We totally focus on
our client's needs, and
we work to realize
their dreams as if they
were our own.
Al & Margaret Perez
Realtors
Rose and Womble Realty
our client's needs, and
we work to realize
their dreams as if they
were our own.
Al & Margaret Perez
Realtors
Rose and Womble Realty
Al & Margi Perez
Rose and Womble
Information :
| (757)537-8240 mperez@roseandwomble.com (757)729-0633 aperez@roseandwomble.com |
Home Team Experts
Suffolk, Va.
CONTACT US NOW
"What a great team, who
helped us immensely, and
took us on last minute"
Mr. & Mrs. Cox
helped us immensely, and
took us on last minute"
Mr. & Mrs. Cox
63 Deerwood
Woodbine, Ga.
2800 Sq Ft: $345,900
OUR FEATURED LISTING
"ACHIEVING YOUR REAL ESTATE GOALS IS OUR ONLY GOAL"
Thank you for visiting our web-site. We hope you get all the information
you may need. If we can help you in any way, do not hesitate to call us.
There are several helpful links to web-sites that we feel would be useful
to you when choosing your dream home.
Thank you for visiting our web-site. We hope you get all the information
you may need. If we can help you in any way, do not hesitate to call us.
There are several helpful links to web-sites that we feel would be useful
to you when choosing your dream home.
3501 Derby Cove
 |  |  |  |  |  |  |  |  |  |
Suffolk, Va.
3605 Pacers Pl.
Environment Report
House Committee Approves Property and Flood Insurance Bills
On April 27, 2010, the House Committee on Financial Services approved several property insurance reform
bills which will now move to the floor of the full House of Representatives for consideration:
— H.R. 2555: "Homeowners' Defense Act" (Klein, D-FL) would provide for a federal reinsurance and loan
guarantee program to help stabilize insurance rates for states that implement mitigation and building code
programs and meet stringent credit-risk requirements. Without stable funding alternatives, states must
maintain artificially inflated rates to hedge against risk in an increasingly volatile global reinsurance market.
— H.R. 5114: "Flood Insurance Reform Priorities Act" (Waters, D-CA) would:
* Extend authority for the National Flood Insurance Program (NFIP) for a full 5 years, a step that would end
the current month-to-month approach that has resulted in 7 extensions since September of 2008. Unless re-
extended, NFIP authority will expire on May 31.
* Increase the maximum coverage limits which have not been updated since 1994.
* Reform and ensure continuation of a program which is now $20 billion in debt, including phasing-in
actuarial rates over a 5-year timeframe for older properties which have been paying less than the market
rate. For the commercial properties and non-primary residences, the phase-in would begin 3 years after
enactment. The phase-in for primary residences would begin once a property is sold. The bill also extends
a pilot program to mitigate properties with severe repetitive losses.
— H.R. 1264: "Multiple Peril Insurance Act" (Taylor, D-MS; Scalise, R-LA) would offer property owners
windstorm coverage under the NFIP. According to the Congressional Budget Office, the bill would collect
sufficient premiums to offset the claim payments and not contribute to the federal budget.
While NAR has been urging Congress to enact a forward-looking national policy which would reduce the
cost to taxpayers of post-disaster federal assistance, NAR did communicate its strong concern with
proposed reforms to the NFIP, especially the move to impose "actuarial" rates on older properties, at a
hearing held prior to the bill's mark-up. This issue will also be a talking point for the thousands of
REALTORS® who will be traveling to Washington, D.C., next week for their mid-year meetings with their
members of Congress.
Housing Report
Rural Housing Program Funds Exhausted in Early May — Congress is Working on A Fix
Last week the US Department of Agriculture (USDA) Rural Development announced that the Single Family
Housing Guaranteed Loan Program will likely be exhausted by May 7, 2010. Previously, USDA believed the
program would be exhausted by April 30, 2010. Depending on Congressional activity, the Agency may
consider issuing conditional commitments.
Recently, the House of Representatives passed HR 5017, the "Rural Housing Preservation and
Stabilization Act of 2010", sponsored by Reps. Kanjorski (D-PA) and Capito (R-WV). The bill allows the
Secretary of Agriculture to increase the upfront premium for 502 single-family loan guarantees up to 4
percent in order to make the program self-sufficient. This fee may be rolled into the loan. The fee increase
was necessary because the program has exhausted all funding. On April 27, 2010, Senator Bennet
introduced S 3266, the companion bill to HR 5017. The bill was referred to the Senate Committee on
Banking, Housing, and Urban Affairs.
