HR 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, would create a national licensing system for mortgage loan originators and require lenders to determine that borrowers have a reasonable ability to repay a loan. The bill would also create limited liability for companies that bundle mortgages for sale to Wall Street investors.
Critics say incentive payments to loan originators, such as yield spread premiums paid to mortgage brokers, encourage originators to place borrowers in high-cost, subprime loans when they might qualify for more affordable prime loans.
But mortgage brokers maintain that banning incentives such as yield spread premiums would reduce the incentive for lenders to do business in poor neighborhoods that might otherwise be underserved.
As approved Nov. 6 by the House Financial Services Committee, HR 3915 prohibited prepayment penalties on subprime loans. Prepayment penalties on other loans were to be allowed, but were to expire three months before a rate reset.
Some lenders say prepayment penalties give them certainty that they will receive loan payments for a predetermined period of time. In exchange for that certainty, they are able to offer borrowers lower interest rates. Eliminating prepayment penalties will make it harder for borrowers to refinance existing loans that carry such penalties, critics of the bill said.
Friday, November 16, 2007
Thursday, November 15, 2007
$12 million for the Myrtle Beach boardwalk
Myrtle Beach's Downtown Redevelopment corporation board unanimously passed the proposal at Wednesday's meeting, which means the next step is to take the plan for a municipal improvement district to the city. Under the plan, the $12 million for the boardwalk, proposed to stretch from First Avenue North to 14th Avenue North, could be paid for one of five ways. Each option requires all business owners within the city to pay more in property taxes.
The corporation has divided the city into four zones: Zone 1 is from Sixth Avenue South to 16th Avenue North, from Kings Highway to the ocean. Zone 2 is from William Street (formerly 23rd Avenue South) to Sixth Avenue South, from Kings Highway to the ocean. Zone 3 is from the front gate of the former Air Force Base to William Street, from Kings Highway to the ocean. Zone 4 is the rest of the city.
Owner-occupied residences would be exempt from the MID.
The corporation has divided the city into four zones: Zone 1 is from Sixth Avenue South to 16th Avenue North, from Kings Highway to the ocean. Zone 2 is from William Street (formerly 23rd Avenue South) to Sixth Avenue South, from Kings Highway to the ocean. Zone 3 is from the front gate of the former Air Force Base to William Street, from Kings Highway to the ocean. Zone 4 is the rest of the city.
Owner-occupied residences would be exempt from the MID.
Wednesday, November 14, 2007
Penny Tax at work
The $19 million amassed to date is the beginning of the $425.5 million the county is expected to reap over the next seven years from the new tax. All the money will go to road widenings, interchange expansions, resurfacing, and paving dirt roads.
The dollar figure, the first money the county has received so far, covers proceeds from May through July, Gilland said. The additional tax is collected by the state, which then writes a check to the county.
The sales tax is slated to fund the paving of 100 miles of dirt roads and the resurfacing of 67 miles of other roads. The first 12 miles of resurfaced roads was finished in August, said Steve Gosnell, the county's director of infrastructure and regulation. Work will begin on the next 12 in 2008.
The paving of the first 20 miles of dirt roads is under way. Fifty roads will be paved in this first phase, and three of them are already under construction, said Rob Hamzy of RPM Engineers, which is overseeing the project.
The S.C. Department of Transportation is also working with the county to widen main roads and expand major intersections. Most of those projects will not be complete until 2013, said Mike Barbee, a program manager with the DOT.
They include constructing an overpass at U.S. 501 near Aynor, building an interchange at S.C. 707 and U.S. 17 Bypass, widening Glenns Bay Road and widening the southern part of S.C. 707.
see more Horry County road projects
The dollar figure, the first money the county has received so far, covers proceeds from May through July, Gilland said. The additional tax is collected by the state, which then writes a check to the county.
The sales tax is slated to fund the paving of 100 miles of dirt roads and the resurfacing of 67 miles of other roads. The first 12 miles of resurfaced roads was finished in August, said Steve Gosnell, the county's director of infrastructure and regulation. Work will begin on the next 12 in 2008.
The paving of the first 20 miles of dirt roads is under way. Fifty roads will be paved in this first phase, and three of them are already under construction, said Rob Hamzy of RPM Engineers, which is overseeing the project.
