[StBernard] Baker

[Westley Annis]

Patty,

There is no set percentage.  Here's the actual language:

(b) PURCHASE OFFER FOR REAL PROPERTY SECURED BY A LIEN.
-The Corporation shall take into consideration the following in constructing
offers of compensation for the acquisition of real property secured by a
lien:
 (1) The Corporation's expenses to improve the property for sale and
development.
 (2) The Corporation's anticipated return upon the property's disposition.
 (3) The remaining principle balance of any outstanding mortgage.
 (4) In accordance with subsection (h), the equity position of the owner in
the property immediately before the area in which such property is located
was devastated or significantly distressed by Hurricane Katrina or Hurricane
Rita and the appropriate loss share factor for such property (as determined
under subsection (g)(2)).
 (5) Any potential net loss to the Corporation, and indirectly to the
taxpayers, upon final disposition of the property.

(c) PURCHASE FROM OWNER.-The Corporation shall take into consideration the
following in constructing offers of compensation for any real property where
no lien secures such real property:
 (1) The Corporation's expenses to improve the property for sale and
development.
 (2) The Corporation's anticipated return upon the property's disposition.
 (3) In accordance with subsection (h), the equity position of the owner in
the property immediately before the area in which such property is located
was devastated or significantly distressed by Hurricane Katrina or Hurricane
Rita and the appropriate loss share factor for such property (as determined
under subsection (g)(2)).
 (4) Any potential net loss to the Corporation, and indirectly to the
taxpayers, upon final disposition of the property.

There are also two limiting factors mentioned elsewhere in the bill.  No
property can be bought for more than $500,000 and no one can receive a
"windfall".  However, there is no definition of windfall.

The updated bill is available in PDF format from Bakers website.
<http://baker.house.gov>

Westley

-----Original Message-----

Have not had time to keep up with ther versions of the Baker bill. In the
one that passed, if your insurance paid your mortgage (or should I say your
mortgage company applied all your proceeds to the loan) you can only sell
the land?  I thought the original thought was 75% of pre-storm value?
Thanks, Patty