Rick Posey

Barry,in reference to Kathleen's question about flood damage history on the house she's buying,she should request a C.L.U.E. (Comprehensive Loss Underwriting Exchange)report from the seller's insurance agent and review it for accuracy with the seller. For more information about these reports check www.privacyrights.org,Fact Sheet 26,including requesting one on your own home.

Ilyce,do you know of an endorsement that you could purchase on a renter's insurance policy that would give you 1-3 months of living expenses if your landlord is foreclosed on and you're forced out by the lender?

I know you're a mortgage guy and not a CPA but take a look at the title of Dan Green's article over at www.themortgagereports.com "With The New Housing Law,The $250,000/$500,000 Capital Gains Exclusion Is Gone". He's a mortgage guy too and not a CPA but he's interpreting section 3092,pgs. 690-693 of the Housing and Economic Recovery Act of 2008 as a stealth torpedo into the capital gains exclusion for personal residences. Any comment from you or feedback from your contacts in the real estate tax accounting profession would be appreciated.