VanEd Newslog

Finance Friday: Federal Reserve Board announces independent foreclosure file review - video for consumers

The Federal Reserve Board on Wednesday announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.

Both English and Spanish versions of the video are available for viewing on the Federal Reserve Board's website and on YouTube.

The brief announcement reminds borrowers that, as part of the enforcement actions taken in April 2011 by federal banking regulatory agencies, they may be eligible to receive compensation if the independent review finds evidence of direct financial injury due to servicer error. Borrowers are eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010 and their mortgage loan servicer is participating in the Independent Foreclosure Review. The list of participating servicers can be found at: www.IndependentForeclosureReview.com or at www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm

The deadline to request a foreclosure review is July 31, 2012. For more information, borrowers may call 888-952-9105 or visit www.IndependentForeclosureReview.com. The video below can be shared with consumers or clients who may be eligible for assistance through the review process.

Our top story picks this week include good news from the FHA, appraisal opinions and speed traps

While many were at the Midyear meetings and others were taking care of graduation parties and other events leading up to Memorial Day Weekend (yes, that's this coming weekend) there was still some news that happened. Here are some recent stories that we found interesting;

Verizon caught our eye when it announced that it was moving to end unlimited data plans. As people move to the 4G network they will need to select a tiered plan to join. We aren't sure how many people in the industry will be affected by this but with the explosion of mobile tools in real estate this is sure to become something we all need to pay attention to.

REEA, The Real Estate Educators Association, announced that the cancelled 2012 annual conference was rescheduled for August 10-13 and will be held in Kentucky on the campus of Morehead State University. This is good news for educators and the recent webinar hosted by REEA also showed how the organization was moving forward. Great job by the current BOD. Exciting things are ahead, instructors can learn more at http://REEA.org.

Have you seen Trapster yet? find speed traps, photo radar and even road closures with this app. Available for Android, iPhones and even Blackberry this app uses crowd sourcing for something positive: fewer tickets! http://www.trapster.com/ (Since over 15 million people have this app already maybe it was just us that missed it...)

Built in 1592, The Crooked House of Windsor has a long and colorful history. We enjoyed the photos of the house as well as the story. http://bit.ly/KhISfm

The Federal Housing Administration (FHA) announced that they would be changing lending policies relating to condominiums. This is good news as the current restrictions, originally implemented before 2010, seem to be limiting the availability of affordable financing for many projects and first time homebuyers. The ... interesting? ... news was that there was no time line announced for the changes, just that they would be "very, very soon".

This wasn't the only news from the FHA recently as they also announced that the National Servicing Center (NSC) would begin offering Preforeclosure Program (PFS) Training for Real Estate Professionals. Learn more about these regional events online here - http://bit.ly/J4XjHb.

One important study we saw (and took a great interest in) finds that drinking coffee can extend your life. Read more online at http://bit.ly/L3uMO8.

And appraisers recently got a look at the Appraisal Practices Boards (APB) Valuation Advisory #3: Residential Appraising in a Declining Market http://bit.ly/IYWP1I.  

For more updates and information follow VanEd on any of our other social networks below. 

 

Finance Friday: The History of the Federal Reserve

Originally aired live in March, we are re-running the four-part lecture series presented at George Washington University by Federal Reserve Chairman Ben S. Bernanke. Today we revisit all four parts of the series.

In March 2012, Chairman Ben S. Bernanke delivered a four-part lecture series about the Federal Reserve and the financial crisis that emerged in 2007. The series began with a lecture on the origins and missions of central banks, followed by a lecture that discussed the role and actions of the Federal Reserve in the period after World War II. In the final two lectures, the Chairman reviewed some of the causes of, and policy responses to, the recent financial crisis, focusing specifically on the actions of the Federal Reserve.

The lectures were offered as part of an undergraduate course at the George Washington University School of Business.

On-demand video, transcripts, and presentation slides are available for each lecture.

Related reading list (PDF)

Lecture 1: Origins and Mission of the Federal Reserve 

Lecture 2: The Federal Reserve after World War II

Lecture 3: The Federal Reserve's Response to the Financial Crisis

Lecture 4: The Aftermath of the Crisis

Use the links below to view the series videos, find lecture handouts and watch the student Q&A sessions.

