Congress is Cracking Down on Easy Credit Home Mortgages

Last week, the House of Representatives voted (For-291/Against-127) to tighten restrictions against easy-credit institutions (HR 3915) that have contributed to the weak housing market.   The bill requires states to license all mortgage providers, allows borrowers to sue institutions that knowingly repackage unsound loans into securites, and requires lenders to certify that borrowers have a reasonable ability to pay.   The bill also scales back prepayment penalties on loans, bans commissions to brokers for steering borrowers to mortages they can’t afford, and requires states to toughen lending rules or submit to the federal lending rules.   This bill has been sent to the Senate for consideration.

New FBI Office

Close to 300 FBI agents will be moving into the brand new Northern Virginia Resident Agency office just west of Manassas.   Jason Grant, spokesman for Prince William County Department of Economic Development stated that having the office here undoubtedly makes the county a more appealing place for businesses to relocate.   Prince William County is becoming more economically strong and independent. – Source, Pulse Newspaper.

 I believe that this office locating to our area will greatly strengthen our real estate market.  

Bull Run Festival of Lights

The Bull Run Festival of Lights will be running 11/21/2007 to 1/6/2008, 5P to 9:30PM.   This is something that I look forward to every year, and is very worthwhile if you have never been to it.   It is one of the great things about living in the Northern Virginia area.   Admission for cars is $15 (Monday thru Thursday) and $20 (Friday thru Sunday).   Vans are $5 more.