Archive for Fort Lauderdale Mortgage Rates
Fort Lauderdale Mortgage Mistakes To Avoid
Posted by: | CommentsLack of Down Payment Planning #1 Ft Lauderdale Mortgage Mistake
As a Fort Lauderdale mortgage broker, I repeatedly see loan underwriters conditioning borrowers for source of funds proof of down payment and closing costs. There are some basics that are essential for home buyers looking for a Florida home loan to understand. The first and most important rule is “Cash is an unacceptable source of money to be used as a down payment or closing costs”. Whether you are considering a Conventional Fort Lauderdale mortgage, or an FHA Ft Lauderdale mortgage, “CASH“ can not be used for the transaction.
All lenders are required to source all funds for a buyer’s down payment and closing costs in connection with a Florida home loan. You will be required to provide the most recent two months of bank or account statements for all funds being used in the transaction. The underwriter will scrutinize every line item of your bank statements looking for payments of undisclosed debts and every deposit. Any debt discovered that isn’t on your credit report will be added to your obligations and calculated into your debt ratio. All deposits over $1,000 will be required to be sourced and proven. In other words, you’ll need to document where the money came from for each deposit.
One of the most common mistakes I see as a Fort Lauderdale mortgage broker, is the deposit and proof of gift funds. Remember the rule, “No Cash” applies to gift funds as well. Ft Lauderdale mortgage underwriting guidelines now require the donor of the gift to provide proof of the ability to give the gift. In other words, the lender will require a copy of the donor’s bank statement showing the ability to give the gift, as well as proof of the funds leaving their account. That means if the donor deposits cash to give the gift, those funds can’t be used for the down payment or closing costs either.
When purchasing a home with a Florida home loan, it’s important to plan a few months ahead for your proof of down payment and closing costs. Your best bet to have a smooth Fort Lauderdale mortgage transaction is to line up your necessary funds and have them already in place in your account 90 days prior to signing a purchase contract. Otherwise, be prepared to provide acceptable source of funds documentation for all deposits and funds being used in conjunction with your Ft Lauderdale mortgage.
Lower Your Interest Rate Not Your Offer Price
Posted by: | CommentsDoes A Lower Offer Price Or Lower Interest Rate Have More Value?
When buying a home, too often the focus of getting a great deal is placed solely on negotiating the lowest price on the property. Does the lowest price always mean the best deal? Common sense tells us that the less we pay for something, the better the deal we received. Most times, if a home buyer is paying cash for a property, the lowest price may be the best deal. However, if one is buying a home with a Fort Lauderdale mortgage, there may be more value to a lower interest rate than a lower offer price.
It’s very common for a home buyer to negotiate their transaction with the seller paying all or part of their closing costs. This Ft Lauderdale mortgage strategy is most often used to minimize the amount of cash the home buyer has to bring to closing. As a Fort Lauderdale mortgage broker and CMPS professional, I understand the value of seller paid concessions. Most FHA mortgage transactions rely on seller paid closing costs to make buying a home possible. Conventional mortgage transactions are less reliant on seller contributions to make the deal work.
When considering a Fort Lauderdale mortgage in conjunction with buying a home, you may find more value in using seller paid concessions to obtain a lower interest rate rather than negotiating the lowest sales price. Let me explain and illustrate how this Ft Lauderdale mortgage strategy can help a home buyer get the best deal.
John and Nancy are buying a home priced at $350,000 with a Ft Lauderdale mortgage. They want to get a great deal, so they are considering reducing their offer price by 4% or $14,000. This would make their offer $336,000 and with a 20% down payment they would have a Fort Lauderdale mortgage amount of $$268,800. A 30 year fixed rate Florida home loan at 4.75% would give them a monthly payment of $1402.19. Over the term of the loan, John and Nancy will have paid $235,988 in interest expense and $504,788 in monthly payments.
Now let’s look at buying a home at the asking price of $350,000 and receiving a 4% seller paid contribution that will be used to obtain a lower interest rate. Using the same 20% down payment criteria, John & Nancy would now have a Ft Lauderdale mortgage amount of $280,000. As a Fort Lauderdale mortgage broker, I would use the 4% seller contribution to get the home buyer a lower interest rate. They could obtain a 30 year fixed rate Florida home loan at 4.0% with a monthly payment of $1336.76. over the life of the loan John & Nancy will pay $201,235 in interest expense and $481,235 in monthly payments.
