US--now government will sell your home

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Another atrocity quietly slipping under the radar....

 

 

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DID YOU CATCH THAT?HUD will "develop a program to stabilize multifamily properties which are delinquent, at risk of default or disinvestment, or in foreclosure. " and, where necessary, "facilitating the transfer, when necessary, of such properties to responsible new owners."That means, in plain english, if the .gov feels you MAY default or go into foreclosure on a house you are renting, they can take it away and give it to whomever they please.

 

 

 

 

 

http://mandelman. ml-implode. com/2009. ..-without- them/Sweet!Now, if you want to sell your own home you will need to become a licensed mortgage originator. Licensed by the federal government to sell your OWN FREAKING HOME. That is, if HR 1728 passes the senate (already passed the house on May 12th 300-114).Here are some highlights.. .

 

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(3) MORTGAGE ORIGINATOR- The term ‘mortgage originator’--‘(A) means any person who, for direct or indirect compensation or gain, or in the expectation of direct or indirect compensation or gain--‘(i) takes a residential mortgage loan application;‘(ii) assists a consumer in obtaining or applying to obtain a residential mortgage loan; or‘(iii) offers or negotiates terms of a residential mortgage loan;You negotiate the sell of your home? You are a mortgage originator.Surely not.

 

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(B) includes any person who represents to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such person can or will provide any of the services or perform any of the activities described in subparagraph (A) If you advertise a home for sale, you are covered.Unless you belong to the National Association of Realtors.

 

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‘(D) does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable State law, unless such person or entity is compensated for performing such brokerage activities by a lender, a mortgage broker, or other mortgage originator or by any agent of such lender, mortgage broker, or other mortgage originator; Hmmm...but wait...there is a provision in here if you only sell 1 house every 36 months you aren't covered...right?No. You are only exempted IF:

 

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‘(i) is fully amortizing;‘(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;‘(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and‘(iv) meets any other criteria the Federal banking agencies may prescribe; andSweet! So I can still sell my own house if it is fully amortized loan, that I submit all the RESPA and TILA paperwork, That is a fixed rate or at least a 5 year arm with interest rate protection and that I follow all federal banking agency regulations.oh, and

 

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(A) be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008; Which, if you remember, requires that you submit your fingerprints to the FBI after the last round of "security" bills and, in Texas adds up to just shy of $500 bucks including your FBI, Dept of Public Safety background checks and criminal history background check.Oh, and the whole thing about getting in the Nationwide Mortgage Licensing System and Registry.So you say to heck with that, I'll just rent it out. Maybe.

 

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SEC. 901. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.(a) Establishment- Subject to subsection (e), the Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, shall develop a program to stabilize multifamily properties which are delinquent, at risk of default or disinvestment, or in foreclosure.(b) Focus of Program- The program developed under this section shall be used to ensure the protection of current and future tenants of at risk multifamily properties, where feasible, by--(1) creating sustainable financing of such properties that is based on--(A) the current rental income generated by such properties; and(B) the preservation of adequate operating reserves;(2) maintaining the level of Federal, State, and city subsidies in

effect as of the date of enactment of this Act; and(3) facilitating the transfer, when necessary, of such properties to responsible new owners.© Coordination- The Secretary of the Treasury shall in carrying out the program developed under this section coordinate with the Secretary of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency, and any other Federal Government agency that the Secretary considers appropriate.(d) Definition- For purposes of this section, the term ‘multifamily properties’ means a residential structure that consists of 5 or more dwelling units.(e) Authority- This section shall not limit the ability of the Secretary of the Treasury to use any existing authority to carry out the program under this section.

 

 

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