Trump Puts a Halt to FHA Mortgage Cuts

Article Courtesy of the National Association of REALTORS®

Daily Real Estate News | Monday, January 23, 2017 

 

Just hours after being sworn in, President Donald Trump moved to suspend a plan to reduce the Federal Housing Administration’s mortgage insurance premiums that was set to go into effect on Jan. 27. The reduction had been announced on Jan. 9 by the outgoing Obama administration and Housing and Urban Development head Julian Castro.

 The reduction in premiums by 25 basis points, or a quarter percentage point, “has been suspended indefinitely,” according to an FHA news release. “More analysis and research are deemed necessary to assess future adjustments,” according to FHA.

National Association of REALTORS® officials estimate that, without the cut, about 750,000 to 850,000 home buyers will face higher costs, and 30,000 to 40,000 new home buyers will be left on the sidelines in 2017. It was estimated that FHA borrowers would save an average of $500 per year with the reductions in place.

“We’re disappointed in the decision but will continue to make the case to reinstate the cut in the months ahead,” NAR President William E. Brown said. 

Sources: NAR, “Trump Already Suspends Obama-Era FHA Mortgage Insurance Cuts,” MarketWatch (Jan. 21, 2017) and “FHA Suspends Planned Mortgage Insurance Cut,” Scotsman Guide (Jan. 20, 2017)

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES

Source:  HUD.GOV
Press Release 1/14/17 

The following news regarding a decrease by the Federal Housing Administration (FHA) in the Mortgage Premium Insurance rate (MIP) for most buyers is great news!

Modest reduction expands credit access and reflects improved economic health of FHA

WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017.  For a full schedule of the new premium rates announced today, read FHA’s mortgagee letter.

Today’s action reflects the fourth straight year of improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF), which gained $44 billion in value since 2012.  Last year alone, an independent actuarial analysis found the MMI Fund’s capital ratio grew by $3.8 billion and now stands at 2.32 percent of all insurance in force—the second consecutive year since 2008 that FHA’s reserve ratio exceeded the statutorily required two percent threshold.

Secretary Castro said FHA’s action reflects today’s risk environment and comes at the right time for consumers who are facing higher credit costs as mortgage interest rates are increasing.
“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said Secretary Castro.  “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.”
Ed Golding, Principal Deputy Assistant Secretary for HUD’s Office of Housing added, “We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers.  Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families.  This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream.”

Since 2009, the Obama Administration took bold steps to reduce risks in the mortgage market and to protect consumers.   In the wake of the nation’s housing crisis, FHA increased its premium prices numerous times to help stabilize the health of its MMI Fund.  Since 2010, FHA had raised annual premiums 150 percent which helped to restore capital reserves but significantly increased the cost of credit to qualified borrowers.  Today’s step restores the annual premium to close to its pre-housing-crisis level.

In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.   Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year. 

Happy Thanksgiving

As you are surrounded by family and friends, and as you think about those who may be separated by distance or circumstance on Thanksgiving Day, may you find peace and joy in the beauty and blessings of your life. 

 From my family to yours, best wishes for a wonderful Thanksgiving.

Fondest regards,

Pook Bellini

Thanksgiving Day Foods That Can Kill Your Dog

Thanks to The Dogington Post for this important list of foods that can make your dog severely ill or, even worse, potentially kill your dog.

• Turkey skin
• Cooked bones
• Onions and garlic
• Alcohol
• Nuts
• Nutmeg
• Sage
• Chocolate, dough, and batter

Visit DogingtonPost.com for the details.

http://dogingtonpost.com/thanksgiving-day-foods-that-can-kill-your-dog/

12 Great SC Restaurants

Courtesy of http://www.onlyinyourstate.com/south-carolina/

 Click below to check them out!

http://www.onlyinyourstate.com/south-carolina/12-restaurants-in-sc-that-dont-look-like-much-but-are-really-good/

How You Can Honor and Support Our Veterans

There are many worthwhile charities out there and it's often hard to know where our donations are most needed.  
There are many things to consider, so you may want to visit a site that will explain How to Pick a Military or Veteran Association.

If supporting our military is on your list, here are some great organizations to consider.  