This Fort Lauderdale mortgage strategy resulted in saving John and Nancy $34,753 by offering a higher price and using a seller paid contribution to obtain a lower interest rate. Now, here’s the frosting on the cake. The 4% contribution paid by the seller is recognized by the IRS as prepaid interest and becomes a tax deduction for a home buyer. That means the $14,000 seller paid contribution becomes a tax deduction for John and Nancy. Assuming they are in a 28% tax bracket, that would provide John & Nancy another $4,000 tax deduction bringing their total savings to almost $39,000. Imagine, paying more for the home and saving money just by knowing how to structure a Fort Lauderdale to benefit the home buyer. Contact your professional Fort Lauderdale mortgage broker and CMPS professional, Harvey Collier today to help you structure your next Florida home loan.
Harvey Collier - First Trust Mortgage – 954-629-6151
Price Reduction vs Seller Paid Concession
Posted by: | CommentsWhich Has More Value, A Price Reduction Or Seller Paid Concession?
When looking to purchase a home with a Fort Lauderdale mortgage, is it more advantageous to the buyer to seek a price reduction in the home or to pay more and receive a seller paid concession? As a Fort Lauderdale mortgage broker, I’m always surprised this question is not only asked more frequently, but hardly considered at all by most Fort Lauderdale Realtors or their buyers.
Most transactions that include seller paid incentives are typically used to pay buyer’s closing costs. The most effective use of seller paid concessions is actually using the incentives to lower the buyer’s interest rate. A Fort Lauderdale mortgage structured with the seller paying points to lower the buyer’s interest rate will greatly out-perform a similar price reduction on the property.
This point is best illustrated by examining an actual case study I recently evaluated for a potential prospect. It involved the purchase of a Fort Lauderdale foreclosure financed with a Conventional Fort Lauderdale mortgage. The asking price of the property was $400,000. The buyer wanted to evaluate whether he would be better served to offer the asking price of $400,000 and request a 3% seller concession, or lower his offer to $388,000 with no concession?
The table below will illustrate the comparison of lowering the offer price by 3% or $12,000 vs. using the $12,000 to buy down the interest rate on a 30 year fixed rate Fort Lauderdale mortgage. Column 1 shows paying asking price with 3% incentive and making required monthly payment ($1574.21). Column 2 shows paying asking price with 3% incentive and prepaying the $68.45 savings every month (same payment as price reduction). Column 3 shows reducing the offer price by 3% ($12,000) and receiving no seller incentive. The results are as follows:
List Price–no prepayment List Price–with prepayment Price Reduction
Sales price $400,000 $400,000 $388,000
Loan Amount $320,000 $320,000 $310,400
Interest Rate 4.25% 4.25% 4.875%
Payment $1574.21 $1574.21 $1642.66
Payment Savings $68.45 $68.45 $0
Total Payments $566,713 $566,713 $591,359
Total Interest $246,713 $224,209 $280,959
Interest Savings $34,246 $56,750 $0
The results of this case study show that it is clearly more advantageous for a buyer using a Fort Lauderdale mortgage to seek a seller concession vs. a price reduction when purchasing a home. Paying $12,000 more for the home actually saved the buyer $34,246 in interest expense and $24,646 in total monthly payments using the normal amortization. If the buyer re-invested the $68.45 monthly payment savings back into the mortgage, the interest savings increases to $56,750.
If that’s not convincing enough, then here’s the frosting on the cake. A Fort Lauderdale mortgage using a seller paid concession to buy down the interest rate is considered by the IRS as prepaid interest. As such, the buyer is eligible to deduct the points paid by the seller on their tax return. Therefore, if the buyer is in a 28% tax rate, they have created an additional $3,360 tax break for themselves on top of the interest and payment savings.
Turbo-charge your Fort Lauderdale mortgage with a seller paid concession instead of seeking a price reduction. As a professional Fort Lauderdale mortgage broker, I can show you how this strategy can save you money as a buyer or help you sell more homes as a Fort Lauderdale Realtor.
Call Harvey Collier at First Trust Mortgage today to see how much you can save by using this buyer strategy.
Fannie Mae HomePath Loans Rock!
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Looking For A Great Deal On A Florida Foreclosure?