House Committee Passes FHA Reform Bill
The House Financial Services Committee favorably reported H.R. 5072, the "FHA Reform Act of 2010." This
bill, sponsored by Reps. Waters (D-CA) and Capito (R-WV), will complete several changes FHA needs to
insure the solvency of the mutual insurance fund. In October, HUD released an audit that showed their
capital reserves had fallen below the Congressionally-mandated level of 2%. In response, FHA announced
a number of changes to the program to strengthen its financial position. This bill includes authority for FHA
to increase the annual premium. To date, FHA has increased the up-front premium, because they lacked
authority to increase the annual. Once this law has passed, FHA plans to reduce the up-front premium and
raise the annual instead. In addition, the bill includes a number of lender enforcement provisions.
NAR was successful in defeating a series of amendments by Rep. Garrett (R-NJ) that would have
increased FHA's minimum downpayment requirement, prohibited financing of the upfront premium, or
decreased FHA's guarantee. The bill moves next to the House Floor. This legislation is a Talking Point for
NAR's Capitol Hill Visits next week.
House Committee Approves Property and Flood Insurance Bills
On April 27, 2010, the House Committee on Financial Services approved several property insurance reform
bills which will now move to the floor of the full House of Representatives for consideration:
— H.R. 2555: "Homeowners' Defense Act" (Klein, D-FL) would provide for a federal reinsurance and loan
guarantee program to help stabilize insurance rates for states that implement mitigation and building code
programs and meet stringent credit-risk requirements. Without stable funding alternatives, states must
maintain artificially inflated rates to hedge against risk in an increasingly volatile global reinsurance market.
— H.R. 5114: "Flood Insurance Reform Priorities Act" (Waters, D-CA) would:
* Extend authority for the National Flood Insurance Program (NFIP) for a full 5 years, a step that would end
the current month-to-month approach that has resulted in 7 extensions since September of 2008. Unless re-
extended, NFIP authority will expire on May 31.
* Increase the maximum coverage limits which have not been updated since 1994.
* Reform and ensure continuation of a program which is now $20 billion in debt, including phasing-in
actuarial rates over a 5-year timeframe for older properties which have been paying less than the market
rate. For the commercial properties and non-primary residences, the phase-in would begin 3 years after
enactment. The phase-in for primary residences would begin once a property is sold. The bill also extends
a pilot program to mitigate properties with severe repetitive losses.
— H.R. 1264: "Multiple Peril Insurance Act" (Taylor, D-MS; Scalise, R-LA) would offer property owners
windstorm coverage under the NFIP. According to the Congressional Budget Office, the bill would collect
sufficient premiums to offset the claim payments and not contribute to the federal budget.
While NAR has been urging Congress to enact a forward-looking national policy which would reduce the
cost to taxpayers of post-disaster federal assistance, NAR did communicate its strong concern with
proposed reforms to the NFIP, especially the move to impose "actuarial" rates on older properties, at a
hearing held prior to the bill's mark-up. This issue will also be a talking point for the thousands of
REALTORS® who will be traveling to Washington, D.C., next week for their mid-year meetings with their
members of Congress.
Housing Report
Rural Housing Program Funds Exhausted in Early May — Congress is Working on A Fix
Last week the US Department of Agriculture (USDA) Rural Development announced that the Single Family
Housing Guaranteed Loan Program will likely be exhausted by May 7, 2010. Previously, USDA believed the
program would be exhausted by April 30, 2010. Depending on Congressional activity, the Agency may
consider issuing conditional commitments.
Recently, the House of Representatives passed HR 5017, the "Rural Housing Preservation and
Stabilization Act of 2010", sponsored by Reps. Kanjorski (D-PA) and Capito (R-WV). The bill allows the
Secretary of Agriculture to increase the upfront premium for 502 single-family loan guarantees up to 4
percent in order to make the program self-sufficient. This fee may be rolled into the loan. The fee increase
was necessary because the program has exhausted all funding. On April 27, 2010, Senator Bennet
introduced S 3266, the companion bill to HR 5017. The bill was referred to the Senate Committee on
Banking, Housing, and Urban Affairs.
House Committee Passes FHA Reform Bill
The House Financial Services Committee favorably reported H.R. 5072, the "FHA Reform Act of 2010." This
bill, sponsored by Reps. Waters (D-CA) and Capito (R-WV), will complete several changes FHA needs to
insure the solvency of the mutual insurance fund. In October, HUD released an audit that showed their
capital reserves had fallen below the Congressionally-mandated level of 2%. In response, FHA announced
a number of changes to the program to strengthen its financial position. This bill includes authority for FHA
to increase the annual premium. To date, FHA has increased the up-front premium, because they lacked
authority to increase the annual. Once this law has passed, FHA plans to reduce the up-front premium and
raise the annual instead. In addition, the bill includes a number of lender enforcement provisions.
NAR was successful in defeating a series of amendments by Rep. Garrett (R-NJ) that would have
increased FHA's minimum downpayment requirement, prohibited financing of the upfront premium, or
decreased FHA's guarantee. The bill moves next to the House Floor. This legislation is a Talking Point for
NAR's Capitol Hill Visits next week.
3027 Kempton Park Rd.
Suffolk, Va.