We are going to be taking a look at the real estate commission model all month long here at Inman News. You’ll find columns and guest perspectives about the future of real estate commissions, and Premium Members can look forward to receiving an Inman special report, "Is 6 Percent Dead." We will also offer for purchase a special Inman Research Report, "The Future of Real Estate Commissions" later in the month (Feb. 12th and 26th, respectively) – Inman Premium Members receive an exclusive discount off the purchase of this report.

The commission-based compensation model that dominates the real estate industry is something that always garners plenty of debate and discussion. We’ll be your source for much of that discussion and debate during February, but some of it has already started. . .

Real estate agent and AgentGenius contributor, Jonathan Dalton, wrote a post yesterday opening the debate on real estate commissions. The comment discussion that followed is spirited, and well worth a read. It is the perfect warm-up for what is to come here at Inman News.

The real-estate lobby wants Congress to extend the amount of time that potential home buyers have to complete transactions that qualify for the $8,000 federal home-buyer tax credit.

To qualify for the tax credit, buyers had to sign purchase agreements by April 30. Those buyers have until the end of June to close on those sales, and anything that closes after that wouldn’t get the tax credit.

The problem, says the National Association of Realtors, is that many of those signed contracts are on foreclosures and short sales, where the lender allows the house to sell for less than the amount owed to the bank. Those transactions take longer than normal to process, and there’s some concern that many sales may not actually close in time.

via blogs.wsj.com

Posted via web from Title Insurance
Continuing Ed for Title Agents

Title Insurance Issues

Leahy, Grassley Introduce Anti-Fraud Legislation

October 8, 2016 admin

WASHINGTON (Thursday, Feb. 5, 2009) – Senator Patrick Leahy (D-Vt.) and Senator Chuck Grassley (R-Iowa) introduced legislation Thursday to provide the federal government with more tools to investigate and prosecute financial fraud. The Fraud Enforcement and Recovery Act makes necessary changes to federal criminal laws, including criminal fraud, securities law, and money laundering laws, increases the funding available to the federal law enforcement agencies to combat mortgage fraud and predatory lending, and also revises the False Claims Act to ensure that the government can recover taxpayer dollars lost to fraud and abuse.

The Federal Bureau of Investigation has seen a 100 percent increase in the number of fraud investigations opened since 2005. The Treasury Department has also reported that more than 60,000 cases alleging mortgage fraud were filed in 2008, 10 times as many as were reported in 2002. The legislation introduced Thursday by Leahy and Grassley aims to provide federal investigators and prosecutors the tools and resources needed to unravel complex criminal frauds and bring criminals to justice.

Leahy said, “The federal government has spent hundreds of billions of dollars to stabilize our banking system, and Congress will soon spend even more to restart our economic recovery. But to date, we have paid far too little attention to investigating and prosecuting the mortgage and corporate frauds that has so dramatically contributed to this economic collapse. Congress should move quickly to pass this legislation so the American taxpayers can be confident that those who are criminally responsible for contributing to this economic disaster are caught and held fully accountable and to ensure that the money we are now spending to restore America is protected from fraud in the future.”

Grassley said, “Unfortunately, throughout the housing crisis we’ve seen innocent homeowners who have been victims of shady mortgage lenders and unscrupulous individuals who have used a down market to line their own pockets at the expense of others. This bill is designed to send a message by revising our laws to ensure criminals are brought to justice and that law enforcement has the tools to uncover these fraudulent schemes and go after the bad actors. Criminals should be put on notice that ripping off homeowners and taxpayers won’t be tolerated.”

via Leahy, Grassley Introduce Anti-Fraud Legislation.