One of the best choices you could make to purchase and finance a Florida foreclosure is the Fannie Mae HomePath program. Fannie Mae markets their own Florida foreclosures using the HomePath brand name. You can access these listings through your local Real Estate Agent, or directly at the Fannie Mae HomePath website located at: www.HomePath.com .
Fannie Mae HomePath properties are also eligible for special HomePath Financing that can add even more value to your Florida foreclosure purchase. HomePath financing has several advantages over a traditional Florida home loan:
- Buyers using special HomePath financing can purchase a home with as little as 3% down.
- Unlike traditional Fannie Mae Conventional financing or FHA financing, a low down payment HomePath mortgage doesn’t require “mortgage insurance”.
- Fannie Mae HomePath Financing can be used to purchase an investment property with only 15% down.
- A Fannie Mae HomePath property and mortgage doesn’t require a property appraisal.
- HomePath Financing allows for a 6% seller concession, while Fannie Mae Conventional financing only allows 3% on loans with less than 20% down. Currently, FHA financing allows for 6%, but that is likely to change to 3% in the near future.
If you want to repair, upgrade, or remodel your HomePath foreclosure, certain properties have been designated to be eligible for a Fannie Mae HomePath Renovation Loan. This special Florida home loan allows a buyer to purchase a HomePath foreclosure and finance the renovation into their mortgage. Properties that are eligible for HomePath Renovation Financing feature the “Renovation Logo” above on Fannie Mae’s website.
The Fannie Mae HomePath program is a perfect one/two punch to get a terrific deal on a Florida foreclosure and finance it with the perfect Florida home loan.
Harvey Collier and First Trust Mortgage are approved Fannie Mae HomePath lenders. Contact Harvey Collier today with all your HomePath inquiries.
Purchase A Recent Property Flip With A Florida Home Loan
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Fort Lauderdale Mortgage Broker Offers Florida Home Loan For Recent Property Flip
Are you an Agent or Buyer that have been faced with the challenge of trying to purchase a recently “flipped” property? One of the most perplexing problems for real estate investors that are buying and selling properties has been bank restrictions on these transactions that involve a Florida home loan. Industry guidelines have required a 90 day waiting period before a buyer can enter into a contract to purchase and be eligible for a Florida home loan.
Real estate investors want to buy and sell as quickly as possible. Most times they are purchasing a property for cash or with private funds, do a quick rehab and already have a buyer lined up to purchase. The 90 day wait period to even enter into a contract, has precluded many buyers needing a Florida home loan. The result has been many cash buyers getting a great deal, while those needing a Florida home loan have missed these opportunities.
Earlier this year, FHA passed a temporary waiver of its 90 day “flip rule” and said buyers would be eligible for FHA Mortgage Insurance on transactions without the wait period providing it met certain criteria. The waiver allowed the investor to resell the property with up to a 20% profit (based on acquisition cost plus documented improvements) with one appraisal and if over 20% required a second appraisal. The ultimate decision is up to the underwriter and lender making the Florida home loan.
This announcement was enthusiastically received by Real Estate Agents, Property Flippers and Buyers. However, like most other lending guidelines today, banks take FHA, or Fannie Mae rules and impose their own overlays on top of them to mitigate their own risk in the transaction. This has resulted in many lenders being fearful of originating a Florida home loan that is over the 20% profit threshold, even with a second appraisal. Banks are extremely risk adverse these days and very few have any appetite to potentially buy back a loan. Unfortunately, lenders are all staying on the safe side of risk and most are still unwilling to allow a transaction that is selling for more than a 20% profit to close without waiting 90 days.
This certainly wasn’t the intent of the waiver period, but it is the reality. The waiver was created to help the housing market absorb the glut of distressed housing and stabilize sooner. Most people don’t realize that HUD doesn’t actually provide the Florida home loan, it only provides the lender or bank originating the loan the FHA mortgage insurance protection. Otherwise, banks wouldn’t make a loan with less than 20% down.
Fort Lauderdale mortgage broker, Harvey Collier, now offers a Florida home loan to purchase a “Flip Home” without a waiting period. As long as the property value is supported by 2 independent appraisals, the lender has no profit restriction on the transaction. If you are a buyer or Agent looking to take advantage of a great deal on a recently flipped property, or an investor looking to do a quick flip, First Trust Mortgage has a Florida home loan for you.
