Nevada
Incline Village/Lake Tahoe Bank Foreclosures & Short Sales
October 25, 2009
Incline Village/Lake Tahoe Bank Foreclosure & Short Sale List as of 10/24/09
Washoe County Nevada Housing Sales-2nd quarter 2009
September 28, 2009
Curt Berger
Realtor
Licensed in California and Nevada - Specializing in the Monterey Peninsula and Lake Tahoe
A Proposed Reboot For Fannie And Freddie
August 9, 2009
A Proposed Reboot for Fannie and Freddie
Filed under: Breaking News, Economics, Mortgage Financing, Politics & Government
By Brian Summerfield, Online Editor, REALTOR® Magazine
A proposal to take Freddie Mac and Fannie Mae’s bad assets off the books and restructure the two organizations is scheduled for discussion at the White House’s National Economic Council today. A central part of the plan is the creation of a permanent, government-supported “bad bank” that would always be there to back up Fannie and Freddie by absorbing any toxic debts. (This idea originated with James Lockhart III, the chief regulator of the two companies and head of the Federal Housing Finance Agency, who recently announced that he’ll be stepping down from that role at the end of this month.)
Proponents of the move say this would shore up the organizations and get them funding mortgage loans again, which they haven’t been doing much of since their near-collapse in the summer of 2008. (The Federal Housing Authority has stepped up to fill some of the vacuum left by this breakdown in the mortgage lending system.) By reducing both bad assets and risk, Fannie and Freddie would be in a position to resume their roles as the prime movers of the mortgage market, which would in turn boost the housing sector and, ostensibly, the entire economy.
However, there are potential problems with the plan. For one thing, it’s going to mean a large and enduring government presence in mortgage lending. While Fannie and Freddie were created by the feds, they were both run as private institutions with a considerable level of autonomy prior to last year, when the market bust led to a government takeover.
With this new set up, “ownership” of Fannie and Freddie likely wouldn’t change, and government involvement in the operations of these organizations probably would increase. Free-market advocates would argue that transferring control of the mortgage lending system from the private sector to government hands is a perilous proposition, and would invite inefficiency and mismanagement. (Of course, backers of this approach could argue that Fannie and Freddie were mismanaged during the height of the housing boom, when they were privately operated.)
Also, there could be problems that stem from moral hazard. Essentially, borrowers might be more inclined to take on mortgages they can’t really afford and default on those loans — and lenders might be willing to take more chances on unfit borrowers — in a “bad bank” system that everyone knows is ultimately propped up by tax revenues.
Whether you’re in favor of this proposal or not, there’s really no disputing that major changes to Fannie and Freddie are necessary. In fact, we’ve written about the need for an overhaul before.
Our question for you: Do you think wiping Fannie and Freddie’s slate clean and giving them a dumping ground for their toxic loans is a good move? Or should there be some other combination of regulation and restructuring? Or should the organizations have to climb out of the hole they’re in on their own, and accept a reduced role in mortgage lending for the foreseeable future?
Comments
How To Get The First-Time Home Buyers Tax Credit
August 8, 2009
How to Get the First-Time Home Buyer Tax Credit
You’ve decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here’s what you have to do to get your benefit:
- Close on your home purchase by November 30, 2009,
- Ensure that you are a qualified first-time buyer under IRS guidelines,
- Decide which year to file under, 2008 or 2009,
- File an amended 2008 return or choose to apply the credit to your 2009 tax return.
Breaking News: Tax Credit Can Be Used on Closing Costs (REALTOR® Magazine).
Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible:
You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you’ve already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
If you anticipate a drop in income next year:
You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).
Your Next Steps
Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:
- Fill out Form 5405 to determine the amount of your available credit, and
- File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.
