Monday, September 29, 2008


I. Stabilizing the Economy The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion
to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small
businesses, and other companies to access credit, which is vital to a strong and stable economy. EESA also establishes a program that would allow companies to insure their
troubled assets.

II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory
lending practices – wherever possible to help American families keep their homes. It also directs other federal agencies to modify loans that they own or control. Finally, it improves the HOPE for Homeowners program by expanding eligibility and increasing the tools available to the Department of Housing and Urban Development to help more families keep their homes.

III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation
requires companies that sell some of their bad assets to the government to provide warrants so that taxpayers will benefit from any future growth these companies may experience as a result of participation in this program. The legislation also requires the President to submit legislation that would cover any losses to taxpayers resulting from this program from financial institutions.

IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on
the government, and then walk away with millions of dollars in bonuses. In order to
participate in this program, companies will lose certain tax benefits and, in some cases,
must limit executive pay. In addition, the bill limits “golden parachutes” and requires
that unearned bonuses be returned.

V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury
$250 billion immediately, then requires the President to certify that additional funds are
needed ($100 billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special inspector general to protect against waste, fraud and

Read the text of the Emergency Economic Stabilization Act of 2008 and tell us what you think.

Friday, September 26, 2008


Click here to view this Press Release in Spanish.

PRESS RELEASESeptember 15, 2008

CONTACT PERSON:Juan Cabrera718-210-3203 NEW YORK, NY - Casa Latino Real Estate and Los Taxes have built a strategic alliance to promote both brands within the Latino community. Casa Latino is American's leading multicultural Real Estate brand whose mission is to help its clients achieve the American dream of homeownership. Casa Latino founder and CEO Robb Heering stated "The Casa Latino business model is the first nationwide real estate franchise that is customer-centric, agent-centric, and owner-centric. Our model simply allows our agents to deliver better services to our customers.

Our franchise expansion efforts have been well received and we anticipate tripling our system size during the next 12 to 18 months. Most would agree that there are consumer needs out there that have not been effectively and ethically met. Casa Latino brings a fresh and innovative approach to the market and the market is responding positively".

Los Taxes is the First Latino Income Tax Preparation Franchise in America. "We have created a company with a simple mission: to provide honest and reliable income tax preparation service to the Latino community in a culturally sensitive office environment where taxpayers can find financial assistance in their language and culture offered by trained tax practitioners whose integrity and respect to system regulations are above all." Stated Javier Solis, President and CEO of the New York based company.

"Los Taxes will focus in providing excellence in tax preparation service to our Latino community. "Para Nuestra Gente" For our People, states our commitment to meet the financial needs of Hispanics, especially in the area of tax preparation and offering an office environment where Hispanic tax payers can find professionals who understand not only their language but especially their culture" added Javier. This alliance will encourage Real Estate Professionals to adopt a new business model to provide a variety of financial services to our Latino community and help real estate practitioners increase revenues.

Homeownership is the first step people take to build wealth and taking advantage of tax incentives encourages taxpayers to achieve homeownership. The implementation of Tax Service within a Real Estate environment is being implemented in several cities and Casa Latino franchisees will be able to take advantage of all the tools Los Taxes have available to run a tax center.

For a limited time, Casa Latino and Los Taxes will offer discounted franchise fees to those who acquire both franchises at the same time. For additional information please, visit or

Wednesday, September 24, 2008

Do you know if your clients' credit will be the same right before the closing day?

As a former real estate agent, I always advised my clients (once they were pre-approved) that for the time they were applying for a mortgage it was not a good idea to be messing with their credit. Why? Because usually the underwriter will check their credit report one more time prior to closing their mortgage application and if it is not up to the standers or the ratios have changed the application may be denied.

So, for the next 45-60 days, I would say to them repeatedly, to do not open a new credit card, buy a car or a boat, and more importantly to pay their bills on time. This may seems simple, right? Well, we know that our clients sometimes do not follow our advice and the deal could fails to close because our clients forgot to mail in the $20 credit card payment.

