According to the New York Fed, foreclosures hit their lowest point in the 16-year history of the bank's Consumer Credit Panel, which uses anonymized Equifax credit data to generate a nationally representative sample.
Read More »FHA’s Lowering of MIP Has Had Little Effect on Minority and First-Time Buyer Share
Recent research by Washington, D.C.-based think tank American Action Forum (AAF) showed that as of the end of May, the share of FHA endorsements for both minority borrowers and first-time homebuyers was unchanged from a year earlier–33 percent for minority borrowers and 83 percent for first-time buyers.
Read More »Ginnie Mae Sets Record for Monthly Mortgage-Backed Securities Issuance
The new record set in July surpassed the previous mark of $46.1 billion, set in July 2009. For Fiscal Year 2015, Ginnie Mae has guaranteed more than $346 billion mortgage-backed securities, way ahead of the $242 billion the corporation guaranteed by this point in FY 2014.
Read More »Majority of GSE HAMP Permanent Modifications Remain Active
Slightly more than 419,000 permanent loan modifications completed by homeowners using the Department of Treasury's Home Affordable Modification Program (HAMP) on loans backed by Fannie Mae and Freddie Mac remained active as of the end of May 2015.
Read More »Foreclosure Numbers Still Elevated in Florida Despite Substantial Declines
Two of the top three metro areas in the category of 12-month sum of completed foreclosures were located in Florida: Tampa-St. Petersburg-Clearwater was first with 16,750 and Orlando-Kissimmiee-Sanford was third with 12,970.
Read More »Ask the Economist: Recovering Home Prices Can Drive Inventory and Sales Increases
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Peter Muoio, Chief Economist with Auction.com.
Read More »Wells Fargo Head of Home Lending Mike Heid Announces Retirement
To ensure a smooth transition, Heid will remain in his current position with Wells Fargo until September 30 and will stay with the company until the end of the year.
Read More »Altisource Adds Senior Leadership in Government and Client Relations
Mortgage, financial, and technology services provider Altisource Portfolio Solutions has announced the addition of Riccardo S. Brizzi as Chief Client Officer and Kirk G. Willison as SVP of Government and Industry Relations.
Read More »Circuit Court Revives FDIC’s Securities Suit Against Deutsche, Goldman, and RBS
A judge in Austin, Texas, dismissed the lawsuits filed by the FDIC last year against the financial institutions, stating that a Texas law that required lawsuits to be filed within five years of the sale of the mortgage-backed securities superseded the federal law.
Read More »GSEs Have Totaled Nearly 3 Million Home Retention Actions During Conservatorship
More than half of the total foreclosure prevention actions completed by the FHFA in nearly seven years (1.82 million) have come in the form of permanent loan modifications, according to FHFA.
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