Friday, April 11, 2014

real estate agents and buyers beware of fracking

 
I am posting a letter a good friend and activist Keely Wood wrote to a whole lot of real estate agents here in NC . Sadly only one responded back and was rude .
So I thought I'd share it here too and maybe You could share it with those you know . There is really great info here.  
 
Greetings,
My 80 year old neighbor was preyed upon by a gas & oil landsman, and signed a fracking lease.
There is a good chance my horse farm will be forced pooled.
 
As real estate agents you need to educate yourselves on the very huge problem that will affect 11 counties if fracking is approved.
Last July, Nationwide Insurance spelled out specifically that it would not provide coverage for damage related to fracking. Risks involved with hydraulic fracturing are now prohibited for General Liability, Commercial Auto, Motor Truck Cargo, Auto Physical Damage.http://www.nationwide.com/about-us/071312-nw-statement-on-fracking.jsp
 
State Employees’ Credit Union in North Carolina and the NC Housing Finance Agency officially have decided it will no longer approve mortgage financing for properties where the drilling rights have been sold off to someone else. The credit union, which manages almost $12 billion in residential mortgages, said it considers loans on such land to be riskier than those where the mineral rights remain with the land. http://raleighpublicrecord.org/fracking-2/2012/05/30/your-gas-and-you-lessons-for-landowners-in-the-state-fracking-report/
 
 
Federal lending and mortgage institutions (FHA, Fannie Mae, Freddie Mac) all have prohibitions against lending on properties where drilling is taking place or where hazardous materials are stored. A drilling lease on a property financed through one of these agencies would result in a ”technical default.” FHA’s guidelines also don’t allow it to finance mortgages where homes are within 300 feet of an active or planned drilling site. Also see http://bit.ly/1dIen28
 
 Forbes Magazine’s article:
 
Your livelihood will be affected, and you should be concerned.
Step up and get involved.
 
Keely Wood
 

 

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