Mortgage Market Makeover

Agency plans home mortgage market makeover

WASHINGTON – July 9, 2012 – The Consumer Financial Protection Bureau says it’s planning for some major changes to the home mortgage market in the next six months. Its main goal: to improve the fairness and clarity for borrowers applying for home mortgages.

The newly created agency has made the mortgage market its top agenda item.

“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”

As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.

The agency says the changes will help make often-confusing forms more understandable and complete for buyers.

The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.

“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”

Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)

Green Clean!

Green Housecleaning Makes a Healthier Home

Green cleaning is on the rise. Many homeowners and professional housecleaners are trading their bleach, pine-scented and other potentially toxic cleaning chemicals in for more environmentally friendly and all-natural cleaners.

"Spraying potentially toxic chemical-based cleaners into the air, pouring them down the sink or dumping them in landfills has a negative effect on both our health and our environment," says Angie's List founder Angie Hicks. "Your home no longer needs to smell like bleach or other chemicals to be considered clean. There are plenty of all-natural cleaning products that do an equally effective job, are easy on your pocketbook and are better for you and your family's health and for Mother Earth."

Many professional housecleaners are relying on biodegradable, non-toxic cleaners like baking soda, white distilled vinegar and some essential oils with disinfectant qualities (lemon, tea tree oil and eucalyptus, for example) to clean and disinfect. Distilled vinegar, for example, will kill nearly all bacteria with which it comes into contact, while baking soda is great for scrubbing out stains and even freshening up carpets and sink drains. Some cleaning companies make a concerted effort to find other ways to further reduce their environmental impact, like cleaning and reusing towels and rags instead of using and throwing away power towels or sponges.

"As awareness for eco-friendly cleaning increases, many cleaning companies are turning exclusively to non-toxic products or are willing to supply them at a customer's request," Hicks says. "Homeowners interested in hiring an eco-friendly housecleaner should still do their research before they hire and ask what products the housecleaner plans to use. Also check that the housecleaner is licensed, insured and bonded. That protects the company and the homeowner in the event an employee is injured on the job or damages property.

Consumers interested in purchasing eco-friendly cleaning products should always read the ingredient list to determine what the product is really made from. Many over-the-counter cleaning products are touted by the manufacturer as being green but still contain chemicals.

"It's never too late to go green when you clean," Hicks says. "Box up all those chemicals you no longer want and take them to a local hazardous waste center. Replace them with all-natural cleaning products or by using an eco-friendly cleaning service. Your home will still smell and look great."

Professional housecleaners are often a great value for busy homeowners, as they are often able to do the job in a fraction of the time it would take the average homeowner. Some professionals offer one-time cleans or can set you up on a less frequent rotation.

A typical cleaning includes dusting, vacuuming, mopping, cleaning of bathrooms and wiping down of all hard surfaces. There are projects many cleaners won't take on or will charge extra for, like doing dishes, laundry, washing windows; or deeper cleans, like refrigerators, cabinets and stoves.

Always spell out your expectations before you hire and make sure you are clear on how the company bills its customers.

To keep your home cleaner longer, professional housecleaners recommend minimizing clutter and sweeping and vacuuming between cleanings.

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