New Jersey Estates/Weichert Realtors/ NJ Luxury Real Estate/ New Homes: July 2009

Continuing declines in mortgage rates and signs of home price pick-ups dominate this week's economic outlook for real estate. New applications to buy houses and condos jumped by 9.4 percent last week alone. Refinance applications were double that - up by about 18 percent.

	New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE Copyright © 2009 Realty Times All Rights Reserved.

Fixed-rate thirty year mortgages averaged slightly over 5 percent last week, according to the Mortgage Bankers Association. Fifteen year rates averaged 4.6 percent.

Both numbers are close to all time lows, and are buyers are getting the message.

At the same time, the home price index that tracks more zipcodes and neighborhoods than any other -- the Integrated Asset 360 index -- found that prices nationwide moved up by 1.6 percent in May, based on data from more than 15,000 sub-markets.

IAS said the increase in prices was the largest recorded by the index since July of 2005. Prices in Denver were up by four tenths of a point. In Boston by 3.7 percent. And Chicago by one and a half percent.

John Burns, CEO of John Burns Real Estate Consulting, said the higher prices appear to be the result of purchasers "shifting back to more traditional submarkets and neighborhoods," and moving away from zipcodes and neighborhoods where prices have been severely depressed by foreclosures.

Another national survey, by House Hunt, Inc., found a trend underway toward move-up buyers and away from first timers. While move-up purchasers represented just 35 percent of the market during the first quarter of this year, according to House Hunt survey researchers, in the second quarter they accounted for 48 percent.

Why's that significant? Because the "normal" market ratio in recent decades has been two-thirds of purchasers are move-up or down-sizing buyers, and one third are first timers.

Michael Bearden, CEO of House Hunt, which polls realty agents across the country, said the return of move-up buyers -- who tend to be less focused on distressed and foreclosed properties at rock-bottom prices -- "is very positive news for home owners, sellers and the housing industry."

The same study also found that 81 percent of sellers are now getting at least 90 percent of their asking prices, reflecting more realistic pricing strategies by sellers and agents.

So are we at a turnaround point for real estate? Maybe on a national basis, but definitely not in dozens of markets where prices are still slipping because of rising foreclosures and unemployment.

But let's not ignore the bright spots: For thousands of consumers, today's outstanding mortgage rates and improved affordability are making the word "turnaround" look very real and meaningful.


Written by Kenneth R. Harney
July 21, 2009 

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An old Italian lived alone in New Jersey.  He wanted to plant his annual tomato garden, but it was very difficult work, as the ground was hard. 
  
His only son, Vincent, who used to help him, was in prison. The old man wrote a letter to his son and described his predicament: 
  
Dear Vincent,    
I am feeling pretty sad, because it looks like I won't be able to plant my tomato garden this year. I'm just getting too old to be digging up a garden plot. I know if you were here my troubles would be over.  I know you would be happy to dig the plot for me, like in the old days. 
Love, Papa 
  
A few days later he received a letter from his son. 
  
  
Dear Pop, 
Don't dig up that garden. That's where the bodies are buried. 
Love, 
Vinnie 
  
     
At 4 a.m. the next morning, FBI agents and local police arrived and dug up the entire area without finding any bodies. They apologized to the old man and left. 
  
  
That same day the old man received another letter from his son. 
  
Dear Pop, 
Go ahead and plant the tomatoes now. That's the best I could do under the circumstances.   
Love you, 
Vinnie

Internal Revenue Code changes have averaged one--per--day over the past eight years ---- with 500 revisions in 2008 alone. Who's counting?

	New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE Copyright © 2009 Realty Times All Rights Reserved.

Nina Olson, the National Taxpayer Advocate, announced the statistics in her annual report to Congress. An independent organization within the IRS, the Taxpayer Advocate Service helps taxpayers resolve complaints with the agency when problems cannot be resolved through normal channels.

Will Advocate Olson's reports convince our lawmakers to draw back from their drawing board? Not during these troubled times. Expect them to enact even more alterations to an already confusing code in the immediate future.