What Happens to Florida Home Loan Rates From Here?
Posted by: | CommentsWhere Are Florida Home Loan Rates Headed, Up Or Down?
The most recent economic data would suggest that Florida home loan rates are poised to move up from their current lows. Existing home sales in April showed a 7.6% gain in April. Single family home sales rose 7.4%, while condominium sales jumped 9.1% for the month. Regionally, home sales in the South were up 8.6% from March and 23% higher on a year-to-year basis.
Housing analysts have been predicting Florida home loan rates to gradually rise to 6% by year end, as the economy begins to recover and government support for low interest rates wane. The recent release of Consumer Confidence numbers far exceeded market expectations. This was the highest reading in over two years and indicates that consumers are much more optimistic about their own financial situations than many had thought. This is bad news for the bond market and mortgage rates because it means that consumers are more willing to spend, which causes inflation worries and high Florida home loan rates.
Now that Tax Credits for home buyers are gone and new banking and financial regulation is on the horizon, I anticipate Florida home loan rates to stay low for an extended period. New tougher financial regulation will make loans to consumers more expensive due to costs that will be imposed on the banking industry. Again, this would suggest higher Florida home loan rates.
So, how is it possible that Florida home loan rates will remain low when the economy seems to be gaining some momentum, Consumer spending has increased and Consumer confidence is on the rise? These signs all point to higher Florida home loan rates.
Florida home loan demand will remain weak. Recent data from the Mortgage Bankers Association showed that demand for home loans fell to a 13 year low after the expiration of the Home Buyer Tax Credit. The current pool of First-time buyers and move-up buyers is very shallow. Most banks are reporting weaker demand for loans from both consumers and businesses.
Weak employment and an uncertain economic environment will keep Florida home loan demand low. The Federal Reserve won’t be raising interest rates any time soon and Florida home loan rates may be pressured even lower, until employment growth becomes a sustained trend.
Ten Tips To Save For A Low Down Payment Mortgage
Posted by: | Comments10 Sure Fire Ways to Spend Less and Save More
Saving money for a home down payment doesn’t have to be painful or difficult. You can purchase a home with an FHA Fort Lauderdale mortgage with only a 3.5% down payment. It just takes planning, discipline and most of all, an awareness of how you spend your money. Just like going on a diet, it won’t work if you deprive yourself of everything you enjoy. It’s important to focus on the larger goal of owning your own home, so you don’t resent having to trade off some activities or meaningless desires to save a few dollars each month.
Here are ten tips you can use to help you save for a low down payment FHA Fort Lauderdale mortgage:
1.) Start an automatic savings or investment plan with a bank, a mutual fund or your retirement plan at work so money is taken off the top of your paycheck, before you see it or spend it.
2.) Deposit your paycheck directly into your savings rather than into your checking account. You can transfer money to pay your bills, but you’ll think twice about withdrawing additional cash.
3.) Limit yourself to one ATM withdrawal per week, and make your cash last.
4.) Subtract credit card purchases from your checking account immediately so you’re not surprised when the bill arrives.
5.) When you subtract a check from your account, round the amount up to the next dollar. That way, you’ll always have a slush fund.
6.) Can’t decide whether to buy something you’ve seen at a store? Give yourself a cooling-off a 24-hour cooling-off period. Chances are you won’t go back.
7.) Buy a couple of storage bins- even a shoebox will do- into which you can toss credit card and ATM receipts. That simple step will help you get organized- and give you a visual record of your spending.
8.) Toss spare change into a jar on your desk or dresser. You’ll watch your money grow to hundreds of dollars a year, which you can deposit into your savings account.
9.) Each time you resist the temptation to buy a latte or go to a movie; put the money you would have spent into your cash jar. It’s an immediate reward for self-discipline.
10.) Once you finish paying off a loan or credit card balance, keep making payments and put the money in a savings or investment account.
Follow these easy steps and you’ll be surprised how quickly your savings account grows. Remember, keep your goal of home ownership clearly in your sights and you’ll have your FHA Fort Lauderdale mortgage down payment saved before you know it.
Will Higher Interest Rates Impact Fort Lauderdale Homes For Sale
Posted by: | CommentsThe Impact of Higher Interest Rates on Fort Lauderdale Homes For Sale
Low interest rates have played a major role along with declining home values in making Fort Lauderdale homes for sale incredibly affordable. Fort Lauderdale Realtors have used this combination of low interest rates and terrific home values to help a record number of First-time Home Buyers take advantage of the greatest home affordability we’ve seen in years.
