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Your May Message from C.A.R. President Steve Goddard

Steve Goddard - 2010 C.A.R. President

Steve Goddard - 2010 C.A.R. President

Dear C.A.R. Member,

Greetings from Washington, D.C.! This week, your Leadership Team and I are in our nation’s capital, meeting with California’s congressional delegates and representatives from leading housing industry groups, including Fannie Mae and Freddie Mac, HUD, the Mortgage Bankers Association, and others. Tomorrow, we’re meeting with Senator Boxer’s Chief Economic Advisor, Marcus Stanley, and Housing Coordinator Jeff Moscovitz. On Thursday, we’ll meet with FHA Commissioner David Stevens, and on Friday with Grace Cooper, the acting director of the Veterans Administration, and Bill White, the VA’s loan service supervisor.

What happens in Washington has far-reaching implications for the housing market back home in California and its impact reverberates through all facets of the real estate industry, including our own. That’s why it’s more important than ever to become involved in the political process. Our goal in Washington is to make certain that our interests are represented, and that our voices are heard, before elected officials craft legislation impacting our industry.

This is a busy time of year in the legislative arena, on both the national front and in California. Following our federal lobbying trip, nearly 2,000 REALTORS® will converge in Sacramento on June 9 for the Association’s annual Legislative Day activities. Legislative Day is a great way to meet face-to-face with your state legislators to discuss the issues that affect our industry — and your livelihood — the most. Assembly Speaker John Pérez and Senator Dennis Hollingsworth are set to kick off the Morning Briefing, followed by opportunities to meet with your own elected officials in the afternoon.

If you’ve always wondered how Sacramento works, or what elected officials really do, this is your opportunity to find out firsthand. If you’ve never participated, I hope you’ll consider doing so this year – please add your voice with that of other REALTORS® and join us.

Continue reading: Your May Message from C.A.R. President Steve Goddard

FHA 90 Day Anti-Flipping Rule Waived

FHA 90-day anti-flipping rule waived The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days. That rule already has [...]

10 to Watch in 2010

Will 2010 be a year of recovery or double-dip recession? What’s on the horizon that may change the way you do business next year? Here are the developments and personalities we’ll be watching.

1. FHA Under New Command
When the FHA announced in late September that it was hiring a chief risk officer—for the first time in the agency’s 74-year history—it was taking preventive action. The agency had seen the market share of FHA-insured mortgages grow to almost 40 percent from about 4 percent four years ago, and its new chief, David Stevens, was not taking any chances with financial safety. When the agency’s capital-to-insurance ratio had dipped below 2 percent in one of its reserve accounts, Stevens—a veteran mortgage and real estate executive who has held key posts at Wells Fargo, Freddie Mac, and Long & Foster—immediately took steps to assess and manage FHA’s risk. The government insurer hasn’t had a major technology upgrade or staff increase in more than a decade, yet demand for the FHA’s stabilizing presence continues to grow. Can Stevens meet the demand without jeopardizing safety and soundness? Given the no-nonsense steps he’s taken to shore up his agency’s credit position, the answer appears to be yes.

Continue reading: 10 to Watch in 2010