USO

https://secure.uso.org/veteransday20161103/?utm_source=16_Veterans_Day_em3&utm_campaign=20161111_Veterans_Day&sc=WF16FLGV11&utm_medium=email&ta=20&spMailingID=9858043&spUserID=MzM2ODg0NTE5NjIS1&spJobID=1040892439&spReportId=MTA0MDg5MjQzOQS2

USO operates more than 180 state-of-the-art locations around the world, where thousands of service members can feel closer to family and friends back home. The demands on our centers are increasing every day. Your help is urgently needed to provide our brave men and women in uniform with the essential services they need to keep going!

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 K9s For Warriors

http://www.k9sforwarriors.org/

K9s For Warriors is dedicated to providing service canines to our Warriors suffering from Post-traumatic Stress Disability, traumatic brain injury and/or military sexual trauma as a result of military service post-9/11.
Our goal is to empower them to return to civilian life with dignity and independence.

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 Semper Fi Fund

https://semperfifund.org/match/ 

 

Donate now and The Bob & Renee Parsons Foundation, with support from GoDaddy, will “Double Down for Veterans” by matching every donation until December 31st, up to $10 Million. The Semper Fi Fund is delighted to announce Double Down for Veterans – a matching campaign with the potential to raise $20 million for wounded, critically ill and injured veterans. The challenge, issued by The Bob & Renee Parsons Foundation, with support from GoDaddy, is one of the largest matching campaigns in the history of veteran nonprofits. Beginning November 1st through December 31, 2016, donations to the Semper Fi Fund will be matched, dollar-for-dollar.

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Disabled American Vets

https://www.dav.org/

Serving Veterans Since 1920

We are dedicated to a single purpose: Empowering veterans to lead high-quality lives with respect and dignity.

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Wounded Warrior Project
https://www.woundedwarriorproject.org/

Vision:  

• To foster the most successful, well-adjusted generation of wounded service members in our nation's history.

Purpose:  

• To raise awareness and enlist the public's aid for the needs of injured service members.
• To help injured service members aid and assist each other.
• To provide unique, direct programs and services to meet the needs of injured service members.

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This is not a complete list, so if you know of another great organization, please contact me so we can add it to this list.

Veterans Day Message

It is with grateful appreciation that we give heartfelt thanks to the men and women who have served in our armed forces, protecting our nation, and preserving the freedoms we cherish.

When I was a child, we celebrated "Armistice Day" to recognize the signing of the signing of the Armistice that ended World War I and to honor those who bravely served and those who made the ultimate sacrifice on foreign soil.  The main hostilities of WWI were properly finished at the 11th hour of the 11th day of the 11th month of 1918, with Germany signing the Armistice.   Red poppies were distributed by members of the American Legion Auxillary, as a remembrance of the sacrifices of those who served during the war.  

The symbolism of the red poppy began with the poem IN FLANDERS FIELDS,  penned by Lieutenant Colonel John McCrae, MD (1872-1918) of the Canadian Army, after presiding over the funeral of a friend and fellow soldier and being moved by the poppy flowers that grew in the Flanders battlefields on the southeast edge of the town of Waregem, Belgium.  The imagery created by that poem remains an important symbol of the sacrifices of war today.  On June 1,1954, Armistice Day was changed to Veterans Day to honor all U.S. veterans.  

The following explanation of the poppy story comes from the American Legion  Auxillary website.

The Poppy Story

From the battlefields of World War I, weary soldiers brought home the memory of a barren landscape transformed by wild poppies, red as the blood that had soaked the soil. By that miracle of nature, the spirit of their lost comrades lived on. The poppy became a symbol of the sacrifice of lives in war and represented the hope that none had died in vain. The American Legion Auxiliary poppy has continued to bloom for the casualties of four wars, its petals of paper bound together for veterans by veterans, reminding America each year that the men and women who have served and died for their country deserve to be remembered. The poppy, as a memorial flower to the war dead, can be traced to a single individual, Moina Michael. She was so moved by Lt. Col. McCrae's poem, "In Flanders Fields," that she wrote a response:

. . . the blood of heroes never dies
But lends a luster to the red
Of the flower that blooms above the dead
In Flanders' Fields.

On impulse, she bought a bouquet of poppies – all that New York City's Wanamaker's Department Store had – and handed them to businessmen meeting at the New York YMCA where she worked. She asked them to wear the poppy as a tribute to the fallen. That was November 1918. World War I was over, but America's sons would rest forever "in Flanders' Fields." Later she would spearhead a campaign that would result in the adoption of the poppy as the national symbol of sacrifice.

