Of that 9.9 percent distressed sales share reported for May 2015, REO sales accounted for 6.4 percent of all home sales, the lowest share for REO since October 2007, when it was reported at 6 percent.
Read More »Fannie Mae’s Net Income Surges in Q2, But Still Lags Behind Last Year’s Pace
The quarter-over-quarter increase in net income for Q2 2015 was largely driven by fair value gains, offset by credit-related expense that was negatively affected by an increase in interest rates. Fannie Mae's net fair value gains in Q2 totaled $2.6 billion, compared with losses of $1.9 billion in Q1.
Read More »OCC Releases Community Reinvestment Act Evaluations for 33 Financial Institutions
The Office of the Comptroller of the Currency (OCC) on Wednesday released a list of Community Reinvestment Act (CRA) performance evaluations for 33 financial institutions.
Read More »New and Existing Home Sales Trending Upward Despite Monthly Declines
Sales of new single-family homes rose 18 percent year-over-year in June with a seasonally adjusted annual rate of 482,000 compared to June 2014's pace of 408,000, according to the survey.
Read More »Ask the Economist: Why the Low Homeownership Rate Despite Signs of Recovery?
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 Sean Becketti, Chief Economist with Freddie Mac.
Read More »AACER: Bankruptcy Filings Climb Month-Over-Month, but Fall 46 Percent From Peak
July's total of 71,820 bankruptcy filings nationwide represented in jump of 2,069 from June's total of 69,723. Filings declined by 7.4 percent year-over-year in July, however, down from 77,532 in July 2014. Average filings per day over the 22 filing days in July rose by nearly 100 from June, from 3,171 up to 3,265.
Read More »Watchdog Finds FHFA’s HFE Commission Program Is Not Meeting Its Objective
The Office of Inspector General for the FHFA found in a compliance review that the Agency's program to commission Housing Finance Examiners (HFEs) was not on track to meet its main objective, which was to produce conditioned examiners who were qualified to lead major risk sections of GSE exams.
Read More »Builders Plan to Build More Detached Homes for Single-Family Rentals
That number of 12.7 million detached homes currently in the single-family rental market comprises about 29 percent of the demand for rentals nationwide (out of 44.3 million), according to Burns.
Read More »NAFCU Exhorts NCUA to Use Recent Review as the Basis for Regulatory Relief
In a letter to the National Credit Union Administration (NCUA), National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alicia Nealon encouraged the NCUA to use its 2015 Regulatory Review as an opportunity to provide credit unions with regulatory relief.
Read More »Freddie Mac’s Net Income Skyrockets; GSE to Pay Nearly $4 Billion to Treasury
Also for Q2, Freddie Mac reported $3.9 billion in comprehensive income, a five-fold increase from Q1's total of $746 million. With the inclusion of September 2015's Dividend Obligation of $3.9 billion, Freddie Mac will have returned $96.5 billion to taxpayers. Dividend payments do not include the $71.3 billion bailout Freddie Mac received from Treasury in 2008.
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