>Mortgage rule could hurt borrowers: FHA's Ryan
>By Corbett B. Daly
WASHINGTON | Wed Apr 13, 2011 5:46pm EDT
WASHINGTON (Reuters) – A proposed rule requiring a minimum 20 percent down payment on mortgages that lenders could then sell to investors without keeping some of the risk on their books might prevent some potential borrowers from getting a loan, a top U.S. housing official said.
While the rule “is designed to create a class of loans that have a lower likelihood of default, in its proposed definition it has the potential to exclude a number of buyers,” Acting Federal Housing Administration Commissioner Bob Ryan said in prepared testimony.
Ryan is to deliver his remarks Thursday to a House Financial Services Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises. They were posted on the panel’s website on Wednesday.
The Federal Deposit Insurance Corp and the Federal Reserve a few weeks ago endorsed the “qualified residential mortgage” proposal that is intended to restore lending discipline and define the safest form of mortgages that can be completely resold to other investors.
Loans backed by mortgage finance giants Fannie Mae and Freddie Mac and the Federal Housing Administration are exempt from the rule. Together they back almost nine in 10 new mortgages.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>West Virginia: The state that said no
>By Preston Williams, Tuesday, April 12, 12:31 PM
West Virginia is the only state formed because of the Civil War. Just as North battled South in the country, West confronted East in Virginia. The two regions formed a single state in name, but not in geography, economy, climate, descent of its residents or way of life.
Faced with what they considered an overbearing and neglectful state government, and after years of simmering resentment toward their eastern neighbors, citizens in the mountainous western regions of Virginia refused to take part in secession — “the crowning act of infamy,” thundered one politician from that part of the state. They stood up for the Union and declared themselves independent.
Did you know all that?
Neither did I, and I grew up there.
Oh, I knew the basic facts, taught in my state history class in eighth grade. What didn’t register was the revolutionary spirit it took to separate from a state that had produced seven presidents. Or the questionable legality of West Virginia’s origins. Or the handwringing Virginia’s split caused President Lincoln (“the division of a State is dreaded as a precedent”). All these were curiously and unfortunately underplayed during my 22 years in the state sometimes referred to as “the child of the rebellion.”
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>March Land Sales 2011 - Market Update
>There were 6 lot/land sales in Garrett County in the month of March.
The sales prices range from $2,900 – $47,500.
Many lenders are shying away fron lot loans, or at least requiring much larger amounts down before offering mortgages. That, coupled with the surplus of homes available for sale in EVERY market across the country, has driven the lot/land market much lower. Acreage prices in Garrett County & Deep Creek Lake are quite low, now, as a result.
Railey Realty has 131 active lot/land properties for sale right now that are priced under $100,000 – there are some good buys for lots in here if you look closely…
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>For Sale - 222 Pine Crest Ln - GA7571156
>
222 PINE CREST LN
OAKLAND, MD 21550
One of a kind! Very unique 3 bedroom 2.5 bath colonial style home. Situated on 3 acres in a gated community with Yough River access, community pavilion and pond. Wide pine plank floors, cedar ceilings, trowel finish walls. Huge master bedroom with a combination walk in closet/full bath. Enjoy living in nature from the comfort of a truly custom home.
Contact Jay Ferguson @ 301-501-0420 or DeepCreekLaker@Gmail.com for more information or to setup a private showing for this property.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Deep Creek Lake Water Depth
Ever wonder about the water depth at Deep Creek Lake? This map has been around for a long time, and I wanted to ‘digitize’ it for easier reference. It was stowed away safely in the Railey Realty vault of ‘Deep Creek Lake Lore’, and after finding it today, I scanned it into a handy .pdf file. It’s a large file, but feel free to take a look! If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Bank regulators poised to announce mortgage pacts
>By Dave Clarke and Clare Baldwin
WASHINGTON/NEW YORK | Wed Apr 13, 2011 10:48am EDT
WASHINGTON/NEW YORK (Reuters) – U.S. bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties.
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on an earnings conference call that the regulators would release consent orders that would make the banks fix weaknesses in foreclosure documentation.
Fines will probably come later, he said.
The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc.
The pacts would resolve only part of a large probe involving a group of 50 state attorneys general and about a dozen federal agencies.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>US Senate takes a look at "fracking" in MD
>Hydraulic fracturing for natural gas is getting the once-over this morning in Washington, with Maryland’s cautious approach in the spotlight.
The Senate Environment and Public Works Committee is holding a hearing on the public health and environmental impacts of the controversial drilling technique. Sen. Benjamin Cardin, a Maryland Democrat, is joining Sen. Barbara Boxer, a California Democrat, in presiding over the session.
Robert Summers, Maryland’s acting environment secretary, is scheduled to testify. To read the prepared testimony or see the video, go here.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Crosco Takes First In National Cheer Contest
>
Regina Crosco, 17, Mtn. Lake Park, traveled to Ocean City this past weekend, representing Garrett County and Maryland at the American Cheer and Dance Academy “Reach the Beach” National Championships in Ocean City. There she took the first place trophy in the Hip Hop Solo Individual category, and then garnered first place in a freestyle compeition, which broke out at a celebration after the official competition on Friday evening. After winning the Maryland Cup title for the third year in a row, and seeing her overall score climb higher each year, she said she felt confident in reaching her goal of a national title. Regina is a member of Jessica’s Dance Creations of Loch Lynn. “I am so proud of Regina,” said her coach, Jessica Crosco. “She just has that natural ability to dance.” Regina is the daughter of Roger and Kim Crosco.
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If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Huskies Recognized
>
The Garrett County commissioners on Tuesday recognized the Northern High School Girls’ Basketball Team, runner-up in the 2011 Maryland Class 1A State Championship. The commissioners presented the girls and their coaches with proclamations recognizing their achievement. Commission chair Gregan Crawford called the team a jewel in Garrett County’s crown. The Huskies had a 23–5 season.
Support the Republican Newspaper! It’s only $9.95/year for the online edition!
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
>Fracking bill deep-sixed
>An update on an earlier post – the bill calling for a two-year study of natural gas drilling in western Maryland’s Marcellus shale deposits is dead.
Drew Cobbs, a lobbyist for the natural gas industry, said he was informed recently that the Senate Education, Health and Environmental Affairs Committee has given up on trying to forge a consensus on the bill, HB852/SB634. A committee staffer confirmed it.
Cobbs, director of the Maryland Petroleum Council, said what killed the bill was the O’Malley administration’s insistence on limiting the ability of state regulators to approve natural gas wells after the first year of the study.
Talks between the gas industry, legislative leaders and the administration had yielded a tentative agreement to ban any drilling using hydraulic fracturing, or “fracking,” for the first year of the study.
If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
