The report reveals a continuing argument with the U.S. Treasury over how much information should be disclosed by recipients of the money.  Some 83% of the 360 recipients surveyed by the SIGTARP team said they had used funds from the government for lending.  That may provide a boost to both the banks and the Treasury after a week in which Goldman Sachs, one recipient of Tarp funds, encountered criticism for preparing to pay large bonuses. Forty-three per cent said they had bolstered their capital cushion, 31% made other investments-such as mortgage-backed securities-14% repaid debt and 4% made acquisitions.
 
There was no independent verification of the responses. Herb Allison, the former chief executive of Fannie Mae, said in a letter in the report: “It is not possible to say that investment of Tarp dollars resulted in particular loans, investments or other activities by the recipient.”

The California Foreclosure Prevention Act adds an additional 90 days to the time before which a lender can file a Notice of Trustee Sale. This law was widely believed to have little or no impact on foreclosure filings, as it exempted the majority of large lenders that operate in the state. A number of lenders appear to have self-imposed California’s latest foreclosure moratorium on themselves, despite having received an exemption from it. Given the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by nearly 50 percent the day the new law went into effect.

The Fair Mortgage Collaborative has recently been formed to provide protection to homebuyers.  This collaborative is made of of groups such as the Ford Foundation, the Consumer Federation of America, Acorn Housing, and the Center for Responsible Lending.The Collaborative will certify that lenders meeting five standards of conduct are “fair and safe”, including a ban on predatory lending practices. 

In addition, certified lending organizations, such as BECU (Boeing Employees’ Credit Union), Prime Alliance Solutions, Federation of Appalachian Housing Enterprises, Inc., Mortgage Grader and Clearinghouse CDFI, will offer the new FMC-certified “fair and safe” mortgages from coast-tocoast.
 
FMC’s current crop of certified lending organizations provide mortgages currently totaling $520,000,000 per year. That level is expected to double or more in the first year of the program, with further growth anticipated as the demand for mortgages that are certified “fair,” “safe” and non-predatory takes hold.

The delay created an obstacle to jump-starting the housing market because most first-time buyers (the ones who would buy much of the available inventory) have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
 
The mechanics of the new program, according to NAHB Economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. Homebuyers must still come up with FHA’s mandatory downpayment of 3.5% on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.
 
The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.

Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low rates overall, which don’t rise if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with good incomes may find them attractive.
 
FHA loans still require a pre-settlement inspection of the home, but the process isn’t nearly as arduous as it once was, says George Hanzimanolis, past president of the National Association of Mortgage Brokers.

Is this an avenue worth looking into when considering a purchase?  It’s definitely worth talking to a mortgage banker about.

The Altos 10-City Composite Price Index increased by 1.1 percent during both March and the first quarter of 2009. Prices of properties listed for-sale increased in 18 of 26 major markets, according to the Real-Time Housing Market Report, jointly published by Altos Research and market analysis consultancy Real IQ.
 
Asking prices fell at the fastest rate during March in Salt Lake City, followed closely by Las Vegas – down 4.0% and 3.9% respectively. Listing prices of single-family homes rose at the fastest rate in San Francisco-up 3.8% in March.  Prices in seven markets-New York, Boston, Houston, Los Angeles, San Diego, Miami and Charlotte-are now showing three months of sequential listing price increases.

There will be two separate detours during the closures.  During this construction period, closures will alternate between the east and the west bound directions:

• Large trucks, buses and RVs will detour onto the Highway 20-49 corridor
• Passenger vehicles will be detoured using Rollins Lake Road

Both detours will be clearly marked.  This schedule is subject to change due to inclement weather.

For more information including dates and times of closures, please visit  www.GetAcross80.com.

The east bound detour  is scheduled to start at the Rollins Lake exit near Colfax into Highway 174 and end at approximately Secret Town where it reenters I-80.  Trucks and RVs east bound will turn into Highway 49 at Auburn and then turn right into Highway 20 following it to Emigarnat gap where it will reenter I-80 at approximately Emigrant Gap.

In a slower real estate market, homebuilders are especially sensitive to incentives that catch potential buyers’ interest. Buyers have been showing up at new home open houses where the homes feature solar power. Part of the response is curiosity; part of it is a growing desire to decrease energy costs in their new homes.

Retrofitting a home with solar power equipment is costly, of course, even though it holds out the eventual promise of paying for itself (often in roughly 20 years) and providing the homeowner with the pleasure of selling electricity back to the local utilities.  In many cases, the cost of purchasing of solar power equipment is reduced by local, state and federal energy-saving programs.

The possibility of buying a new home that is fully equipped for solar power, though, lessens the sense that the buyer is paying a premium for the equipment. Some builders are using the equipment as much as they use incentives like free landscaping—and buyers are responding with great interest.

Here are the basics:

• Front yard and porch. Mow the grass and keep it green. Keep the porch immaculate – no dirt or bugs.
• Mulch all the beds. Flowers and shrubs help, but if the owner can’t afford anything else, mulch will do the trick. 
• Paint will pay off. Covering everything with a fresh coat of paint – preferably a neutral color – will help the house sell. Freshening up the front door is particularly important.