How do individuals who need to focus on tax planning all year long keep on top of all those major and minor modifications? Most decide to become clients of tax professionals -- advice -- givers adept at assuaging affluent angst and able to avoid pitfalls adroitly while capitalizing on opportunities to diminish, delay or deep--six amounts that otherwise would swell IRS coffers. And that kind of advice does not come cheap. In locales like my neck of the woods near New York City, such clients should expect to pay hourly fees of several hundred dollars and up for guidance.

Help is available from lawyers, CPAs, financial planners, or Enrolled Agents -- persons licensed to practice before the IRS, who are neither attorneys nor CPAs, but who are former IRS employees or have passed rigorous tax examinations administered by the IRS.

Fortunately, pricey professionals are not the only source of succor for Americans apprehensive about their financial futures and their retirement prospects. There are alternatives that are easier on the pocket. One option is to sign up at places like high schools and community colleges for inexpensive adult education courses on various aspects of personal finance -- for instance, tactics that trim taxes or methods for investment selection.

But people who need financial advice should be wary of free lunch seminars that are actually showcases for hucksters. Seminar sponsors usually promote their programs as educational events, with free meals thrown in. But the seminars generally feature hard -- sell pitches for substandard investments designed to enrich the sponsors -- many may be Uncle Bernie wannabes -- and impoverish investors, especially unwitting seniors.

It is also possible to obtain advice at no cost from knowledgeable, disinterested professionals. This resource is available to an ever--increasing number of individuals who belong to affinity groups or work for companies that offer such advice. Individuals eligible for assistance can call centers staffed primarily by financial planners who offer advice only -- untainted by compensation linked to commissions on product sales.

But what is available for people in need of instant advice who are without access to call--in centers? Thanks to technology, there are person-to-person Internet advice sites that let them talk to experts on topics like taxes and investing. It is important to note, however, that these sites do not vouch for the accuracy of their experts' advice.

A major purveyor of telephone counseling and hand--holding is Keen -- a company that describes itself as "Your Personal Advisor," offering live, immediate advice for everyday life. In the interests of full disclosure, I was among the first dispensers of tax advice recruited by Keen, when it debuted in 2000.

Keen's specialists cover a broad range of financial topics -- anything from tax -- efficient maneuvers that callers can implement themselves, to new theories to test out on real -- world advisers, to portfolio diversification strategies.

Keen allows callers to check out advisors' backgrounds and their ratings by previous customers. Another confidence booster is that Keen makes the call to both parties -- ensuring that its online oracles are clueless about callers' names, phone numbers and other personal information, unless the callers choose to divulge such details.

What does a service like this cost, and how does one pay? As with most Internet sites, Keen accepts credit cards and bills per--minute, but frequently discounts fees for first--timers. There is no minimum fee commitment and callers decide when to conclude the conversations, so they are in control at all times. The result is helpful advice at far less than the cost of in--person sessions.

That noted, Keen is not ideal in all situations. At least some of its mavens will lack your mom's smarts and accessibility, and none can compete with her, whose 24/7/365 counsel comes at no cost at all! Still, Keen is particularly well suited for several common situations. Its advisors can provide inexpensive reassurance when taxpayers want to verify that information received from their advisors or the IRS is correct or when their returns are being audited.

Keen is particularly useful during tax filing season when other advice lines may be overloaded. According to the Government Accountability Office (GAO), taxpayers trying to dial into the IRS telephone assistance system for comparable help may be stymied by busy signals or put on "hold" only to endure lengthy waits. But Keen's advisors offer prompt answers.

Throw in another plus for last--minute filers choosing Keen over the IRS: They improve their chances for obtaining advice on circumventing stiff, nondeductible penalties for late filing (as much as 25 percent of the balance due on a return submitted after the due date) and late payment. The IRS charges interest on penalties and back taxes. Whereas taxpayers can count on Keen's availability on April 15, that is the day when "abandoned calls" -- the GAO's term for calls to IRS telephones that go unanswered -- surge. And, in case you forgot, that is also the day the Titanic sank.

