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Carol Wolfe of Rodeo Realty’s Encino office recently wrote a column for Encino.Patch.com about Congress considering a proposal that will in effect require buyers to put 20 percent down on conventional residential mortgages in order to get the prime rate.

To see the original column visit: http://encino.patch.com/articles/why-homebuyers-shouldnt-be-required-to-put-down-20-percent

The piece was based on, and in support of,  the National Association of Realtors® (NAR) recently sending out a Call for Action on the issue. Here is the short version:

The proposal is tied to The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. A section of the Dodd-Frank Act requires financial institutions that securitize mortgage loans to retain at least 5 percent of the credit risk.

The intent is to force lenders to have more “skin in the game” and encourage responsible lending. Remember that securitization of high-risk mortgages is one practice that contributed heavily to the recession and housing market crash.

But something called a “Qualified Residential Mortgage” (QRM), and federally-backed loans such as FHA and VA are exempt from the 5 percent rule.

If this new proposal passes, only conventional loans with 20 percent down or more will be considered QRM. Those loans will get the best mortgage rates, because banks have a market incentive to securitize them. They don’t have to have additional skin in the game.

Lenders can underwrite mortgages for folks with less down. But they’re likely going to pass-on that increased risk to consumers in the form of higher interest rates, etc… This will put home ownership out of reach for many creditworthy middle-income Americans.

Wolfe said the proposal is not a step in the right direction for turning around our struggling housing market and economy. She agrees with the NAR that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk.

For more information and to see a sample letter to Congress visit NAR at http://www.realtor.org/

Here’s a nice shot of all of the great people working out of Rodeo Realty’s Woodland Hills office.

This 7,300 square foot custom architectural is located on more than an acre of land in the exclusive guard gated equestrian community of Bell Canyon. Built in 2009, the contemporary home provides a tranquil and serene setting, panoramic views, and picture windows in almost every room.

Perfect for entertaining, the home also has a suspended infinity pool, spa, indoor/outdoor fireplace, outdoor kitchen and roof top patio that encompasses more than 2000 square feet (approx). The rooftop patio also has a fireplace.

Last night, Syd and Linda Leibovitch hosted a reception in honor of Congressman Adam B. Schiff of California’s 29th Congressional District.

The Congressman represents the communities of Alhambra, Altadena, Burbank, Glendale, Griffith Park, Monterey Park, Pasadena, San Gabriel, South Pasadena, and Temple City.

The wine and cheese event took place at Rodeo Realty’s new Beverly Hills office located at 202 N. Canon Drive. Syd Leibovitch is the founder and president of Rodeo Realty, a residential real estate firm with 11 offices and more than 1,000 agents in Los Angeles and Ventura Counties.

During his tenure in Congress, Schiff has focused on bolstering national security, strengthening our communities, and introducing a “Kids First” agenda of initiatives to improve education, safety, and health care for our kids, according to his Web site.

He has been a leader on national security efforts and has pushed for a broader strategy that emphasizes diplomacy, intelligence reform, and efforts to improve our nation’s ability to stabilize countries to prevent future failed states from becoming havens for terrorists.

Schiff has pressed for the adoption of the bipartisan 9/11 Commission recommendations, cosponsoring a measure that implements the recommendations, which passed the House in 2007. He is also known to be a leader who fights against intellectual property theft, and one who advocates for a patient bill of rights.

For more information about the Congressman visit: http://www.schiff.house.gov/

Join state and local REALTOR® associations across the country as they host the nation’s largest open house campaign, Saturday and Sunday, June 4-5, 2011.

For one weekend in June, REALTORS® are encouraged to hold open houses in neighborhoods from coast to coast, bringing value to both buyers and sellers.

The event provides a tremendous opportunity to promote the benefits of homeownership and continue an open dialogue with consumers about the housing issues that matter most to them.

For more information visit the California Association of REALTORS® at: http://www.car.org/newsstand/news/nationwideopenhouse/#

Congratulations to Joseph R. Haiek,  father of Alex and Caterina Haiek of Rodeo Realty’s Beverly Hills office! He was recently among 100 recipients of the Ellis Island Medal of Honor. He received the award at a ceremony in New York on May 7, 2011.

Sponsored by the National Ethnic Coalition of Organizations (NECO), the annual awards are “designed to pay homage to the immigrant experience, as well as individual achievements, of U.S. citizens from various ethnic backgrounds,” according to the NECO Web site.

“The honorees are remarkable Americans who exemplify outstanding qualities in both their personal and professional lives, while continuing to preserve the richness of their particular heritage,” said NECO. “We honor them because they create a better world for all of us in the future by the work they do today.”

Joseph R. Haiek founded the News Circle Publishing House in Los Angeles in June 1972. He has also published the Arab American Affairs Magazine, six editions of the Arab American Almanac series, and founded the Arab American Historical Foundation and Arab American Press Guild.

The Almanac’s 6th edition, which is 608 pages, was published in late 2010. The main purpose of the series is to broaden the reach and availability of pertinent and accurate reference information about Arab Americans.

Alex and Caterina Haiek specialize in residential and commercial real estate consulting in Beverly Hills and the greater Los Angeles area. The brother and sister team is known as the Haiek Group. They can be reached at http://www.haiekgroup.com/ , Alex@RodeoRE.com, and Caterina@RodeoRE.com.

Update: LXTV/OpenHouse LA filmed one of Rodeo Realty’s listings in Pacific Palisades today! We don’t have a firm air date yet, but stay tuned, because this house is incredible. Many thanks to the film crew and producer for spending the day today at the property. Here’s the basic information on the listing.

Joe Babajian of Rodeo Realty and Bachir Oueida of Nelson Shelton & Associates are co-listing the 11,000 square foot architectural property.  Built in 2010, it sits on a ¾ acre lot that is elevated and poised against the mountain.  Mature Oak and Sycamore trees provide unmatched privacy and serenity.

It has a spectacular rooftop sun deck with  panoramic views, ocean breezes and an additional bbq and fire pit. The discreet gated entry and long drive opens into a large motorcourt plus a 4-car garage. The estate is on the market for $14,950,000.

Kelly Rutherford, who stars as character Lily van der Woodsen on the hit television show “Gossip Girl,” has listed her Spanish-style bungalow in West Hollywood for $1,299,000. The home is also available for lease at $4,995 per month. Michelle Ficarra of Rodeo Realty in Beverly Hills is the listing agent.

The Los Angeles Times included the home in its Hot Properties section. To see the story visit: http://www.latimes.com/features/home/la-hm-hotprop-kelly-rutherford-20110503,0,1750092.story

The home has an abundance of windows through-out, natural light, wood floors, security system and a converted garage that’s perfect for an office or home gym. The outdoor space includes a huge deck with outdoor bar/built-in-barbeque surrounded by lush tropical gardens.

In film, Rutherford appeared in “Scream 3,” “I Love Trouble” with Julia Roberts and Nick Nolte, and the independent film “Swimming Upstream.