In Flanders Fields

"In Flanders Fields" is a war poem in the form of a rondeau, written during the First World War by Canadian physician and Lt. Col. John McCrae. He was inspired to write it on May 3, 1915, after presiding over the funeral of friend and fellow soldier Alexis Helmer, who died during the Second Battle of Ypres.

In Flanders fields the poppies blow
Between the crosses, row on row
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below

We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved, and were loved, and now we lie
In Flanders fields.

Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders fields.

–Lt. Col. John McCrae

Happy 241st Birthday to the United States Marine Corps

"On November 10, 1775, the Continental Congress commissioned Samuel Nicholas to raise two Battalions of Marines. That very day, Nicholas set up shop in Tun Tavern (in Philadelphia). He appointed Robert Mullan, then the proprietor of the tavern, to the job of chief Marine Recruiter -- serving, of course, from his place of business at Tun Tavern. Prospective recruits flocked to the tavern, lured by (1) cold beer and (2) the opportunity to serve in the new Corps of Marines." 
Source: http://www.usmcpress.com/heritage/usmc_heritage.htm

Since those earliest days when the "Continental Marines" fought for our country's independence at sea and on shore, the United States Marine Corps has responded to conflicts around the world, participating in combat operations and humanitarian relief efforts by air, land, and sea. Mandated by Congress to be our county's rapid response force, the United State Marine Corps has proudly served our country for 241 years. From the shores of Tripoli to Guadalcanal and Iwo Jima, Korea, the jungles of Vietnam, the mountains of Afghanistan, the Iraqi desert, and all the operations in-between, Marines from all walks of life have defended our nation.

Each year on November 10th, Marines around the world live up to the motto "Semper Fidelis" (Always Faithful) as they celebrate the birth of the Corps. Whether attending a formal Marine Corps Ball or a small informal gathering, or even with just a phone call or a handshake, those who share the bond of being one of "The Few. The Proud." proudly honor the values, traditions, and history of the Corps on this day.

For many years Bob Parsons, entrepreneur, philanthropist, Marine, and Founder and former CEO of GoDaddy has shared a special video honoring the United States Marine Corps.

As part of this annual birthday tribute, The Bob & Renee Parsons Foundation, with support from GoDaddy, is partnering with the Semper Fi Fund (https://semperfifund.org/) to raise money to help critically ill and injured members of all of the United States Armed Forces and their families. This matching campaign, Double Down for Veterans, has the potential to raise $20 million for wounded, critically ill and injured veterans. It is one of the largest matching campaigns in the history of veteran nonprofits. Through December 31, 2016, up to $10 million in donations will be matched, dollar-for-dollar.

This year's video salute to "Mother Green" can be found at the following sites:

THE SEMPER FI FUND

YOUTUBE 

On a personal note...

Love and thanks to my husband and his Marine Corps brothers for their dedication and service, and heartfelt thanks to all who have served or are currently serving.

IN LOVING MEMORY OF BOB "HEAVY" PETRELLA

Today and always we remember with deep love and affection our dear friend, Bob "Heavy" Petrella, who was a USMC Captain during the Vietnam War and was a recipient of 2 Purple Hearts and a Bronze Star for Valor.

SEMPER FI!

SCCL HEALTHSHARE

A new health care self-advocacy website called HealthShare has been created by the Nurses Interest Group at Sun City Carolina Lakes.  This wonderful site offers valuable information covering many topics under the following categories: 

• Education
• Emergency
• Medical/legal
• Oral Health
• Prevention 
• Terminology
• Uncategorized

The HealthShare website/blog is in its pre-launch stage and is currently "under development," but already has wonderful information posted!

Congratulations to Jane Gregor and all who have helped to create this exceptional site! 

For links to this and many other great websites, please click HERE or go to the LINKS page above.

Hurricane Matthew Information Links

As news of the pending arrival of Hurricane Matthew along the coast continues to come in, I'd like to share some important information links.  Please be sure to follow the directions given by local and state officials and the National Weather Service, and stay-tuned to your local news for updates from Governor Haley and her team.  Any changes in the course of the storm can make a huge difference.  
Be smart and be safe!

• South Carolina Emergency Management Division
• South Carolina Hurricane Guide
• Ready.gov Hurricane Preparedness Information
• South Carolina Sheltering Information for Disasters
• South Carolina Evacuation Routes
• Report a Power Outage
• National Weather Service Website