| ate | | | | that will work in tandem with state, local and |
| Normal 0 false false false EN-US X-NONE X-NONE /* | | | | community. This is to help households facing |
| Style Definitions */ table.MsoNormalTable | | | | foreclosure to renegotiate with lenders or put their |
| {mso-style-name:"Table Normal"; | | | | house on the market. In the long term, the Stop |
| mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; | | | | Fraud Act would create criminal penalties for |
| mso-style-noshow:yes; mso-style-priority:99; | | | | mortgage professionals found guilty of fraud. This |
| mso-style-qformat:yes; mso-style-parent:""; | | | | would increase funding for federal and state |
| mso-padding-alt:0in 5.4pt 0in 5.4pt; | | | | enforcement of antifraud programs. |
| mso-para-margin-top:0in; mso-para-margin-right:0in; | | | | |
| mso-para-margin-bottom:10.0pt; | | | | · Mr. Obama also wishes to create a |
| mso-para-margin-left:0in; line-height:115%; | | | | simplified, standardized metric for calculating the costs |
| mso-pagination:widow-orphan; font-size:11.0pt; | | | | of a home mortgage that would be similar to the |
| font-family:"Calibri","sans-serif"; | | | | annual percentage rate used by the banks to identify |
| mso-ascii-font-family:Calibri; | | | | effective interest rate that a borrower pays for a loan. |
| mso-ascii-theme-font:minor-latin; | | | | |
| mso-hansi-font-family:Calibri; | | | | · He also proposes changes in the |
| mso-hansi-theme-font:minor-latin;} | | | | transport facility to needy neighborhoods. In this |
| Senator Obama swept to an historic and decisive | | | | regard, federal Jobs Access and Reverse Commute |
| victory in the presidential elections to become the first | | | | program are to be doubled so as to ensure that |
| black president in America. He must now trek | | | | additional federal public transportation dollars flow to |
| through the on-going crisis in the country by forging his | | | | the highest-need communities. |
| promised Change. | | | | |
| At present, real estate is one of those issues which | | | | · Mr. Obama has also expressed a |
| needs to be addressed. The newly elected president | | | | goal of making all new buildings carbon-free by 2030. |
| also has a series of plans to both builders and | | | | This law has already made its first move by allowing a |
| buyers. President Elect Obama’s take on | | | | high tax credit for users of energy-efficient |
| issues concerning real estate is a welcome change | | | | sources of energy like solar or wind energy. In |
| that should delight both buyers and builders. | | | | future, Obama has proposed introduction of |
| · Falling property prices and the rising | | | | competitive grant program to recognize states and |
| number of foreclosures are key concerns in real | | | | localities that take steps to implement new building |
| estate. Mortgage —holders and builders are | | | | codes that prioritize energy efficiency. |
| likely to be the focus of a wide range of initiatives. In | | | | |
| this direction, Mr. Obama has already proposed a | | | | · He has also proposed certain tax |
| mortgage tax credit for home buyers who | | | | reforms such as simplifying tax codes that would help |
| don’t itemize deductions. We still imagine more | | | | general public. |
| aggressive relief is likely to be sought. | | | | |
| | | | | With the implementation of these measures, our |
| · In an interview during his eventful | | | | anxiety brewed from today’s real estate |
| presidential campaign, Mr. Obama had mentioned | | | | market is sure to see some signs of ease in the near |
| measures to ease mortgage crisis. He has called for | | | | future. |
| the creation of a $10 billion foreclosure prevention fund | | | | |