U.S. postpones 2014 hike in mortgage fees

West hollywood real estate

It’s a Christmas miracle!

Planned fee increases that would have added to the cost of millions of mortgages will be postponed. Currently, borrowers seeking loans backed by Fannie Mae and Freddie Mac are set to pay higher upfront fees starting April 1.

The fees, ordered by the Federal Housing Finance Agency earlier this month, are meant to help safeguard banks against risky borrowers who might default.
But housing experts say they will add thousands of dollars to the cost of all mortgages insured by Fannie and Freddie, with the biggest hits taken by borrowers with less than perfect credit histories.

On Friday, the incoming chief of the FHFA, Mel Watt, said he intends to postpone the fees — and perhaps even cancel them — until more analysis is done. The FHFA oversees Fannie Mae and Freddie Mac.

Watt, a former Democratic member of Congress, has been confirmed to his post by the Senate and takes office on January 6.

In a statement, Watt said he intends to “evaluate fully the rationale” for the fees and their impact on Fannie and Freddie and the “availability of credit.”

The mortgage industry has been bracing for substantial increases in the price of loans in 2014.
“If these [policies] had been implemented, it would have increased borrowing costs dramatically,” said David Stevens, CEO of the Mortgage Bankers Association.

The hit for individual borrowers would depend on the amount of the home purchase being financed, according to Brian Koss, executive vice president at Massachusetts-based lender Mortgage Network.
Borrowers would have paid a fee when they took out the loan, or they could have effectively rolled the higher fees into their interest rate, raising monthly mortgage payments by as much as a quarter percentage point.

Even with the reversal, however, mortgages will probably get more expensive over the next few months anyway as the Federal Reserve cuts back on its purchases of mortgage backed securities, a program designed to keep interest rates low.

Stevens, the mortgage industry representative, said the proposed increases made little sense. Defaults on mortgages made in recent years have been much lower than on those made before the housing crash.

As a result, Fannie and Freddie are flush with profits, so much so that they have already returned almost all of their $187 billion taxpayer-funded bailout.

“The GSEs are making a lot of money,” said Stevens. “There’s no rationale for the increases.”

If you’re looking for commercial or residential real estate assistance, please contact me at
jkryukova@gmail.com or (310)402-8181 begin_of_the_skype_highlighting (310)402-8181 FREE  end_of_the_skype_highlighting.

Source: http://money.cnn.com

2332 Canyon Drive – Great 1920s Era Home in Los Feliz Village $939,000

2332 Canyon Drive Los Feliz, CA 90068

This Los Feliz retreat rests on a knoll above sought-after Canyon Drive. At one end are trendy boutiques and restaurants, and at the other, a peaceful park for hiking, kids, and pups. Inside the Roaring 20’s home are gleaming hardwood floors, soaring ceilings, a charming dining room with period built-in book cases, a living room with fireplace, a kitchen full of stainless-steel appliances, and a unique screening room. A walled and gated outdoor living area is perfect for entertaining!

http://www.2332canyondrive.com

Asking price: $939,000

2 bedrooms, 1.5 bathrooms, bonus room, separate dining room, large living room with high ceilings

TONS OF CHARM & CHARACTER!!!

Please contact me at jkryukova@gmail.com or (310)402-8181 for more information, private showings, or for any of your real estate needs.

 

6 Canyon night 2 7 Canyon night 3 008 024 007 020 019 002 018 017 015 010 001 009 1 Canyon night 2332 Canyon Drive

Fed attempts to free higher-priced loans from appraisal binds

A proposed rule was issued by six federal financial regulatory agencies that would create exemptions from specific appraisal requirements for a subset of higher-priced mortgages.

The proposed exemptions would save borrowers both time and money as well as promote the safety and soundness of creditors.

The Dodd-Frank Act imposed appraisal requirements for high-priced mortgages. Under the act, loans are deemed “higher-priced” if they are secured by a consumer’s home and have interest rates above a certain threshold.

The rule proposed would allow the following three types of higher-priced mortgage loans to be exempt from the Dodd-Frank Act appraisal requirements: loans of $25,000 or less, certain streamlined refinancing and certain loans secured by manufactured housing.

In January, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a final rule implementing the new Dodd-Frank Act appraisal requirements.

As of January 18, 2014, compliance with the final rule will become mandatory. The agencies listed above are jointly issuing the proposed rule on additional exemptions in response to public comments received previously.

Public comments are encouraged by the agencies on all aspects of the proposal. The public will have until September 9, 2013, to review and comment on most of the proposal. However, comments linked to the proposed Paperwork Reduction Act analysis will be due 60 days after the rule is published in the Federal Register.

 

 

Source: Housingwire.com

JUST LISTED: Private Celebrity Retreat In Outpost Estates (Hollywood Hills)

Address: 7009 Senalda Drive Hollywood Hills, CA 90068
Price: $2,479,000
Stats: 5BR/3.5BA; 2,884 sq.ft., 13,608 sq.ft. lot

Description:

This exclusive property is tucked above and away from Outpost canyon’s main drag, but is close enough to access all of Hollywood’s offerings. Located in a celebrity enclave (with A-listers sharing property lines), the property features elevator access from the 2-car garage to the kitchen, designer-landscaped serenity gardens, remodeled kitchen and bathrooms, updated systems, ultimate privacy, and fantastic canyon and mountain views. Get away from it all…in the middle of it all.

A 001 E 026 M 016 Z1 006 Z3 005 Z8 010

 

Please contact me at (310)402-8181 or jkryukova@gmail.com for details and showings. 