To contact Keen, go to www.keen.com, or call 1-800-ASK-KEEN (275--5336). If you log on to the Web site and browse its directory of tax advisers, you can select one by clicking on a "Call Now" icon. Or you can follow the voice prompts in the case of the 800--number.

That may be all it takes to speak with someone who can staunch the hemorrhaging to the IRS.

Julian Block is an attorney and author based in Larchmont, N.Y. He has been cited as "a leading tax professional" (New York Times), "an accomplished writer on taxes" (Wall Street Journal) and "an authority on tax planning" (Financial Planning Magazine). For information about his books, visit julianblocktaxexpert.com.


Written by Julian Block
July 16, 2009 

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Today, buyers want green, no doubt, but green that makes economic sense. Geothermal technology uses the earth's natural thermal energy -- a renewable resource -- to heat and cool a home. While outdoor temperatures fluctuate substantially with the seasons, subsurface ground and water temperatures remain relatively constant year-round.

	New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE Copyright © 2009 Realty Times All Rights Reserved.

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Under the new rules, even where borrowers have negative equities of as much as 25 percent, they may be able to refinance into better loan terms, provided their mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.

New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish

July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE

Copyright © 2009 Realty Times All Rights Reserved.

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Pending home sales rose sharply, by nearly 7 percent, in the latest month measured by the National Association of Realtors. Pending sales are those where the contracts are signed, but the deals haven't gone to settlement yet.

New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish

July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE

Copyright © 2009 Realty Times All Rights Reserved.

With the stock market still jumpy and investors worried that the global recession may not be ending soon enough, it may seem a little surprising to see strong positive signs in the home real estate market.

But that's what's been happening.

Pending sales were up in all four major regions of the country -- and that caught the attention of some key industry economists.

Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.

Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.

Mortgage rates continue to be favorable, an average of 5.3 percent last week for 30 year fixed rate loans, 4. 8 percent for 15 year fixed, and those rates are pulling in growing numbers of home purchase loan applications.

According to the Mortgage Bankers Association's weekly survey, new applications to buy houses increased by nearly 7 percent in the week ending July 3rd.

Meanwhile a new survey by the California Association of Realtors found sales up in most parts of the state, especially in areas hard hit by price busts following the boom.

More than two out of three buyers polled by the group -- 68 percent -- said affordable prices are the key factor pulling them off the sidelines.

Now, of course, not everything is on the plus side in the real estate sector. Many of the houses being sold at near-giveaway prices are the byproducts of foreclosures and short sales, signs of continuing financial distress among many buyers who purchased at the height of the boom with low equity stakes.

Even the rental market is taking some economic hits in the face of rising home sales. Rental unit vacancies have just hit 7.5 percent nationwide; that's the highest they've been in 22 years, according to the New York research firm that compiles these statistics.

So on balance, real estate market conditions depend on where you're looking.

If it's home sales, the outlook is improving. On rentals, it looks like the turnaround will be a little further down the road.


Written by Kenneth R. Harney
July 14, 2009 

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When a decision is made to make an offer to purchase a home, be sure to go back and take a second look. It is so much easier changing your mind about a home before a contract offer is made than after a contract offer is accepted and signed by the seller. This second appointment would be a perfect time to bring along others who may have an impact on a buying decision, such as parents, friend, contractor, etc.

New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish

July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE

Copyright © 2009 Realty Times All Rights Reserved.

Go through the home a second time and look beyond the owner's décor, whether it was the home just previewed, the first one seen earlier in the day or the one previewed last week. Why? There are many reasons, but most importantly is seeing if the second look creates the same good feeling as the first, and then taking a closer look to see if there are aspects of the home missed during the first preview which may alter the decision to submit a contract offer.

So what is the right price to start with?

That depends on a number of things, such as the risk of losing the home to another buyer, how close to market value the seller's asking price is and what is the maximum price willing to be paid for the home.

Even though the current market is considered a buyer's market, there are many properties on the market for sale where the listing price is at, or very near market value, and where price negotiation will not be as great as other properties on the market that are priced well above market value.