The S.C. Department of Transportation is also working with the county to widen main roads and expand major intersections. Most of those projects will not be complete until 2013, said Mike Barbee, a program manager with the DOT.
They include constructing an overpass at U.S. 501 near Aynor, building an interchange at S.C. 707 and U.S. 17 Bypass, widening Glenns Bay Road and widening the southern part of S.C. 707.
see more Horry County road projects
Levitt and Sons file for Chapter 11 protection
FAQs for customers of Levitt and Sons
Why did Levitt and Sons file for Chapter 11 protection?The housing market is going through perhaps the most difficult conditions in the last 25 years and Levitt and Sons, like other home builders, experienced an increasingly challenging business environment. Unfortunately, despite an around-the-clock effort, discussions with Levitt and Sons' bank lenders to obtain appropriate funding have been unsuccessful outside of bankruptcy. Filing for Chapter 11 protection provides a legal framework for Levitt and Sons to try to work out a resolution with its bank lenders, vendors and other creditors.
Does this mean Levitt and Sons is going out of business?The future of Levitt and Sons is uncertain at this time. As part of this process, we will explore the potential sale of all or some of Levitt and Sons' assets. For now, Levitt and Sons is focused on maximizing the value of its assets and minimizing the inconvenience for its customers.
How long is Levitt and Sons' Chapter 11 reorganization going to take?Large Chapter 11 cases generally range from several months to three years or more in duration. That said we do not yet know how long this process will take for Levitt and Sons. Levitt and Sons intends to take all appropriate steps to expedite its bankruptcy case.
Is there a chance the assets of Levitt and Sons will be sold?Yes. There is a chance that some or all of Levitt and Sons' assets will be sold
Is there a chance Levitt and Sons could get some or all of the funding it needs from the bank lenders during Chapter 11? If Levitt and Sons does get funding, would it return to business-as-usual?Levitt and Sons will continue to have discussions with its bank lenders regarding funding. However, at this point it seems unlikely that Levitt and Sons will be in a position to return to business-as-usual.
What will happen to unfinished homes and homes that haven't closed yet?We are hopeful that the Chapter 11 process will lead to the completion of some unfinished homes. Likewise, we are hopeful that previously delayed closings on completed homes can be promptly rescheduled and closed.
I have put down a deposit on a home that's not complete. Can I get a refund?That's not yet clear and will depend on the banks and the Chapter 11 process. We are hopeful that the Chapter 11 process will lead to the completion of unfinished homes.
Why has construction stopped on my home?At this juncture, Levitt and Sons does not have enough funding for any construction. We are hopeful that the Chapter 11 process will lead to the completion of some unfinished homes
My home is complete but now Levitt and Sons is telling me I cannot close because of the Chapter 11 filing. When will I be closing?We do not yet know if or when previously postponed closings on completed homes will occur. Levitt and Sons intends to work closely with the banks and the Bankruptcy Court so that these homes can be closed as quickly as possible.
Will the remaining lots be developed?That's not yet clear. It is possible that the communities will be taken over by the banks or sold to other developers who will determine how or if they wish to complete development.
Is Levitt and Sons aware that some of its customers have liens against their homes? Yes, and we sincerely regret any hardship this has caused.Because liens are maintained as public records, you may have received a notice that lien has been filed against your home. Levitt and Sons regularly searches lien records, and is likely already aware of this lien. You do not need to send us a copy of your lien notice, but if you would like, you can mail a copy to us at: Levitt and SonsAttn: Legal Department/Lien Notice2200 West Cypress Creek RoadFort Lauderdale, FL 33309
Is Levitt and Sons able to satisfy the lien that was placed on my home?No. Levitt and Sons cannot satisfy any liens that may be placed on your property.
Can I pay a lien against my home myself?You should consult an attorney before doing anything.
What about my community's unfinished clubhouse?The status of unfinished clubhouses varies by community. Unfortunately, we do not know more about the clubhouses or other improvements at this point in the process.
How will the Chapter 11 filing affect my community's Homeowners Association (HOA)?It varies by community. If the control of the HOA was previously turned over to the association, the Chapter 11 filing should not affect the HOA and the HOA will continue to operate according to its rules and regulations. The status of HOAs still run by Levitt and Sons is not yet clear.
