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
■■■■
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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.