So, what happens to the Fort Lauderdale housing market recovery when interest rates move higher? Will higher mortgage rates lead to more Fort Lauderdale homes for sale? Will it mean fewer buyers and a potential risk to our local stabilization?
The economy and stock market have shown steady signs of improvement over the past few quarters. New unemployment claims have slowed, while consumer confidence is building. Recent Retail Spending numbers demonstrated that consumers are retreating from their “bunker mentality” and are returning to stores. Usually, this is a precursor to higher interest rates. A stubbornly slow recovery and low to moderate inflation pressure will allow Fort Lauderdale interest rates to rise only modestly.
The current pool of all cash buyers will continue to help absorb the distressed property inventory. As mortgage interest rates rise, so will savings and investment return rates. When that occurs, look for the pool of cash buyers to diminish, as other investment opportunities will siphon some capital out of the Fort Lauderdale housing market.
The good news is, Fort Lauderdale mortgage money remains available and Jumbo Loans are beginning to return to the Fort Lauderdale housing market. More home buyers will return to traditional purchasing with a Fort Lauderdale mortgage, as higher investment returns restore the use of leverage and mortgage money to the market.
Fort Lauderdale Realtors and home buyers can anticipate a slow choppy increase in Fort Lauderdale mortgage rates. The economy and the Fort Lauderdale housing market should not be hurt by a moderate rise in mortgage interest rates. Home affordability will remain intact for the foreseeable future with continued low mortgage rates that may approach 6% by year end. A steady stream of “Shadow Inventory” will continue to be added to the Fort Lauderdale housing market, which will keep home prices affordable as well.
Florida Mortgage Broker Secrets To Sell Your Home
Posted by: | CommentsFlorida Mortgage Broker and CMPS Professional, Harvey Collier can show you how to attract buyers and compete against short-sale and foreclosure properties by using a time tested strategy. Wrap your listing with a “Special Financing Offer”. Florida Home Builders used this strategy to attract buyers away from resales during the boom years. It may be time to dust-off this proven sales incentive and give it a little tweak. Why not use the best Florida mortgage as the honey to attract the bees (buyers) away from your competition, short-sale and foreclosure homes.
Here’s how it works. Your Florida mortgage broker can utilize a seller concession to create a special buy down mortgage that will be very attractive to any potential buyer. During the housing boom, new home builders offered buyers special mortgage terms including below market interest rates that allowed buyers to qualify for a larger Florida home loan and more upgrades for the home (boosting builder profits). Builders were very successful luring potential resale buyers way from existing homes with lower payments and more house for the money. Let’s rethink this strategy and reapply to today’s short-sale and foreclosure marketplace.
Now you are the home builder trying to attract buyers away from distressed property sales. There’s only one way to compete with the steady wave of short-sale and foreclosed properties coming on the market over the next 2 years … Drop Your Price … Again …. Again … Okay, as your Professional Florida mortgage broker, here’s the “honey” recipe. Once you and your professional Realtor agree that your property is fairly priced to the market and it still hasn’t sold, it’s time to wrap it with financing. With the help of the best Florida mortgage program, you can create a financing option that will draw the bees to your hive.
Here’s an example of how I structured this strategy for a client that just sold his home using the strategy. The property was listed in the MLS and advertised with “Special Owner Arranged Financing”. This heading got a lot more inquiries as they always wanted to know if it was owner held financing. This opened up an additional pool of buyers for the Agent and seller. It turns out that the buyers of the home that we just closed about 2 weeks ago, initially called thinking it was owner financing. They had already been turned down for a Fort Lauderdale mortgage of the same amount and were hoping they might get the owner to hold the mortgage with their excellent credit scores and job stability.
The house had been listed for $345,00 and reduced over 4 months to $280,000. When the homeowner contacted me, he was about to reduce the price again by $20,000 to be at or below several other short-sale properties in the neighborhood. I structured a best Florida mortgage option keeping the home priced at $280,000 and having him contribute 4% to the interest rate buy down. This can be done with a FHA loan or Conventional loan with either a fixed rate loan or many Adjustable Rate loan options. The beauty of the concept is that it can be tailored to the buyers needs and risk tolerance. In this particular case we illustrated a 30 year fixed rate mortgage and a 5/1 ARM. The buyer of the home selected the 5/1 ARM best Florida mortgage option, as it allowed them to qualify at the buy down start rate with a lower payment and debt-to-income ratio that had restricted their qualifying before.
