September 2008 Archives

The President signed a $700 billion bailout package in response to the continuing credit crisis.  Members of Congress are hopeful that the measure will lead to the stabilization of the nation's economy heavily impacted by the subprime mortgage crisis.  For an explanation of the key provisions essential to the health of the economy and the real estate market,  click here.  

The National Association of Realtors® urged Congress this month to reform the Real Estate Settlement Procedures Act (RESPA) in a way that truly benefits home buyers by reducing costs, simplifying the closing process, and making closing cost disclosures more consistent and understandable.  NAR expressed concern in testimony before the House Financial Services Subcommittee on Oversight and Investigations over the current U.S. Department of Housing and Urban Development proposal for RESPA reform with respect to the new four-page Good Faith Estimate (GFE).  "The new four-page Good Faith Estimate (GFE), along with the closing script and other changes, will cause additional confusion, reduce the incentive to shop but raise the prices for settlement services," said T. Anthony Lindsey, a Realtor® broker-owner from Charlotte, N.C., who spoke on behalf of NAR.  "Replacing a two-page GFE with a four-page GFE is not simplification."

NAR and the Center for Responsible Lending have recommended that HUD develop a one-page summary GFE to help buyers comparison shop, accompanied by a full GFE that includes all closing costs to reduce confusion. NAR also supports improved disclosures of mortgage terms and settlement services.  For more information, click here . 

Loudoun County's Commissioner of the Revenue Robert Wertz met with members of DAAR's Government and Political Affairs Committee meeting on Wednesday, October 1st at 10:00 a.m.  The Commissioner of the Revenue, one of Loudoun's five constitutional officers elected by Loudoun citizens, administers individual and business property taxes, business licenses, a real property tax relief program and provides state income tax filing assistance.

Commissioner Wertz discussed the Business, Professional & Occupational License (BPOL) rates, percentage of total local taxes by source, including real property, and his office's program on real property tax relief for the elderly and disabled.  For a copy of his presentation,