Will there be any kind of special assessment by my HOA to cover costs not paid by Levitt and Sons?It will be up to the HOAs to take day-to-day control and determine whether there will be any assessments.
What happens to my home warranty now that Levitt and Sons has filed for Chapter 11 protection?Because of the Chapter 11 protection, Levitt and Sons cannot honor warranties. You will need to make your own arrangements for repair work.
Courtesy of Levitt and Sons
Why did Levitt and Sons file for Chapter 11 protection?The housing market is going through perhaps the most difficult conditions in the last 25 years and Levitt and Sons, like other home builders, experienced an increasingly challenging business environment. Unfortunately, despite an around-the-clock effort, discussions with Levitt and Sons' bank lenders to obtain appropriate funding have been unsuccessful outside of bankruptcy. Filing for Chapter 11 protection provides a legal framework for Levitt and Sons to try to work out a resolution with its bank lenders, vendors and other creditors.
Does this mean Levitt and Sons is going out of business?The future of Levitt and Sons is uncertain at this time. As part of this process, we will explore the potential sale of all or some of Levitt and Sons' assets. For now, Levitt and Sons is focused on maximizing the value of its assets and minimizing the inconvenience for its customers.
How long is Levitt and Sons' Chapter 11 reorganization going to take?Large Chapter 11 cases generally range from several months to three years or more in duration. That said we do not yet know how long this process will take for Levitt and Sons. Levitt and Sons intends to take all appropriate steps to expedite its bankruptcy case.
Is there a chance the assets of Levitt and Sons will be sold?Yes. There is a chance that some or all of Levitt and Sons' assets will be sold
Is there a chance Levitt and Sons could get some or all of the funding it needs from the bank lenders during Chapter 11? If Levitt and Sons does get funding, would it return to business-as-usual?Levitt and Sons will continue to have discussions with its bank lenders regarding funding. However, at this point it seems unlikely that Levitt and Sons will be in a position to return to business-as-usual.
What will happen to unfinished homes and homes that haven't closed yet?We are hopeful that the Chapter 11 process will lead to the completion of some unfinished homes. Likewise, we are hopeful that previously delayed closings on completed homes can be promptly rescheduled and closed.
I have put down a deposit on a home that's not complete. Can I get a refund?That's not yet clear and will depend on the banks and the Chapter 11 process. We are hopeful that the Chapter 11 process will lead to the completion of unfinished homes.
Why has construction stopped on my home?At this juncture, Levitt and Sons does not have enough funding for any construction. We are hopeful that the Chapter 11 process will lead to the completion of some unfinished homes
My home is complete but now Levitt and Sons is telling me I cannot close because of the Chapter 11 filing. When will I be closing?We do not yet know if or when previously postponed closings on completed homes will occur. Levitt and Sons intends to work closely with the banks and the Bankruptcy Court so that these homes can be closed as quickly as possible.
Will the remaining lots be developed?That's not yet clear. It is possible that the communities will be taken over by the banks or sold to other developers who will determine how or if they wish to complete development.
Is Levitt and Sons aware that some of its customers have liens against their homes? Yes, and we sincerely regret any hardship this has caused.Because liens are maintained as public records, you may have received a notice that lien has been filed against your home. Levitt and Sons regularly searches lien records, and is likely already aware of this lien. You do not need to send us a copy of your lien notice, but if you would like, you can mail a copy to us at: Levitt and SonsAttn: Legal Department/Lien Notice2200 West Cypress Creek RoadFort Lauderdale, FL 33309
Is Levitt and Sons able to satisfy the lien that was placed on my home?No. Levitt and Sons cannot satisfy any liens that may be placed on your property.
Can I pay a lien against my home myself?You should consult an attorney before doing anything.
What about my community's unfinished clubhouse?The status of unfinished clubhouses varies by community. Unfortunately, we do not know more about the clubhouses or other improvements at this point in the process.
How will the Chapter 11 filing affect my community's Homeowners Association (HOA)?It varies by community. If the control of the HOA was previously turned over to the association, the Chapter 11 filing should not affect the HOA and the HOA will continue to operate according to its rules and regulations. The status of HOAs still run by Levitt and Sons is not yet clear.
