Arizona Association of Mortgage Brokers
We thought you'd like to know about the efforts of an organization called HVCCPetition.com that is fighting for the permanent reversal of HVCC. The two founders of the group, along with Marc Savitt, Immediate Past President of NAMB, and a handful of others, visited Andrew Cuomo's office yesterday. Click the link "TBWS Daily" below to view the video.
Be sure to go to HVCCPetition.com and add your name to the growing list.
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From an email sent by HVCCPetition.com - Nov. 18, 2009
Frank Garay and Brian Stevens are in
The three of them
are making it clear to everyone that this is not the end of battle, but just
the beginning, and we will not abandon this petition or our efforts to get rid
of HVCC until HVCC is Gone! We are quickly moving from a "minor
annoyance" to a "major pain in the @$$" for everyone in support
of HVCC and we need to put the pressure on more than ever so please keep
forwarding the petition site to everyone you know.
Everyone that has
anything to do with the real estate industry has an obligation to join us in
our effort to make their lives and industry better. We are ramping up
our efforts in a big way right now and we plead with you to do the same.
Thanks so much for your continued support!
HVCC PETITION
SUMMARY (HVCCPETITION.COM)
117,394 signatures
collected and printed as of 11-16-2009
97,234 of the signatures are confirmed as valid unique petition signers
The 20,160 non-verified signatures collected were not counted in the formal
total but were included in the printing for the following reasons.
- A large
percentage of them are believed to be valid but some information was
missing.
- Though
thousands of them appeared to be duplicate signatures they contained new
horror stories of HVCC victims. Many Real Estate professionals
appeared to be trying to submit fresh stories of how their most recent
clients were directly harmed by HVCC. We felt those stories were relevant
and worth including, especially since the new victims listed could be
contacted through the signer listed.
- A few of the
duplicates appeared to be a previous signer attempting to update their
signature with formal authorization to pass their information along to the
press/media since that feature was added to the petition several weeks
after it was launched.
39.6% of the petition
signers were mortgage originators
29.8% of the petition signers were real estate professionals
17.4% of the petition signers indicated they worked in some other facet of the
industry
The remainder of the petition signers were primarily homeowners or potential
home buyers
Polls - In addition to the petition
itself, we have conducted a number of online surveys to real estate industry
professionals regarding HVCC. Each poll question was preceded by an
emphatic plea to respond with accurate and verifiable data only. Even so,
we acknowledge that the polls were not conducted in a scientific and controlled
manner so the results may not be 100% accurate, but the story they tell is
still very revealing.
How did your last
"purchase" HVCC appraisal compare to the contract price?
533 - A. At or above purchase price.
151 - B. Low - but less than 3%
224 - C. Low - Between 3% and 6%
262 - D. Low - Between 6% and 10%
278 - E. Low - Between 10% and 20%
170 - F. Low - More than 20%
How could we best
stabilize home prices?
407 - A. Extend the
$8,000 tax credit.
144 - B. Increase high balance conforming limit to $1MM.
257 - C. Bring back Seller Funded Down Payment Assistance.
1025 - D. End HVCC.
How many of your
transactions have died due to HVCC?
128 - A. 0
152 - B. 1
187 - C. 2
794 - D. 3 or more
Do you think HVCC could
kill Fannie Mae?
208 - A. Yes. FHA is easier, so less FNMA loans will get done.
96 - B. No. As long as they need help, the Fed's will give it.
35 - C. I'm not sure, but I'd like to see some real data on it.
54 - D. I'm not sure, but given the choice - I'll go FHA every day.
94 - E. Both C and D.
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