In fact, don't be surprised to find that there are multiple offers being submitted and negotiated. This does occur, more often than most buyers imagine, and it happens when a seller price their home to sell and sets a very attractive list price to attract buyers and sell fast.

When negotiating a real estate purchase offer, the seller wants to sell at the highest price and the buyer wants to buy at the lowest price! The reality is that a home will sell for what is worth, whether a seller is looking to get more or a buyer wants to pay less. Contract negotiation is all about getting agreement.

Often overlooked by home buyers at this point in the home buying process is the experience and value of your REALTOR® in the contract negotiating process. In preparing to make a contract offer, a buyer needs to obtain as much information as possible, and much of that information will be provided by their agent.

This is the point in time when buyers need to have trust in their REALTOR® when asking for recommendations and guidance. The truth of the matter is that this is the point in time when the buyer must know and believe that their agent's concerns are for them.

The buyer should obtain a sellers disclosure if one is available and obtain additional background information about the home, such as the sellers desired closing time frame, if any offers were previously submitted or if a contract offer is currently being negotiated. This is information buyers should have when preparing to make a contract offer. Information like this is invaluable when deciding what price to offer and how to negotiate when submitting a contract offer.

So how does a buyer start negotiating to purchase a home?

That depends on the home. There are homes on the market for sale that are simply over priced, some slightly over priced, and then there are those listings that are priced to sell. There are home sellers who are pricing their home at three year ago price levels and will sell only if they get their price, there are sellers who must sell within a certain time frame and there are sellers who just have to sell.

In contract negotiations, one size does not fit all.

While there are many homes on the market, only one buyer gets to own the home in contract negotiations. A home buyer needs to decide how much they want a specific home and at what price!


Written by David Fialk

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For real estate investors buying houses at discount prices, it could be a hot new trend. Instead of simply doing the usual renovations, paint jobs and landscaping to turn around properties for resale or rental, growing numbers of investors are emphasizing energy efficiency improvements to increase market values and cut marketing times.

New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish

July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE

Copyright © 2009 Realty Times All Rights Reserved.

In Baltimore, A-Plus Neighborhood Homebuyers LLC is now acquiring central city rowhouses -- spending thousands of dollars extra on eco-friendly upgrades they'd never done before -- extra heavy insulation, bamboo flooring and high energy- efficiency appliances and lighting.

Three thousand miles to the west in Seattle, Aaron Fairchild of G2B Ventures is raising $50 million for the Efficient Real Estate Fund, the first limited partnership designed solely to buy urban houses at wholesale prices, perform major energy-efficiency retrofits on top of regular rehabs, then turn the properties around as rentals and for-sale houses.

In an interview with RealtyTimes, Fairchild said energy upgrades, documented by before and after audits, are a key new direction for investors, "even if it sounds like non-sexy stuff."

Research studies have found that houses with high energy-efficiency ratings sell at premiums ranging anywhere from seven to 14 percent over comparable, non-efficient houses, and take fewer days on the market to sell.

He cited a recent study on Seattle-area single family houses constructed in 2007 or later and certified as "built green," Energy Star and LEED (L-E-E-D), a top energy efficiency rating. "Green" certified properties of essentially the same size as non-certified units sold for seven and a half percent more per square foot and sold 24 percent faster - an average of 38 days versus fifty.

"It seems fairly obvious that if we spend two and a half percent extra" on renovations to achieve high energy efficiency," said Fairchild, "that we will recapture much more than that" when the houses are remarketed.

"When you can show people that the house consumes less energy" and emits much lower levels of greenhouse gases -- and you've got pre-renovation and post-renovation audits and operating numbers to prove it, "it only makes sense the property will have a competitive advantage in the marketplace." Fairchild's program is targeting houses in Seattle that can be acquired for 25 percent below current market value, primarily through short sales, bank-owned and pocket listing situations.

The renovations are intended to drastically lower energy usage and carbon emissions, and offer Energy Performance Scores from independent auditors.