JUST LISTED: 2880 Las Alturas St. Hollywood Hills $999,000

Las Alturas

2bed/2.5 Bath

2,068 Sq. Ft.

KILLER VIEWS!!!

This stylish Hollywood Hills residence showcases dramatic views right from the front door and its sky-lighted entry hall (with powder room).  An open floor plan accentuates the home’s modern vibe. The house’s ample living area has a fireplace, pitched ceilings, wood floors, and resort-style walls of glass that accordion-open to a generous balcony. Inside becomes outside as the breezes blow and a carpet of city lights spice-up the living space. A dining area also showcases views to di(n)e for. The highly-desirable open floor plan continues as dining opens to the home’s well-equipped kitchen (with breakfast or cocktail bar), which has newer appliances and plenty of custom wood and glass cabinetry.

The master bedroom has custom built-in wall of shelving and cabinetry and plenty of closet space. There is a balcony accessible through glass double doors. Just past the pine trees…more city lights views. The remodeled master bath features a chic porcelain vessel sink, a reclaimed wooden cabinet and mirror, slate shower & tub surround, and chrome fixtures. The second bedroom also has access to a remodeled bathroom with an over-sized sink cabinet and step-in shower.  This bedroom also has a balcony with tree-top and city lights views.

The home’s large, direct-access garage is currently working perfectly for two-cars, laundry area, and storage-storage-and more storage; but could be used as a gym or additional living space. An outdoor wrap-around deck area (hedged and gated) provides ample private space for kids/pets, and sports and built-in barbeque. This area is perfect for an evening cocktail gathering or Al Fresco dining and…has views!

This home is a true Hollywood Hills pad, just north of landmark Mulholland Drive. Near the end of a cul-de-sac, this Las Alturas home provides a safe and secure street to hang out, walk the pups, and take in the “mountain” air. And, it’s only a short walk to the upper entrance to Runyon Canyon Park.

5t 039 5r 016 5q 015A reshoot027 Las Alturas 5i 020 5d reshoot009 5a reshoot007 02 reshoot004 Las Alturas

JUST LISTED: Re-imagined Sunset Strip Spanish Estate! Offered at $5,300,000 Open Tuesday 11-2pm

1136 Doheny Dr.

1136 Doheny Drive Los Angeles, CA 90069

3bed/3bath Stunningly updated with spanish detail

2,996 sq. ft./Lot size 13,607 sq. ft.

Please click here for the virtual tour:  1136 Doheny Dr Lifestyle Video 

3BR/3BA Spanish residence in the Sunset Strip offers ultimate privacy (gates, hedges, no one “looking in” from above) and unparalleled access to all of the Sunset Strip’s offerings. Features include: formal step-down living room with 2-story vaulted ceilings and over-sized fireplace, cook’s kitchen with Viking appliances and eat-in peninsula, luxury-level master suite (overlooking park-like grounds) with large walk-in closet and spa-like bathroom with cathedral ceilings and soaking tub, 2 additional bedrooms en suite, family room and dining room with French doors to the completely private back yard, sparkling full-sun pool and spa with flagstone lounging/eating areas, expansive lawn with room for play, pups, and parties. Indoor-outdoor flow makes this home perfect for entertaining. Pre-wired for media, individual room-by-room volume controls, office area with custom built-in desk and cabinetry, basement/bonus room with storage, direct access to 2-car garage, security, intercom.

002 006 009 009A 017 018 033

Year-over year US home prices up sharply in November

U.S.  home prices in November extended their steady recovery from the housing bust,  rising 7.4 percent compared with a year ago. It was the biggest year-over-year  increase in 6½ years.

CoreLogic,  a private data provider, said Tuesday that prices also rose 0.3 percent in  November from October. The month-to-month figures are not seasonally adjusted.  CoreLogic compiles its indexes by tracking sales of the same homes over time,  using data on sales in all 50 states.

The  gains in home prices have been widespread across most of the country. And  CoreLogic forecasts that prices will increase 6 percent this year.

Prices  in November were higher than in November 2011 in all but six states. And only 13  of 100 large cities that CoreLogic studies reported year-over-year price  declines. That was down from 20 cities in October.

The  sharpest increases were in Arizona, Nevada and Idaho. North Dakota and  California rounded out the top five.

Steady  price increases are helping fuel the housing recovery. They’re encouraging some  people to sell homes and enticing would-be buyers to purchase homes before they  get more expensive. Rising prices also reduce the number of homeowners who owe  more on their mortgages than their homes are worth.

“All  signals currently point to a progressive stabilization of the housing market and  the positive trend in home price appreciation to continue into 2013,” said Anand  Nallathambi, CEO of CoreLogic.

Despite  the gains, home prices nationwide are still nearly 27 percent lower than in  April 2006, when prices peaked during the housing bubble.

Some  of the biggest gains have been in states that were hurt the worst. Prices in one  of them, Arizona, have jumped nearly 21 percent in the past year, the most of  any state. But prices in that state are still nearly 40 percent below  their peak.

And  prices in Nevada have risen 14.2 percent in the past year but remain 53 percent  below peak levels.

The  states where prices continue to fall include Delaware, where they are 4.9  percent below a year ago, and Illinois, down 2.2 percent. Connecticut, New  Jersey, Rhode Island and Pennsylvania are also reporting declines.

Prices  rose 24 percent in Phoenix in the past 12 months, the most of any large metro  area. Riverside-San Bernardino, Calif. was next with a 9.7 percent rise. It was  followed by Los Angeles, where prices rose 8.4 percent.

Source: Sfgate.com