For Immediate Release:                                Contact:

December 7, 2009                                           Scot Byrd

                                                                        Phone:  (225) 638-3500

                                                                        Email:   pointecoupeechamber@yahoo.com

Pointe CoupeeChamber of Commerce Discusses Affordable Housing with FDIC

Talks intended to improve lending outcomes

New Roads, La.  Greater Pointe Coupee Chamber of Commerce Director of Economic Development Scot Byrd discussed the housing market and lending efforts with FDIC Compliance Examiner Paul Sliman.  Mr. Sliman said, “We want to interview leadership within the parishes of Louisiana to look at ways that housing can be made more affordable to more people and examine the effectiveness of the Community Reinvestment Act.”  The discussion centered on housing availability in the Pointe Coupee area and how effectively realtors and lenders are serving the needs of potential home buyers.

“Our realtors have an excellent relationship with local lenders.  Most realtors tell me that using local lenders tends to speed up the process because of those lenders’ intimate knowledge of the area.  We do have a few problems that could be improved,” Byrd said.  “The rural development program is an excellent program with up to 100% financing that is working, but turn around times are too long and many of the affordable properties in rural areas do not meet qualifications.  It is sometimes easier to qualify the buyer than the house.  New regulations regarding rotating appraisal services cause difficulties with appraisers who are not familiar with rural areas, resulting in inaccurate appraisals and causing additional delays.  We need more incentives to create newer affordable housing.  Finally, we need to review the extended rights of rescission being built into current purchasing contracts”, were some of the observations shared by Mr. Byrd.

The final results of the FDIC’s findings will be shared with respondents in the near future according to Mr. Sliman.  Mr. Sliman thanked Mr. Byrd and Pointe Coupee for sharing their concerns and promised the information would be used to help improve the buying and financing experience for future home buyers.

# # #