PAGE 4 July 30, 2008
The Newscaster/Nature Coast News
Real Estate Today
Gilley-Long-Osteen VFW Post 8698
520 Hwy. 40 East Inglis
We All Got “Fannie Mae Fever”
Call 352- 447-3495 for more Information
A Guest Commentary by Darryl Diamond
Fannie Mae was set up in 1938, and Freddie Mac was set up in 1970 by the Federal
Steak Dinner & Dance
government to assist more Americans to buy, and keep their own homes. They
Dinner 6 PM till 8 PM
are both private companies with stock traded on the open market. They are
actually investor groups that buy loans from the banks, so they do not deal
Saturday August 30 - 2008
directly with the public.
The banks sell "a bundle of loans" at a time to Fannie or Freddie
Featuring Cutler Spur
which gives them more money to give more loans. They are then resold to
investors as "Mortgage backed securities". These securities pay a guaranteed
with John Shelton Irwin & Ruben
rate of return similar to treasury bonds, and many investors feel that these securities are even
more lucrative. Guidelines must be followed by the banks for them to be able to sell the loans
and the Red Hots
to Fannie or Freddie.
Latest figures show that Fannie and Freddie had a combined loss of 11 billion just in
Band Starts 8 PM -12 PM
the past year, so these guidelines were obliviously loosened too much in the past few years
$10.00 Donation
to the point that many buyers received loans that they could not pay. Needless to say the
guidelines are being tightened as we speak. These securities have not been specifically
Limited Tickets Buy in Advance
backed by the federal government for many years, but each has a line of credit with the
government. The federal government has just passed a bailout for these two mortgage giants
which hold, or guarantee over half the total mortgages in the country.
NOTICE OF PUBLIC
The proposed bailout will help the mortgage holders, and it will allow some
homeowners to refinance to a more affordable loan from the FHA. This FHA re-financing is a
INFORMATIONAL MEETING
loan under "The Dept of Housing and Urban Development" HUD which is another arm of our
government.
NOTICE IS HEREBY GIVEN BY THE BOARD OF COUNTY COMMISSIONERS OF
All of this could have been avoided if the home buyers of our country somehow
LEVY COUNTY, FLORIDA, of its intention to conduct an informational meeting pursuant
were able to do two things. One is to plan the biggest purchase of their life by establishing
to Sections 403.50663 and 403.5272, Florida Statutes, on August 7, 2008, at
good credit for at least two years, then at the same time they save, save, save the biggest
7:00 p.m., in Courtroom A, Levy County Courthouse, 355 South Court Street,
down payment they can. If you buy say a $100k starter home with at least $20k down you
Bronson, Florida. The subject of the meeting will be the application filed
have equity, and a lower payment then with zero down. Also a credit rating is not just a
by Progress Energy Florida to the State of Florida for certification of an
number, it is a "Way of life" of budgeting money, and paying bills on time. Let's all start saving
electric power plant and electric transmission lines in Levy County, IN RE:
now for that home purchase in two years, and if we all start to help a friend or relative pay all
PROGRESS ENERGY FLORIDA LEVY NUCLEAR PROJECT UNITS 1 and 2, DOAH Case
of their bills on time, I guarantee that the foreclosures will slow down immediately.
No. 08-2727-EPP, DEP OGC Case No. 08-1621, and PPSA No. PA08-51. The purposes
PS: I'm back from N.Y., and as per last weeks article, the clams were great. Darryl and
of the meeting are to inform the public about the electric power plant and
Vicki Diamond and the entire "Diamond Team" have the many years of experience required to
transmission lines proposed in Levy County, to obtain public comments, and
handle all of your professional real estate needs. Please call Diamond Investments Inc. any-
to assist the Board in making its recommendation to the State on
time at 352-447-4442. I'll see you around "The Campus".
certification of the power plant and transmission lines. Florida Department
of Environmental Protection and Progress Energy Florida representatives will
Inglis Public Notice
attend.
The Town of Inglis has received a Grant for a park behind Town Hall to be called
All persons are advised that, if they decide to appeal any decisions made at
Central Park. It will have a state of the art Children’s Playground, Basketball Court and
this public hearing, they will need a record of the proceedings and, for
other activities, a Gazebo and landscaping as well as Picnic Tables.
such purpose, they may need to ensure that a verbatim record of the
We will be in need of Volunteers to help with the installation of the Playground
proceedings is made, which record includes the testimony and evidence upon
Equipment, Landscaping and other activities. We could really use your help. If you wish to
which the appeal is to be based.
volunteer please call Sally McCranie at Town Hall, 352-447-2203.
The funds for this Project are limited and we would be most grateful for any
Any person requiring reasonable accommodations to participate in this
donations to this great project. All donations of $100.00 or more, your name or Company
meeting should contact the County Commissioner's Office at (352) 486-5218.
name will be put on a Plaque at the Park.
Published 7-30-08
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