What can you do as their advisor to help them avoid killing the deal? The following tips are those that I learned the hard way when I was active selling houses and also implemented as a loan consultant, I hope they will assist you as well.

Set the table: If your niche is Latino homebuyers, especially those who are first time buyers with little or no credit, you as professional should be educating them about the repercussion on their buying process if they fail to maintain a good credit history while purchasing their home. Be clear with your clients; let them know they may lose their dream home if their credit is not the same as the time they first applied for the mortgage.

Expect the unexpected: Ok, you know that you were as informative as one professional can be, and in many times you continued addressing the credit issue and how important is for their sake to be careful, but don't be surprised if they buy a new car prior to closing. Be ready to overcome a situation like this one if you would like to save the deal.

Help them avoid overspending: First time homebuyers would normally need to purchase new house items like a lawnmower, furniture, or just needs new materials to do some cosmetics repairs to the new home. Well, all these cost money and if you help your clients save money during the real estate transition, chances are they won't need to use their credit cards to purchasing things they may need after the closing.

Just remember as professionals we are responsible for the success of others as our own, if your client don't close their transaction we might lose more that just the commission.

Sunday, September 21, 2008

New Book Offers Distressed Homeowners Advice for Avoiding Foreclosure Scams

Veteran housing counselors offer consumers information about how to overcome foreclosure, work with lenders, avoid foreclosure scams and more in the new book The American Nightmare. Free downloadable excerpts are now available at

Washington, D.C. (PRWEB) September 17, 2008 -- The American Nightmare is a new book by veteran housing counselors Sylvia Alvarez and Walter Walker Jr. that offers distressed homeowners tips and strategies that can help them avoid, survive and overcome foreclosure. Published in partnership with the National Association of Hispanic Real Estate Professionals (NAHREP), free downloadable excerpts of The American Nightmare are available in English and Spanish at and include pointers that will help desperate homeowners from becoming the target of short sale and foreclosure scams.

A link is also provided to purchase the book for $14.95.

Too many panicked homeowners that are looking for ways to save their homes are falling prey to unscrupulous people and foreclosure scams

The American Nightmare Book: Strategies Preventing, Surviving and Overcoming Foreclosure
The American Nightmare Book: Strategies Preventing, Surviving and Overcoming Foreclosure

Unsuspecting homeowners that are frantic for a quick fix to avoid foreclosure are becoming the victims of foreclosure scams that promise to save them from the loss of their homes. Many are paying thousands to thieves disguised as well meaning professionals that offer to repay their mortgage in exchange for the transfer of their deeds. The authors were inspired to write the book after being deluged at the housing agency where they work by people who have fallen prey to these mortgage scams and others. In addition to practical advice about how to avoid foreclosure, negotiate loan modifications or short sales and more, the book educates readers about the clever ways predators are bilking consumers.

FREE downloadable excerpts of the book offer homeowners information about:

- Common predatory lending scams
- Short sale and "flip for profit" scams;
- Equity skimming scams that leave homeowners with more debt and no house;
- Phony counseling agencies;
- How to file a complaint and report mortgage fraud;
- Plus options that homeowners can pursue if they are already in mortgage default.

"Too many panicked homeowners that are looking for ways to save their homes are falling prey to unscrupulous people and foreclosure scams," said Rebecca Gallardo-Serrano, Chairman of NAHREP. "Knowledge is power. The American Nightmare offers homeowners important information about the types of scams out there and how they can protect themselves from predators."

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in Washington D.C., NAHREP is the premier trade organization for Hispanics and has more than 15,500 members in 48 states and 62 affiliate chapters.

Thursday, September 18, 2008


The Greater New Orleans Fair Housing Action Center (GNOFHAC) has expanded its Hurricane Relief Project to assist homeowners affected by Hurricanes Gustav and Ike. The Hurricane Relief Project provides counseling to homeowners with issues related to insurance claims, mortgages, SBA loans, contractors, disaster recovery programs, and the Road Home Program.