Will there be any kind of special assessment by my HOA to cover costs not paid by Levitt and Sons?It will be up to the HOAs to take day-to-day control and determine whether there will be any assessments.
What happens to my home warranty now that Levitt and Sons has filed for Chapter 11 protection?Because of the Chapter 11 protection, Levitt and Sons cannot honor warranties. You will need to make your own arrangements for repair work.
Courtesy of Levitt and Sons
Tuesday, November 13, 2007
Snow-making opens western NC slopes before Thanksgiving
Snow skiers are getting an early start this season in North Carolina's mountains.
Cataloochee Ski Area bustled during the weekend thanks to machine-made snow packed 8 to 20 inches deep on two slopes.
Cataloochee spokeswoman Tammy Brown says resort officials decided several years ago that they wanted to try to open as soon as possible. They say that makes the season longer for everybody.
Cataloochee opened last week and will operate on a limited schedule until Saturday. It opened Nov, 4 last year.
Cataloochee uses several retaining ponds to supply water for snow production. The stream-fed ponds fill during the summer, then catch runoff from slopes in the winter to provide water needed to produce machine-made snow as soon as the right mix of temperature and humidity occurs.
Cataloochee Ski Area bustled during the weekend thanks to machine-made snow packed 8 to 20 inches deep on two slopes.
Cataloochee spokeswoman Tammy Brown says resort officials decided several years ago that they wanted to try to open as soon as possible. They say that makes the season longer for everybody.
Cataloochee opened last week and will operate on a limited schedule until Saturday. It opened Nov, 4 last year.
Cataloochee uses several retaining ponds to supply water for snow production. The stream-fed ponds fill during the summer, then catch runoff from slopes in the winter to provide water needed to produce machine-made snow as soon as the right mix of temperature and humidity occurs.
Monday, November 12, 2007
Myrtle Beach New Construction Specials
Myrtle Beach Builders are offering new construction specials each Month.
Some of the special pricing presently offered are:
5.25% 30 year fixed mortgages.
Delayed Start- Go to contract now and start construction in a few months.
3% closing cost paid by the builder.
$20,000 incentive package - Get $20,ooo in free upgrades
Reduced pricing. Some models have been reduced as much as $80,000
Was: $398,160 Now: $309,990
Was: $174,470 Now: $139,470
Was: $178,390 Now: $154,990
Was: $233,760 Now: $219,990
Incentives change every Month so work with your 843Realtor.com Real Estate Agent to find out what incentives are available for your new Myrtle Beach Home.
Toll Free 888-935-8862
Some of the special pricing presently offered are:
5.25% 30 year fixed mortgages.
Delayed Start- Go to contract now and start construction in a few months.
3% closing cost paid by the builder.
$20,000 incentive package - Get $20,ooo in free upgrades
Reduced pricing. Some models have been reduced as much as $80,000
Was: $398,160 Now: $309,990
Was: $174,470 Now: $139,470
Was: $178,390 Now: $154,990
Was: $233,760 Now: $219,990
Incentives change every Month so work with your 843Realtor.com Real Estate Agent to find out what incentives are available for your new Myrtle Beach Home.
Toll Free 888-935-8862
Sunday, November 11, 2007
HOA perks
The number of homeowners associations is on the rise - the Community Associations Institute says there were 286,000 of them in 2006 with control over $41 billion in operating revenue - double what fast-food giant McDonald's makes in a year.
Along the Grand Strand and in Brunswick County, N.C., almost all of the developments built since 2000 have homeowners associations attached, said Steven Neeves with the Coastal Carolinas Association of Realtors.
As the number of residents in these associations grow, so does the number of disputes and the need for regulation over associations' governing boards, critics say.
HOA perks
Most homeowners associations are nonprofit corporations responsible for maintaining a neighborhood's common areas, such as pools, tennis courts, parks and sometimes roads. Some also contract with companies to provide services, including insurance, pest control and home repairs to all homes in the neighborhood or complex.
Residents pay monthly dues for these services that range from less than $25 to more than $500, and they must follow the association's covenants, conditions and restrictions included with the deed when they purchase the home.
In most cases, residents get a good deal for their monthly dues, said local real estate experts.
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