News of Note!

The U.S. Senate has TENATIVELY agreed to extend the home buyer tax credit. If the measure passes it will include a broader credit. More people will benefit. This measure, while hoped for, is NOT yet approved. Write your congressman folks.

The House of Representatives in now looking at the Home Valuation Code of Conduct. This ill-conceived rule has been the cause of additional costs to home buyers, and inadequate appraisals. These have caused many sales to fail, costing sellers equity dollars.

Another House committee is probing predatory practices used by some in the mortgage industry. The intent is to see if these practices contributed to the current housing crisis and its resulting economic meltdown. I, for one, hope this leads to a lot of "perp"walks at executive levels.

Last, but not least, Congress has passed a resolution extending the current Fannie Mae, Freddie Mac and FHA loan limits until 2010.