Reform of Fannie Mae & Freddie Mac – Homeownership & Equity Protection Act

1.  

   1. After 12 years of Republican control, the Republicans failed to enact meaningful reform of Fannie Mae and Freddie Mac.

2.  

   1. In 1994 the Democratic Congress passed the Home Ownership & Equity Protection Act (HOEPA).

The Truth versus the Republicans on the Regulation of Subprime Mortgages and Fannie Mae and Freddie Mac

The Homeownership & Equity Protection Act

1. That law included a host of consumer protections for high-cost mortgages and specifically required that the Federal Reserve issue rules to stop abusive lending practices.
1. During the 12 years of Republican control – which included the subprime housing bubble at the heart of our current economic crisis – no regulation was ever enacted under that authority.
1. Former Fed Chairman Greenspan was asked numerous times to issue rules (including internally by Former Governor Ed Gramlich) but refused on ideological grounds.
1. Republican ideologues have long thwarted mortgage and consumer protection.
1. Only after the Democrats took control of the Congress and initiated specific legislative reforms (H.R. 3915) did Federal Reserve Chairman Ben Bernanke finally issue regulations under the very authority they have had since 1994.

Reform of Fannie Mae & Freddie Mac

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Central Florida Appraisals Property Valuations – Real Estate Appraisal Central Florida

Property appraising historically has taken three approaches:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Capitalization Approach

Motivations for acquiring an appraisal are to obtain financing when buying property, determine the appropriate price when selling, to gauge the amount of tax one should pay based on valuation, and as an investor to stay current with market.

Beyond the intangible benefits of material comfort, pride, and security that come from owning real estate is the permanence of land and the attachments thereon. Unlike other assets and investments, land and property tend to appreciate in value, particularly in the state of Florida.

The financial benefits of owning your own home, possessing rental income from investment properties, and capital gains from accrued appreciation over time all make real estate a noteworthy investment be it for family or financial reasons. Nevertheless the speculative nature of anything so commonly owned and so readily emotionally invested in as well give room for fluctuating values based on what the market will bear.

When snow birds and Europeans on vacation in Florida suddenly began buying second homes in the sunshine state, prices began to go up. Years later prices are beginning to level out and decline as the economy slows. Such are factors and variables that effect property values.

Within the residential market, the sales comparison approach is the one most commonly used. This is the approach most counties and municipalities use when assessing home values when it is time to collect property taxes every year. By no means is the use of the cost approach a surprise, considering local governments usually find it increases annually when they collect property taxes.

Knowledgeable homeowners and savvy investors employ property appraisers to help them in the buying, selling, and refinance process as doing so has proven both profitable and prudent.

Paul Davis is Central Florida’s favorite and most reputable property appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A builder for over twenty years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.

Paul’s company Midstate Appraisals serves Central Florida (Lake, Orange, Seminole, Osceola, Sumter and Davenport in Polk counties).

Contact Paul Davis and Midstate Appraisals for your next appraisal:

Office: 325-242-9973

Cell: 352-636-6672

Fax: 352-242-4912

midstateappraisals@earthlink.net

http://www.midstateappraisals.org