Fairchild believes small and large-scale investors who ignore energy consumption and carbon emissions "are missing an important opportunity," not only for profit, but to do the right thing for the planet.


Written by Kenneth R. Harney
July 10, 2009 

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How do you determine whether a prospect should become a client? What are the criteria of becoming a client? Have you created a series of questions to help you minimize the time invested, to determine if a prospect will meet your standard?

New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish

July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE

Copyright © 2009 Realty Times All Rights Reserved

You need to create a systemized approach to determine if a prospect measures up to your specific criteria. This approach needs to be applied each and every time you come in contact with a prospect. I believe it doesn't matter where the prospect comes from; he needs to be evaluated based on a standard. Even if the prospect is a referral from a "Raving Fan", he still needs to meet the standard. If the prospect does not meet the standard, I would encourage you to gracefully decline the potential business.

There are eight questions that I used during my career in real estate to determine if a client would meet my standards. I will go through each question and explain why this question was important in making the decision of who to have as a client and who to pass on.

1. When is this prospect going to buy or sell? When is the prospect ready to move? The further out the move date, the lower the motivation of the prospect. You will have to follow-up more with the prospect, and you will have to invest more time to achieve a sale, if the moving date is far in the future. It is difficult to make a decent income chasing prospects that may buy or sell in the distant future.

2. Does the prospect have the ability to buy? Does the prospect have the cash down payment and is he able to be approved for financing? There are many Agents who show property to prospects for a week or two, only to find out they cannot buy. My suggestion is to find out if they are able to buy a home, before you even put them in your car. Require them to meet with your lender, or provide proof of being pre-approved from another lender, before you invest your time, effort, and energy in the prospects.

3. Does the client have reasonable expectations? This question is two-fold. Is the "wish list" of what the client thinks he can afford, and what he can actually afford, the same? Often buyers are not in the real world in regards to what they can afford to purchase. If you are chasing a prospect that is not in reality, you are truly wasting your time. In this situation you are going to either be the bad guy by telling him what he can really afford, or the client dumps you because you do not believe in his crusade. Either way, it is a difficult road to success and eventually leads to no commission.

The second part of this question is directed to the clients who try to beat the market. I always tried to avoid the seller who wanted more than fair market value for his property, and the buyer who wanted to steal the property. They both can be wastes of time for Agents. The odds are heavily weighted against this buyer and seller. You often will invest a tremendous amount of additional time to earn the same income. Not to mention, that often these people have the desire for an "I win - you lose" type of transaction. In my experience, those are the least enjoyable transactions to enter into, when one of the parties is only concerned about himself winning.

4. Does this prospect respect my time and me? Our time is our most precious commodity. Once it is gone we do not get it back. A prospect that does not value your time, by not keeping appointments and by showing up late, is clearly telling you that he does not value your service, or your time.

Often buyers and sellers will try to tell Agents what to do and how to do their jobs. They need to understand they are paying for your knowledge, advice, and professionalism. When they do not take your guidance, you need to decide if you want to continue to work with them. In my career, I chose not to do business with people who disregarded my guidance. If you acquiesce during the listing agreement period, once the listing expires you will still wear the black hat. The seller will still talk disparagingly about you and your service. How many times has this happened to all of us? I truly believe, if you are a professional REALTOR, your clients should regard your guidance, as they do that of their doctor, attorney, or accountant. I would not question my attorney or accountant's guidance. It is rather presumptuous for me to think I know more than they do in their area of expertise. My best advice to Agents is to run away from this type of prospect quickly!

5. Am I being asked to compromise morally, or ethically, from my beliefs to make a sale? If we have to deviate from our business philosophy, we need to reevaluate this business relationship. Being able to stand tall and live with your decisions is better than any sale you might make. If a prospect requests you do something that would fall into a gray area, you should carefully evaluate it. What if the deal blows up, or the gray turns pitch black? Remember most buyers and sellers will immediately point the finger towards the Agents involved.