Homeownership Specialists are available now to help homeowners navigate through the recovery process. The GNOFHAC, in collaboration with the National Fair Housing Alliance (NFHA), launched the Hurricane Relief Project in April 2006 to assist homeowners affected by Hurricanes Katrina and Rita. Since then, the GNOFHAC has helped hundreds of homeowners negotiate affordable mortgage repayment terms, receive fair settlement of insurance claims, and receive equitable compensation from the Road Home Program. In light of the damage done by Hurricanes Gustav and Ike, the GNOFHAC will now offer assistance to homeowners in South Louisiana who were impacted by these storms.

Homeowners should call 504-596-2100 or 877-445-2100 to speak to a homeownership specialist. The GNOFHAC has also created a Resource Guide for residents impacted by Hurricanes Gustav and Ike that includes information on how to file an insurance claim, deal with your mortgage company, apply for FEMA assistance, apply for a SBA loan, deal with contractors, and seek out other assistance in the rebuilding process. Additional information and resources can be found at and

The Greater New Orleans Fair Housing Action Center (GNOFHAC) is a private non-profit organization. The Center was established by a group of concerned New Orleanians in 1995 with the help of the National Fair Housing Alliance and a grant from the United States Department of Housing and Urban Development. GNOFHAC is dedicated to eliminating housing discrimination and furthering equal housing opportunities through education, outreach, advocacy, and enforcement of fair housing laws across the metro New Orleans and Baton Rouge areas.

Tuesday, September 16, 2008

A $7,500 reason for Latinos to reach the “American Dream”

By Bill Arce

The new federal tax credit serves as an interest-free loan for first-time homebuyers or for those with no ownership interest for the last three years
Signed into law last month by President Bush as part of a bigger housing bill, the federal tax credit is aimed at assisting homebuyers that are ready and willing to purchase a home but not capable to come up with the downpayment required by a bank.

The law defines first-time home buyers as those who have not owned a home used as their main residence for at least three years. The tax credit is for the purchase of either new or existing homes purchased between April 9 of this year and July 1, 2009.

The tax credit is a refund from Tio Sam. For example, if person owes $2,500 in income taxes, the $7,500 tax credit would wipe out that amount and the federal government also would send out a $5,000 check. If the taxpayer owes nothing at tax season, the total credit amount would be $7,500.

The cash 22 is the tax credit must be repaid over a 15-year period to the federal government; yes, nothing is free in this country. According to, the federal tax credit is best described as a 15-year zero-interest loan. This is not a bad deal if it helps taking down one of the homeownership barriers facing Latinos (Down Payment).

The $7,500 federal tax credit has a higher income ceiling for eligible home purchasers. Single buyers can get the full tax credit if their incomes are less than $75,000. Married couples will qualify with incomes up to $150,000. The tax credit phases out for higher-earning homebuyers and goes away entirely for single taxpayers earning more than $95,000 and married couples $170,000.

Homebuyers don't have to comply with any homeownership education in order to qualify for the tax credit, how ever, taking a class thru one of the locals homeownership counseling agency is highly recommended by before purchasing a home.

Homebuyers applying for the tax credit should be aware that, like any other financial obligation, they need to make sure they can afford to repay the tax credit. That way they will avoid being hit by the IRS with penalties and interest in case they default on their promise to repay.

Wednesday, September 10, 2008

Down Payment Assistance Leader Reached An Agreement With HUD

Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.

The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.

According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."

Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.

More exciting developments: join Scott Syphax, President and CEO of Nehemiah Corporation of America, for a 30-minute virtual town hall meeting on Thursday, September 11, at 10:00 AM

Fighting for Families - Nehemiah Corporation of America

BIENVENIDOS AL ÁREA DE ORANDO, AQUÍ SIEMPRE ESTARÁS DIVIRTIÉNDOTE. El centro de la Florida compuesto por cuatros condados, Lake,...