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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Dec. 17, 2014)
Page 6 Çartlanh (Observer December 17, 2014 New Prices Effective May 1,2010 Martin tke Season Cleaning COHSUMeRiSM ! oom as Service Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG. $45.00 A sm all distance/travel charge m ay be applied CARPET CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas (Includes: 1 sm all H allw ay) 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) Stairs (12-16 stairs - With Other Services): $25.00 Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs (Wooly. $40.00Minimum Heavily Soiled Area: A dditional $10.00 each area (Requinng Extensive Pre-Spraying) UPHOLSTERY CLEANING Sofa: $69.00 Loveseat: $49.00 Sectional: $ 109 - $ 139 Chair or Recliner: $25 - $49 Throw Pillows (With Other Services): $5.00 % ADDITIONAL SERVICES • A rea & O riental R ug Cleaning • A uto/B oat/R V C leaning • D eodorizing & Pet O dor T reatm ent • Spot & Stain R em oval S ervice • S cotchguard Protection • M inor W ater D am age S ervices SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (503) 281-3949 ■■■■ ■M OM ■M HRSKBSI «■ m b h h b m h b h h h m i mmnm Mel Watt Lowers Mortgage Down Payment Step brings better access to lending M arc H. M ortal F ed eral H o u sin g F i nance A gency D irector Mel W att is taking action to tu rn th e A m e ric a n dream o f hom eow nership into reality for m any more people. W att recently announced that Fannie M ae and Freddie M ac, which he regulates and which are linchpins o f the nation’s residential m ortgage m arket, will reduce dow n paym ent requirem ents from 5 percent to 3 percent. This will enable m any m ore low -incom e, but c r e d it- w o r th y , c o n s u m e rs to b e c o m e hom eow ners while helping the nation’s fal tering housing m arket regain its traction. W e enthusiastically applaud this move and believe that as a result, more African American, Latino and working class borrowers o f all races, who face an especially tough time securing mortgages, will have greater access to conventional loans, which are more afford able than other financing options. We are also encouraged that W att’s plan will allow housing counseling in lieu of costly mortgage insurance to be a compensating factor to help make up for low down payments or low credit scores. Saving the necessary dow n paym ent to purchase a hom e is one o f the biggest ob stacles to attaining the Am erican Dream , by especially for com m unities o f color. African 50 o f the N ational Urban L eague’s 95 affili A m ericans and Latinos typically have lower ates provide hom e buyer education to ensure incom es and are less likely to receive an com m unities o f color are w ell-inform ed o f inheritance or first-tim e buying help from their housing rights and options. Since 2008, their parents than white Americans. we have provided pre-and-post purchase According to the Center for Responsible counseling to nearly 180,000 clients. Lending, while it takes the typical white W att has been rolling out this policy for fam ily 14 years to save for a 5 percent down several m onths. On Oct. 20, he told the paym ent, plus closing costs, it takes the M ortgage Bankers A ssociation’s annual m eet typical Latino fam ily 17 years and the typical ing, ‘T o increase access for creditw orthy African A m erican fam ily 21 years to save but low er-w ealth borrow ers, FH FA is also those am ounts. working with the Enterprises [Fannie and The N ational Urban League has long sup Freddie] to develop sensible and responsible ported a reasonable and affordable “skin in guidelines for m ortgages with loan-to-value the gam e” down paym ent requirem ent, but ratios betw een 95 and 97 percent. Through the ability to save a lump sum o f m oney does these revised guidelines, we believe that the not translate to the ability to pay a m onthly Enterprises will be able to responsibly serve m ortgage. a targeted segm ent o f creditw orthy borrow As W att said at a Senate Banking C om m it ers with low er-dow n paym ent m ortgages by tee hearing recently, “The problem is that the taking into account com pensating factors. It dow n paym ent itself is not necessarily a is yet another m uch needed piece to the reliable indicator o f w hether som ebody will broader-access-to-credit puzzle.” pay a loan. If they have good credit, if they D irector W att recognizes that low down have housing counseling... and know how to paym ents did not cause the housing crisis, be responsible hom eow ners — those can but that irresponsible products and predatory m itigate the perceived increased risk." lending did. Lowering Fannie and Freddie Forty years o f National Urban League dow n paym ent requirem ents will allow tens housing counseling experience and indepen o f thousands o f African A m ericans, Latinos dent research indicate that borrowers who and working class A m ericans to purchase receive housing counseling services are one- lo w e r c o s t m o rtg a g e s an d b e c o m e third less likely to be seriously delinquent on hom eow ners. That is good for our com m u their m ortgage than non-counseled borrow nities and good for Am erica. ers. W e have seen first-hand how housing Marc H. Morial is president and chief co u n selin g b e n e fits b o rro w ers, len d ers, executive officer o f the National Urban Fannie and Freddie, and com m unities. Nearly League.
