Dave Ebbert - Broker
David Ebbert - Real Estate Broker Investments for Life

Real Estate Brokerage

Wallowa Mountain Properties, Inc.
309 S River St Suite D
Enterprise, OR 97828
(541)426-3026
(800)537-7082

Real Estate newsworthy

Bush takes steps to solve loan crisis

By Mark Trumbull Fri Dec 7, 3:00 AM ET (Excerpt)

 

With foreclosures reaching new heights, a downturn in housing has become a problem for the whole economy, not just for troubled subprime borrowers

"Desperate times call for desperate measures," says Jared Bernstein, an economist at the Economic Policy Institute, a left-of-center think tank in Washington. "Housing experts have said this downturn is extremely unique and severe." One sign of that emerged Thursday before Mr. Bush spoke. The Mortgage Bankers Association announced that 0.78 percent of all US mortgages started the foreclosure process during the quarter from July to September, the highest ever reported by the organization. The delinquency rate – the share of loans 30 days or more past due – rose to 5.59 percent, the highest since 1986, it said.

Since the initial interest rates are sometimes called "teaser rates," the plan has been dubbed the "teaser freezer."  The affected borrowers would include those with adjustable-rate mortgages (ARM loans) who show that they won't be able to pay once the loan resets, but who can keep paying the current amount. When other limitations are factored in, analysts say the move will affect only a small subset of an estimated 2 million homeowners facing an ARM reset in the next year or so.

The plan, brokered in part by US Treasury Secretary Henry Paulson, comes at a time when banks appear to have fallen behind in dealing with the tide of mortgage defaults. The goal is not just to mitigate the foreclosure problem, but to soften its impact on the wider economy.  The danger is a downward spiraling vortex. The more homes go into foreclosure, the more inventory comes onto the housing market at a time when home prices are already falling. That puts more borrowers at risk of being "under water," with homes worth less than the balance on their loans.  The plan focuses on subprime borrowers – often those with weak credit history – who bought since 2005, when home prices were near their peak. As the value of their homes fall, they can't resell and pay off their loans if they have trouble making payments.

"Home-price decline is one of the factors that could lead to recession," says Michael Cosgrove, publisher of the EconoClast newsletter in Dallas. And with prices falling, "the Fed can ease [interest rates] significantly at this point without inflation being a concern."

 

I BELIEVE IN AND PRACTICE FULL DISCLOSURE

NATIONAL ASSOCIATION OF REALTORS©

Code of Ethics

Preamble

Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS© should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms and the preservation of a healthful environment. 

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS © should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS © , therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS © a common responsibility for its integrity and honor.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS © continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS ® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS © .

Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS © urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS © believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain. 

The term REALTOR © has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, REALTORS © can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rules, "Whatsoever ye would that others should do to you, do ye even so to them."

Accepting this standard as their own, REALTORS © pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth below

Article 1

When representing a buyer, seller, landlord, tenant, other client as an agent, REALTORS© pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS© of their obligation to treat all parties honestly. When serving buyer, seller, landlord, tenant or other party in a non-agency capacity REALTORS© remain obligated to treat all parties honestly.

Article 2

REALTORS© shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS© shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. 

Article 3

REALTORS© shall cooperate with other brokers except when cooperation is not in the client's best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker.

Article 4

REALTORS© shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner's agent or broker. In selling property they own, or in which they have any interest, REALTORS© shall reveal their ownership or interest in writing to the purchaser or the purchaser's representative. 

Article 5

REALTORS© shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

Article 6

REALTORS© shall not accept any commission, rebate, or profit on expenditures made for their client, without the client's knowledge and consent. When recommending real estate products or services (e.g., home owner's insurance, warranty programs, mortgage financing, title insurance, etc.), REALTORS© shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees, other than real estate referral fees, the REALTOR© or REALTORs© firm may receive as a direct result of such recommendation. 

Article 7

In a transaction, REALTORS© shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the REALTOR©'s client or clients.

Article 8

REALTORS© shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients' monies, and other like items. 

Article 9

REALTORS©, for the protection of all parties, shall assure whenever possible that agreements shall be in writing, and shall be in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party upon their signing or initialing.

Article 10

REALTORS© shall not deny equal professional services to any person for reasons of race, color, religion, six, handicap, familial status, or national origin. REALTORS© shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin. REALTORS©, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin.  

Article 11

The services which REALTORS© provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate. REALTORS© shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.

Article 12

REALTORS© shall be careful at all times to present a true picture in their advertising and representation to the public. REALTORS© shall also ensure that their professional status (e.g., broker, appraiser, property manager, etc.) or status as REALTORS© is clearly identifiable in any such advertising.  

Article 13

REALTORS© shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it. 

Article 14

If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, REALTORS© shall place all pertinent facts before the proper tribunals of the Member Board or affiliated institute, society, or council in which membership is held and shall take no action to disrupt or obstruct such processes.

Article 15

REALTORS© shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

Article 16

REALTORS© shall not engage in any practice or take any action inconsistent with the agency or other exclusive relationship recognized by law that other REALTORS© have with clients.

Article 17

In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS© (principals) associated with different firms, arising out of their relationship as REALTORS©, the REALTORS© shall submit the dispute to arbitration in accordance with the regulations of their board or Boards rather than litigate the matter. In the event clients of REALTORS© wish to arbitrate contractual disputes arising out of real estate transactions, REALTORS© shall arbitrate those disputes in accordance with the regulations of the Board, provided the clients agree to be bound by the decision. The obligation to participate in arbitration contemplated by this Article includes the obligation of REALTORS© (principals) to cause their firms to arbitrate and be bound by any award.

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