6. Can I create a satisfied client? Is this prospect the type of person who will never be satisfied? Do you want to be the next Agent he is complaining about? These are people who will never be satisfied, no matter what you do, or what level of service you provide. Remember people tend to know, enjoy, and develop friendships with people who are similar to themselves. Do you want more referrals like the current prospect? I urge you to carefully evaluate this question when you are determining who you want your current clients and future prospects to be.

7. Is the client willing to tell me the truth so I can help him? Sometimes people view us as the enemy, or as a necessary evil. Prospects can sometimes play "hide the ball" with an Agent. I think that open and truthful communication between the Agent and the client leads to a successful relationship and transaction. In the end it will lead to successful referrals. If a prospect can't be honest with you, you should probably pass on him.

8. Is the commission that you will earn worth the trouble? Some Agents may be offended by this question. But the truth is, we are in this business to provide a service and to turn a profit. This is a question that must be asked every time. Are the dollars earned adequate for the time and effort you will be expending to put this transaction together and close? Maybe you would be better to invest the time to find a higher quality prospect or client. It is your time, so you are entitled to select in whom you invest your time.

It is all right to decide to go ahead and work with someone, even though you know the amount that you will earn may not be as high as compared to other transactions. In my career I entered into a handful of deals annually to help people. The key was, I accepted the fact that I would not be compensated for my time at my usual hourly rate, before I entered into the client relationship. I think that it is easier to accept when you understand it going into the relationship, rather than invest all your time, and then find out. It is easier when the choice is yours.

Develop your own list of questions to evaluate your prospects and clients. Make sure that the clients with whom you are spending and investing your time on measure up to the standard you have set. You will find an increase in your production and income, waiting around the corner, once the standard is established and met with all your clients.


Written by Dirk Zeller
July 10, 2009 

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Critics of Fannie Mae's and Freddie Mac's controversial new appraisal rules ratcheted up the pressure before the July 4 congressional recess with the introduction of bipartisan legislation that would mandate an 18-month moratorium on the "Home Valuation Code of Conduct."

	New Jersey Estates/ Weichert Realtors Paul Stillwaggon & Pat Cornish July 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE Copyright © 2009 Realty Times All Rights Reserved.

Reps. Gary G. Miller, a Republican from California, and Travis Childers, a Mississippi Democrat, are co-sponsoring the moratorium bill - H.R. 3044.

In a statement to Realty Times, Congressman Miller said that although he is "supportive of the intent" of the code, he has increasingly heard from Realtors and mortgage brokers in his district near Los Angeles who complain that "the cost of appraisals has increased and their quality" has dropped.

Criticism of the code -- from appraisers, realty brokers, and mortgage companies, has risen to a fever pitch in recent weeks. Online petitions are circulating with tens of thousands of signatures from people who want the rules withdrawn immediately.

The code was essentially written by the office of New York Attorney General Andrew Cuomo last year. Cuomo had threatened Fannie and Freddie with subpoenas and an investigation of alleged widespread appraisal inaccuracies in the companies' portfolios.

Rather than be burdened with an investigation, according to officials involved in the negotiations, Fannie and Freddie agreed to adopt the appraisal code for all loans the purchase, starting May first.

Though the rules seek to ensure independent, unbiased property valuations, they also radically changed the traditional system: They prohibit mortgage brokers from ordering or discussing valuation assignments with appraisers, and send most of the business to appraisal management companies - some of them subsidiaries of major banks.

The management companies, in turn, offer appraisers low fees - 50 percent less than previously standard fees in some cases - and have raised total charges to consumers. Many appraisers with extensive experience have refused to accept the low payments, leaving the business increasingly in the hands of appraisers with little experience who are willing to work for less money.

Some management companies reportedly have ordered appraisers to conduct valuations on properties far beyond their local areas - leading to lowball valuations that delay or kill home sales, according to realty agents and mortgage brokers.

The outlook for the moratorium bill? That's unclear at the moment.

But if Fannie Mae, Freddie Mac and Cuomo agree to re-think the code or make key changes - and there's a chance of that happening given industry trade group pressure -- there might be no need for Congress to step in.


Written by Kenneth R. Harney
July 6, 2009 

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