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Federal Legislation and Impact to the Real Estate Market
Federal Legislation and Impact to the Real Estate
The Constitution was written to outline the limits of the federal government, to protect the people and to protect the people from government. The government is also obligated to ensure that all people have the opportunity to acquire property by ensuring the housing market is free from discriminatory and predatory practices. For these reasons I support federal government efforts to regulate the housing arena to ensure fairness, accessibility and equity in the market. I also support the federal government role in efforts to restore the market and to provide resources and assistance to help avoid foreclosure. For example, the Fair Housing Act was enacted in 1968 to "remove the walls of discrimination which enclose minority groups" to address the rampant issue of racial segregation in both public and private housing. I believe this is arguably the most critical legislation as it prohibits discriminatory practices and give the public fair access to housing.
The Housing and Economic Recovery Act of 2008 signed into law by President Obama is a critical legislation that aids the American homeowner and those aspiring to homeownership. It provides...
The rescue plan provides an opportunity for buyers to receive new mortgages of 85% of current appraised value of their home. When the housing market declined, families begin to lose their homes, neighborhoods that were once filled with the sounds of people became silent; in their place were "foreclosure" signs. The housing market tanked, homeowners could no longer refinance, they owed more on their mortgage than what their home was worth. Or worse, homeowners who signed on to variable loan products saw their monthly mortgage payment skyrocket and left behind was the ability to pay. It was the Housing and Economic Recovery Act of 2008 that gave homeowners a second chance, saving them from foreclosure and allowing them to keep a roof over their heads. It is critical that Congress provide assistance to homeowners in danger of foreclosure, if the government can provide a bailout to big business, why not do the same for families? Helping homeowners remain in their homes helps the economy, locally and nationally. Empty homes are a no-win situation for lenders, businesses, local and federal government. Foreclosed homes benefit…
References
Collins, Michelle. "Opening Doors to Fair Housing: Enforcing the Affirmatively Further Provision of the Fair Housing Act Through 42 U.S.C § 1983" Columbia Law Review Vol. 110:2135-2010: 2137-2183.
Washington, DC. Department of Treasury. Reforming America's Housing Finance Market: A Report to Congress. 2011.
Federal Securiies Laws Disclosure: Pros and Cons Federal securities laws disclosure: pros and cons Economic agents were traditionally forced to generate funds by themselves. Upon stating up a business entity, the owner was required to possess most of the capital and would collect the additional necessary one through loans from either individuals or specialized institutions. Gradually, the capital requirements became more easily to satisfy as the incidence of financial institutions increased. In
Federal Budget Process Every year the federal administration is involved with a total revenue and expenditure of about 1.5 trillion USD as a matter of fiscal practice. (Keith, 1996) The budgetary strategy of the federal administration is an integration of the guidelines that the policy makers, legislator, bureaucrats apply for designing, continuing, regulating and accounting fro the expenditure and revenue strategy. Normally the budgetary strategy involves formulation of the budget of
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A secondary mortgage market permits mortgage originators to be more responsive to dynamic mortgage demand and to lower mortgage rates for some homeowners when mortgage demand is higher. According to Koppell (2001): Government-sponsored enterprises (GSEs) are hybrids -- part public, part private -- that affect the lives of most Americans. Anyone who has borrowed money to purchase a home, farm, or pay for college, or invested in a mutual fund
The Real ID Act is regarded as unnecessary and useless, time and money consuming. Based on these arguments, several states have already refused the implementation of the Real ID Act on their territory and in many other states there are pending bills regarding the non-implementation of the Act (Behreadt, 2007). Of course, there are states such as California or New York which support the implementation of the Real ID