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Author Archives: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

CFPB Charges Stonebridge with RESPA Violations

The Consumer Financial Protection Bureau (CFPB) announced it is charging Parsippany, New Jersey-based Stonebridge Title Services Inc., with violating the Real Estate Settlement Procedures Act (RESPA) by offering kickbacks for business referrals. In a consent order released Thursday, the CFPB ordered Stonebridge to pay a civil penalty of $30,000.

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Young Adults Aging Out of Foster Care Face Unique Housing Challenges

As the housing market continues to mend, bringing hope to many formerly underwater homeowners or others who simply hoped for a good return on their investments, at least one group of young Americans has seen no relief in the improving market. HUD released a report this week chronicling the challenges young adults aging out of foster care face in finding safe, affordable housing.

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FHFA: Home Prices Rise 1.3 Percent

Despite disappointing home sales in the first quarter of the year as winter storms took their toll, home prices increased 1.3 percent over the first three months of the year on a seasonally-adjusted basis for the purchase-only market, according to the Federal Housing Finance Agency (FHFA).

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Home Prices Jump 9% for Non-Distressed Homes

Home prices rose 9 percent year-over-year for the first quarter of this year, according to FNC, Inc.'s Residential Price Index, which measures sales activity for non-distressed homes in the 100 largest metros in the country. On a monthly basis, prices rose 0.6 percent in March.

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FHFA Adopts New Plan Under Director Watt; Won’t Reduce GSE Market Share

In a speaking engagement at the Brookings Institution, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt spoke about his new 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, highlighting a few major changes to the plan. Notably Watt’s plan removes any intention to reduce the GSEs' presence in the market, a central part of former Acting Director Edward DeMarco's strategic plan.

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Older Americans Carrying More Mortgage Debt

New Homes

While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).

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Fannie Mae’s Book of Business Declines in Q1

Fannie Mae's book of business declined for the first three months of this year, ending the first quarter with a monthly compound annualized rate of -1.8 percent. Over the first quarter, the GSE's book of business declined at a compound annualized rate of 2.2 percent.

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SIGTARP Offers Recommendations for HAMP

In its quarterly report to congress Wednesday, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) outlined its role as law enforcer for TARP recipients and as adviser to the Treasury. SIGTARP highlighted and reiterated a few of its previous recommendations, including increasing incentives for homeowners in the Home Affordable Modification Program (HAMP).

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Freddie Mac Report Shows Declining Portfolio Size

Short Sales

A new report from Freddie Mac, the GSE’s latest monthly volume summary, found that the company’s mortgage portfolio has declined in each of the first three months of this year. The decline in March was the fastest annualized decline, and saw the total portfolio volume fall at a rate of 2.9 percent.

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FHFA: HARP Refinances Drop in February

Amid continued rising home prices and rising mortgage rates, the number of refinances achieved through the Home Affordable Refinance Program (HARP) is declining, according to the Federal Housing Finance Agency (FHFA). Even a slight drop in mortgage rates to 4.3 percent for the month did not bolster February's HARP refinances.

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