The buyers locked in their Fort Lauderdale mortgage at 3%, fixed for 5 years. Here’s what it did for the buyers:
- Allowed them to qualify for a 22% higher priced home in a neighbor they wanted, but couldn’t afford now.
- Even at the higher sales price of $280,000 the payment on their best Florida mortgage was $172 less per month.
- The buyer was actually able to deduct the cost of the seller paid buy down from their income taxes receiving an additional $2240 windfall.
Here’s what it did for the seller:
- Attracted many more potential buyers with “Special Financing Offer”.
- Instead of $20,000 price reduction, seller only paid $8,960, netting an additional $11,040.
- Most importantly, got the property SOLD!
Here’s what it did for the Realtor:
- Most importantly, got the property SOLD!
- Got both ends of the deal as buyer responded to internet posting.
- Received another sale from the seller repurchasing another home.
- Received the goodwill of the neighborhood, as property values weren’t compromised by a reduced sales price.
This best Florida mortgage strategy can and will work for you. Wrap the listing with an interesting financing arrangement and you might just sell that home faster without having to give it away. Your Florida mortgage broker, Harvey Collier has 25+ years of experience to help you sell your home.
Contact: Harvey Collier, First Trust Mortgage
www.MortgagePro-Florida.com or email:HarveyCollier@MortgagePro-Florida.com
Good News For The Fort Lauderdale Mortgage Market
Posted by: | CommentsThe Fort Lauderdale mortgage market received an encouraging message from Bank of America’s offer of principal reduction to underwater borrowers. Bank of America has been sharply criticized for their poor performance in modifying delinquent loans under the government’s HAMP program. Bank of America’s track record in the Fort Lauderdale mortgage and real estate markets dealing with short-sales has been exasperating at best. So why the sudden change of heart? Is Bank of America tired of the ‘black eye’ they continue to receive in the media or are they really reaching out to help their customers?
Let’s examine the offer a little closer. Like everything else big banks announce these days there are a lot of strings attached and lots of fine print to read. The plan includes forgiveness of up to 30 percent of the loan balance ahead of an interest rate reduction on certain mortgages. These include some subprime loans and most Pay-Option ARMs offered by Countrywide Financial. These are the loans that allow for negative amortization and most borrowers have added to their principal balance at the same time the value of their home has been dramatically reduced. The Fort Lauderdale mortgage market boom from 2003 – 2006 was fueled by this loan program.
Many homeowners used this loan to cash-out their equity in their primary home to use as a down payment on a speculative investment property purchase. The cash flow feature of this loan allowed the borrower to pay less than all the interest each month and add the unpaid portion to their principal balance. Real estate values were escalating by the week and it seemed home prices would never go down.
Many Fort Lauderdale mortgage borrowers are now trapped in these loans that they owe a whole lot more than the property is worth. These loans are adjustable rate and recast after 5 years. A high percentage of borrowers are facing massive payment increases at the same time they are severely underwater and have no ability to refinance. Is Bank of America really trying to be the “White Knight” for struggling homeowners?
Don’t count on it! Bank of America doesn’t want your house, but the offer is mostly self-serving, as there are few Fort Lauderdale mortgage borrowers that will be able to qualify for the modification. Most of these loans were originated as “No Doc”, or “Stated Income” loans, commonly referred to as “Liar Loans”. This makes it highly unlikely that many Fort Lauderdale mortgage borrowers with Pay Option ARMs will be helped by this offer. Bank of America is attempting to modify as many of these loans as possible before they become the next wave of foreclosures. However, it’s encouraging that for the first time principal reduction is being offered by any major lender.
What’s most interesting about this announcement is industry insiders now suspect the Treasury Department may announce a similar program in the near future. Should the concept of principal reduction by banks be employed, then it would give underwater homeowners more opportunity and desire to stay in their current property. We’d have less short-sale and foreclosure inventory leading to more resales and move-up buyers. The Fort Lauderdale mortgage market with its massive foreclosure problems would be helped considerably. This may just be the first step in the right direction toward a recovery in the housing market.
