The web site newsletter has been updated with the latest economic and business news in Cochise County. Simply click the “Newsletter” tab on our site (VermilionRealty.net) or click here.
October 8, 2009
FHA Defends Role in Recovery
Housing and Urban Development has done much to make home ownership possible for many of us. Their mortgage insurance programs protext lenders in case of default. The HUD counseling programs help homeowners in trouble save their homes. HUD has programs such as Section 8 that supports the less fortunate. HUD is the only Federal Government agency that generates an income. HUD contributes to your (and my) standard of living.
The Wall Street Journal on Spetember 29 ran on their Opinion Page an article about HUD titled "Subprime Uncle Sam". The editorial was rather harsh on HUD and the FHA and used such phrases as “trillion dollar housing gamble” and “FHA will soon have a smaller capital cushion than did investment bank Bear Stearns…”
I’ll be the first to agree that as taxpayers we would benefit if every cabinet level agency were closely scrutinized and streamlined but the use of phrases envoking catastrophy and panic is not called for in what ought to be a careful and disciplined review.
Preservationists Campaign to Save Old Windows
One of the biggest expenses involved in restoring a historic home is bringing the windows up to a modern, energy-efficient standard. The cost of restoring a house full of windows can end up costing double what it cost to buy the home. (more…)
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One-Third of Home Mortgage Applicants Denied
Nearly one third of people who applied for a mortgage last year were denied, the Federal Reserve reported Wednesday.
The denial rate was up 29 percent from 2006 when approvals were highest. Last year’s denial rate was twice as high for African-Americans and Hispanics as it was for whites.
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