But the success of programs like the Connecticut Avenue Securities (CAS) Series by Fannie Mae and Structured Agency Credit Risk (STACR) debt note offerings by Freddie Mac have ensured that credit risk transfer is not simply a passing trend, but the way of the future for the GSEs look to transfer more credit risk to private investors.
Read More »Fed Holds Off on Raising Interest Rates, Citing Insufficient Economic Improvement
On the downside, government officials saw net exports fall soft, job gains slow, and the unemployment rate held steady. In addition, inflation remains under the Committee's objective of 2 percent, reflecting falling energy prices and prices of non-energy imports.
Read More »Ask the Economist: Housing Industry Should Look Forward Instead of Focusing on ‘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 Mark Fleming, Chief Economist with First American Financial Corporation.
Read More »Homeownership is the Key to Wealth-Building, Middle Class
Sustainable homeownership is the “gateway to the middle class” for many Americans and is the primary source of wealth creation for many, which is why increasing the homeownership rate is so critical to a healthy economy, according to a panel at a housing forum in Washington, D.C. on Tuesday.
Read More »Vacancy Rates Inch Upward
Vacancy rates in rental housing were highest outside of Metropolitan Statistical Areas at 9.2 percent and were lower in principal cities at 7.7 percent and suburbs at 6.2 percent. The homeowner vacancy rate was also highest outside MSAs at 2.5 percent and was slightly lower inside principal cities at 1.9 percent and in the suburbs at 1.7 percent.
Read More »A Tough Market Means Tough Decisions
The rebound of the mortgage and housing market is good news for all except those who work in the counter-cyclical segments, such as foreclosure and REO services. This print feature originally appeared in the October 2015 issue of DS News magazine.
Read More »Mortgages Still High on CFPB’s Complaint List
On a positive note, the CFPB reported that overall complaints declined 9 percent month-over-month, while mortgage complaints fell 7 percent from the prior month.
Read More »MERS Wins Another Victory in Court
The Montana decision was the latest in a series of court victories won by MERS. In late September, MERS won similar decisions in Georgia, New York, and Texas. In Kentucky earlier in September, the U.S. Sixth Circuit Court of Appeals denied an en banc rehearing of a case that held that recording statutes in the state do not required a recording in the land records when promissory notes are transferred.
Read More »HUD Secretary Castro Emphasizes Importance of Millennials to Housing Market
According to Smoke, 32 percent of millennials were homebuyers this year, while 18 percent were sellers. On the one other hand, 40 percent of millennials own a home, while 60 percent rent.
Read More »Fed’s Second District Reports Lower Consumer Distress Rates than National Average
In New Jersey, 16.2 percent of consumers have seriously delinquent debt (90 days or more overdue) or debt that was in third-party collections, compared with the national rate of 20 percent for the reporting period. New York and Connecticut also reported overall consumer distress rates (14.8 percent and 14.9 percent respectively) lower than the national rate.
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