117,394 signatures collected and printed as of 11-16-2009
97,234 of the signatures are confirmed as valid unique petition signers
The 20,160 non-verified signatures collected were not counted in the formal total but were included in the printing for the following reasons.

1. A large percentage of them are believed to be valid but some information was missing.
2. Though thousands of them appeared to be duplicate signatures they contained new horror stories of HVCC victims.  Many Real Estate professionals appeared to be trying to submit fresh stories of how their most recent clients were directly harmed by HVCC.  We felt those stories were relevant and worth including, especially since the new victims listed could be contacted through the signer listed.
3. A few of the duplicates appeared to be a previous signer attempting to update their signature with formal authorization to pass their information along to the press/media since that feature was added to the petition several weeks after it was launched.

39.6% of the petition signers were mortgage originators
29.8% of the petition signers were real estate professionals
17.4% of the petition signers indicated they worked in some other facet of the industry
The remainder of the petition signers were primarily homeowners or potential home buyers

Polls – In addition to the petition itself, we have conducted a number of online surveys to real estate industry professionals regarding HVCC.  Each poll question was preceded by an emphatic plea to respond with accurate and verifiable data only.  Even so, we acknowledge that the polls were not conducted in a scientific and controlled manner so the results may not be 100% accurate, but the story they tell is still very revealing.

How did your last “purchase” HVCC appraisal compare to the contract price?
533 – A. At or above purchase price.
151 – B. Low – but less than 3%
224 – C. Low – Between 3% and 6%
262 – D. Low – Between 6% and 10%
278 – E. Low – Between 10% and 20%
170 – F. Low – More than 20%

How could we best stabilize home prices?
407 – A. Extend the $8,000 tax credit.
144 – B. Increase high balance conforming limit to $1MM.
257 – C. Bring back Seller Funded Down Payment Assistance.
1025 – D. End HVCC.

How many of your transactions have died due to HVCC?
128 – A. 0
152 – B. 1
187 – C. 2
794 – D. 3 or more

Do you think HVCC could kill Fannie Mae?
208 – A. Yes. FHA is easier, so less FNMA loans will get done.
96 – B. No. As long as they need help, the Fed’s will give it.
35 – C. I’m not sure, but I’d like to see some real data on it.
54 – D. I’m not sure, but given the choice – I’ll go FHA every day.
94 – E. Both C and D.

Posted by: Mike Owens, Partner/Mortgage Planner Horizon Financial, Inc.   Mike can be reached at 864 907-2678 or by e-mail at MOwens@HorizonFinancial.org

NAR chief economist Larry Yun said “faulty valuations are causing contracts to fall thru because buyers can’t get loans”.    Yun also stated “lenders are using appraisers who are not familiar with a neighborhood and compare traditional homes with distressed or discounted sales”.    

Another complaint of HVCC is the added cost to borrowers.     Fees are higher, processing times are extended due to slow turnaround time, and the appraisals are not portable to different lenders.    The lack of portability means a borrower cannot shop for the best deal because they would have to pay for multiple appraisals for each lender.     Let’s hope that HR 3044 passes quickly so that the ailing housing market can find traction and consumers can take advantage of historically low rates.

Posted by Mike Owens.  Mike is a Partner with Horizon Financial and can be reached at 864 907 2678 or at mowens@horizonfinancial.org