Senate Democrats and the White House have made a renewed push to confirm Representative Mel Watt to take over the Directorship of the Federal Housing Finance Agency. A straight up or down vote by the Senate has been delayed for months as Democrats have failed gain enough support for a confirmation. On Monday Senate Majority Leader Harry Reid took the procedural steps needed to bring the vote to the Senate floor later this week. 60 votes are required for confirmation but Democrats only hold 55 votes. Sen. Richard Burr of North Carolina is the sole Republican to endorse Mr. Watt. Advisers for the White House have been meeting with noted real estate and finance professionals to gain industry endorsements to pressure Republicans into confirming the selection. If Mr. Watt is confirmed he will take over for Acting Director Ed DeMarco. DeMarco has repeatedly denied requests to make regulatory changes to aid underwater homeowners. To voice your support of Mel Watt’s confirmation call 866-200-6444 and urge your Senator to vote yes to confirm Mel Watt as Director of the FHFA.
Month – October 2013
Fannie Mae and Freddie Mac have both announced a slight change to the HARP eligibility date that will benefit a small number of home owners. The eligibility date is now based on the date of the mortgage note. The date of eligibility remains May 31, 2009. Previously, home owners that closed on their loans prior to 5/31/2009 but had their loans sold to Fannie and Freddie after that date were not eligible for HARP. Now those homeowners will be eligible. This is a welcome change for those people that closed on loans in May of 2009. If you feel this benefits you call your lender immediately to reap a potentially huge savings.