Origins and Mission of the Federal Reserve

The Federal Reserve after World War II

The Federal Reserve's Response to the Financial Crisis

The Aftermath of the Crisis

Can't attend in person? Follow the NAR Midyear legislative meetings online

This week the National Association of REALTORS® is holding its annual Midyear legislative conference and expo in Washington, D.C. Many are attending the committee meetings or legislative sessions, and thousands will take part in the expo. This is where members take an active role in the real estate industry.

For those who are unable to attend in person you can still follow along. You can visit http://www.realtor.org/midyear.nsf for information on what activities are taking place. And on Thursday, May 17th, follow along as REALTORS® rally to protect the dream of home ownership - visit http://realtorrally.org for more information.

Below is the twitter stream from this years event. You can follow along here as well!

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National Flood Insurance Program set to expire. Again.

After Fall legislative action the government funded National Flood Insurance Program (NFIP) through May 31st of 2012. This gave the NFIP a reprieve and it stayed on life support ~ again. Until now.

In an April 23rd press release FEMA, the Federal Emergency Management Agency, requested a long-term extension asking congress for a two year extension of the program. FEMA also reports that besides the inability to write new policies, if there is a lapse in authorization that diminishes income to the program and payments to recent flood victims might be delayed or even halted. 

There are a large number of real estate transactions that require flood insurance coverage and NAR reports that approximately 40,000 transactions per month would be placed in jeopardy by a failure of Congress to pass any reauthorization of the NFIP. You can read the FEMA press release by clicking here.

In a fall publication Henry Harrison wrote about the NFIP as wll as his personal experience with Hurricane Irene and with FEMA personel, whom he described as "professional, courteous and genuinely helpful." He concluded his article with the following statement; "Seems Congress is once again playing brinksmanship with America's flood insurance program. After our recent experience, that doesn't seem wise to us."

You can read more from Henry's October 2011 article at http://www.revmag.com/.

Ready for National Open House Weekend? It's this weekend, April 28th - 29th

Realtors® from all over the country will be hosting open houses this weekend as part of National Open House Weekend. According to a report by Inman News there will be more than $14 billion in listings open for buyers to peruse. This is an opportunity to learn more about the current state of the housing market for buyers and sellers, while allowing the real estate community to educate the consumers about the benefits of home ownership.

Learn more about how NAR supports the nations Realtors® at the local level online at http://www.realtor.org/topics/nationwide-open-house

Or watch the stream below to find homes that may be open in your area! Follow #openhouse2012 on twitter;

 

What we're reading: Internet Privacy tops our list this week

Don't be Evil, but Don't miss the train - This New York Times article sparked our interest as Google (among others) are both investigated and maligned for their internet security practices. What qualifies as a "best practice" in the online world may not be what the users think it should be. http://nyti.ms/HWvb4U 

There was a case that caught our attention where Bid Rigging in Foreclosure Auctions drew USDOJ charges that led to a plea deal in Alabama. The buyers wouldn't bid against each other but instead designate who would buy the property and then the group would have a second, secret auction later. This is illegal, so don't try this at home.  http://1.usa.gov/IzwBDj 

On a more entertaining note we enjoyed the story of the colossal cat on the Today show - check out this 39 pound kitty (which would equate to a 600 pound person) and see how sweet he was!  

There were also a few items of interest for instructors as we found articles on Ways to use Facebook effectively in class and Seven ways to wake the dead and inspire action with PowerPoint. If you're an instructor take a look at those quick reads for a few good tips.

 

And lastly, while staying on our instruction theme, we're at the Texas Real Estate Teachers Association (TRETA) Annual Conference this week in Fort Worth, Texas at the Historic Stockyards. There is a fantastic lineup of speakers including regulators and industry executives from all over Texas. Visit www.TRETA.org for more information or to see the schedule and we'll post any excellent updates that come from the conference.

 

Connect with us on any of our other social networks below to stay up on all that things social!

REALTOR® Nationwide open house weekend this Saturday, Sunday

REALTORS® across the country will be holding open houses on the weekend of April 28th - 29th during the Nationwide Open House Weekend. Thousands will open their doors and use this time to get people into listings and to educate the public about the historically low interest rates.

Join thousands of REALTORS® around the nation and hold an open house on the weekend
of April 28 - 29, 2012!  Encourage your buyers to visit and your sellers to participate.

