As reported by Matt Carter of Inman News, the Bush administration on Monday, March 31, 2008 — in reaction to the financial and real estate markets collapse — has put forward a sweeping plan for reorganizing the regulation of the financial system that would include national licensing standards for mortgage brokers and the elimination of […]

The Maryland Daily Record just reported that “a bill that would allow Maryland banks to collect closing costs from customers who pay off loans early moved closer to final passage … after a contentious debate.” Apparently there’s no free lunch. It makes sense, but is is legal? It will be, if this piece of legislation […]

As stated in our earlier Blog posting of December 28, 2007, Maryland withholding tax requirements for non-resident entities changed, effective October 22, 2007. It’s very important to note that the regulations were revised to alter the definitions of resident and non-resident entities, as well.  Previously, a non-resident entity could qualify or register to do business in Maryland […]

As reported the Inman News, the Internal Revenue Service has just handed investors and second-home owners a new gift in the form of a safety net that provides a “safe harbor” for taxpayers who wish to swap the property via a Section 1031 tax-free exchange even though they have enjoyed personal use of the property.

Revenue […]

FINALLY!!This morning NY Attorney General Andrew Cuomo announced a deal with Fannie and Freddie and OFHEO to change the way the whole appraisal system works. This is surely going to shake things up ….   There’s absolutely no questions about it …. over-inflated appraisals fuelled unsustainable price appreciation during the housing boom, and those appraisals […]

It’s always good to know what’s new ….
So, along those lines, here’s some news. The American Land Title Association (ALTA), recently approved three new form closing protection letters. These new forms took effect on January 1, 2008. These forms clarify the extent of the title insurers’ liability and the limitations on that liability.
Jon Anderson, Senior […]

 How A Bill Becomes A Law, Live and Open for all to see ….What will the final version look like?
One Step Closer in the House >> A $150 billion economic stimulus package overwhelmingly approved by the House of Representatives Tuesday would raise the conforming loan limit and the upper threshold for FHA loan guarantee programs, from […]

In an eye-opening editorial to the Baltimore Sun today, noted Baltimore real estate attorney Jay Dackman, Esq., wrote a facinating piece arguing that it’s “time to end abuse in tax sale cases.”
According to the article, and by way of review, in 2003, the Maryland General Assembly changed the laws regarding attorney’s fees charged in tax-sale foreclosure cases […]

BIG CHANGES ARE IN THE AIR: Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy that has been rushed through Congress with bi-partisan agreement, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae and Freddie Mac can purchase, from $417,000 to nearly double that.
HUGE NEWS for the […]