Beverly Waterfront Modernization Advances

According to the Beverly Citizen, a consultant has been hired to write new regulations for the Beverly waterfront project along the inner waterfront on Water Street and Bass River between Goat Hill and Elliot Street. This will rewrite land use laws to allow mix use of retail stores, residential and restaurants.

Planning Director Tina Cassidy said a 3-consultant team will begin the work shortly. Public hearing and public meeting and speaking with property owners will be part of the process. The proposal will be presented by the end of 2008 to the City Council.

Read the entire Beverly Citizen article.

NAR Midyear Legislative Meetings

The National Association of Realtors® Midyear Legislative Meetings is this week.

Realtors® can click here to see the Events Reports, Lending Report, Tax Report, Housing Report, and Legislative Talking Points.

CEO Susan Kline, President Marilyn Jarvis and President-Elect David Kres will be representing North Shore Association of Realtors® at the Midyear Legislative Meetings.

New Rules for Borrowers With Foreclosures

The National Association of Realtors® reported recently that Fannie Mae will adopt new rules that will require higher minimum down payments and credit scores for borrowers with a past foreclosure.

Click here to read the entire article.

NAR President's Letter to Fannie Mae & Freddie Mac

Last month, the president of the National Association of Realtors® wrote letters to the Fannie Mae and Freddie Mac CEO’s to address serious concern about a range of Fannie Mae/Freddie Mac policies that Realtors® feel are hurting the economy and adversely affecting the housing and mortgage markets.

The main contentions of the letters included:

1. Extremely tight underwriting standards for jumbo conforming loans authorized by the Economic Stimulus Act.
2. Policies reducing maximum loan-to-value ratios (LTVs) by five percentage points for homes in declining markets.
3. A wide variety of higher fees and other underwriting standards that make mortgages much less affordable.

Click here to read the letter to Fannie Mae and here to read the letter to Freddie Mac.

Thanks to Dick Gaylord, NAR President, for his advocacy.