How is this weekend different than any other weekend in April?  This is an incredible opportunity for consumers to shop for a new home while:
 

o    Interest rates are still low

o    Home prices are lower that they have been in years

o    There are a variety of home choices available

o    There are investment opportunities that exist in many markets 

 

Eventually, home prices and interest rates will climb, and inventory in various price ranges is becoming scarce in many areas of the country. Do not wait for institutional investors to begin to absorb the market.

REALTORS® can find more information and resources online by clicking here. And look for local or state marketing opportunities through your association or local media outlets. It may be an excellent opportunity to get a screaming deal on traditional marketing outlets that many in the industry won't be utilizing (or have forgotten about altogether!).

The most successful people in real estate use VanEd. Please connect with us on one of our social network sites listed below.

Finance Friday: Wait...why is tax day April 17th this year? (Hint: it's because of Emancipation Day)

This post originally ran on January 4th, 2012. With some of us still trying to finish our own taxes we thought it would be nice to remind everyone about the two extra days we get to file this year. So why do we get those? Read on...

WASHINGTON — The Internal Revenue Service today opened the 2012 tax filing season by announcing that taxpayers have until April 17th, 2012 to file their tax returns. This is because April 15th falls on a Sunday and on Monday, April 16th, Washington D.C. celebrates Emancipation Day (we didn't know about it either, but you can learn more by clicking here).

The IRS encourages taxpayers to e-file as it is the best way to ensure accurate tax returns and get faster refunds. The IRS also announced a number of improvements to help make this tax season easy for taxpayers. This includes new navigation features and helpful information on IRS.gov and a new pilot program to allow taxpayers to use interactive video to get help with tax issues.

Our favorite stories this week include angry chefs, green property valuation and low appraisals, sooo.... hold the blowfish?

Here are our favorite stories from this week, as reported by the VanEd staff, students and industry sources. It's probably no surprise that food, green building and a story about a low appraisal all made the list. We're diverse like that. :)

Did you know that Old Buildings can learn New Tricks? An article on the Sustainable Business Oregon website says yes. In her article, Caitlin Powell notes a study showing that by renovating an older warehouse (or potentially a mall?) and using 6 to 8 percent fewer resources than on demolition and new construction, contributions to climate change can be reduced by as much as 9 percent. Other stats are even more impressive.

Read more --> http://www.sustainablebusinessoregon.com/columns/2012/04/old-buildings-can-learn-new-tricks.html?ed=2012-04-03&s=article_du&ana=e_sbo

 

You know it is still an interesting market when the Past President of the Appraisal Institute, a Tennessee Real Estate Broker, loses a deal over a low appraisal and then gets an article on CNN Money. Read the article and then decide: Are banks sending messages to appraisers to keep valuations low?  http://cnnmon.ie/HcdwZ7

Don't think the appraisers are just one sided, though. They're still working on Green features as they ask If Energy upgrades add value to existing homes? The appraisers discuss this in an Appriasal Scoop post.    http://bit.ly/GTtZOf

Appraisers also have to deal with the Uniform Collateral Data Portal® (UCDP®), a single portal for the electronic submission of appraisal data files to Freddie Mac and Fannie Mae that facilitates the electronic collection of appraisal report data. Appraisal report forms for all conventional mortgages delivered to Freddie Mac on or after March 19, 2012, must be submitted to the UCDP. For more info visit http://www.freddiemac.com/sell/secmktg/uniform_collateral_data_portal.html. 

 

Ever ask what happens to all the hats that land on the ice after a hat-trick in hockey? We didn't until the Colorado Avalanche put the question to those who pick them up in this online video: http://video.avalanche.nhl.com/videocenter/console?catid=1027&id=103305 (and hey, now we know!) 

 

And what is with the regulators in Tokyo? The deadly poisonous Blowfish can kill you with a look (ok, an eye....seriously, the eyes, heart, liver... all more deadly than cyanide!). And now food regulators are easing restrictions for those who want to cook these deadly delicacies. Seems to us tha loosening standards for chefs who specialize in blowfish seems like adding risk to an already "fishy" proposition. 

See what we mean in this Rueters article: http://www.reuters.com/article/2012/04/03/us-japan-blowfish-idUSBRE83202P20120403

These stories and many more were or are available on one of our social network sites listed below. Please join us there!