Charlottesville Breaking News
There’s a big buzz these days in the real estate blogosphere about the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law last July. Including 16 titles that address everything from the regulation of hedge funds to the Federal Reserve System, Dodd-Frank has been described as the most sweeping change in financial regulations since the Great Depression. While few seem to disagree that the intent behind the legislation is indeed to offer protection to the consumer, many in the real estate community are concerned about the proposed rule that was released March 29 regarding Qualified Residential Mortgages (QRMs).
And just what is a QRM?
In an effort to shield borrowers from unscrupulous lending practices, Dodd-Frank requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is exempt. The logic behind this seems solid: if lenders have to retain a portion of the risk, they’ll be less likely to originate shaky loans, right?
FHA loans, which currently require a 3.5 percent down payment, are exempt, as are QRMs, which must meet the following criteria:
• The loan must be for an owner-occupied property, not an investment.
• The borrower must have no judgments, defaults, or bankruptcies for three years prior to application and must ha...
It never truly feels like summer until you throw (or attend)
that first al fresco cocktail party; whether you look
forward to the tasty and fruity cocktails or the delicious hors
d'oeuvres to nibble on, summer entertaining is generally the
highlight of the season.
Just throwing together a few friends, lawn games, and beer in your back yard? Don't be afraid to serve restaurant-quality munchies for your guests to graze on. Summer 2011 is all about spoiling your palate with pops of flavor, color, and class. The Hook asks our favorite restaurateurs– with some of the best patios and outdoor eateries in town– to plot the perfect cocktail party menu for any summer soiree.