Daily Dose

The ARP 2014-SRF1 transaction (American Residential Properties) once again had the highest delinquency rate out of the 21 transactions at 2.2 percent as of the end of August, holding steady from July after taking a big drop from 3.0 percent in June.

Warren and Capuano are trying to prevent the delinquent mortgage loans from being acquired by investors who are quick to foreclose on them. The lawmakers would rather see the loans acquired by non-profits who would be more likely to engage in the loss mitigation process with borrowers and prevent foreclosure.

The Dodd-Frank Act still allows the Fed some of the same emergency lending programs used in the aftermath of the 2008 crisis despite the legislation's stated purpose of ending such bailouts, according to a study by Norbert J. Michel, Research Fellow in Financial Regulations, the Institute for Economic Freedom and Opportunity at the Heritage Foundation.

Single-family mortgage loans backed by Fannie Mae and Freddie Mac perform better after modification when they are modified through the government's Home Affordable Mortgage Program (HAMP), according to the FHFA's Foreclosure Prevention Report for Q2 2015 released this week.

The data shows home price declines and increased time on the market has moved the September housing market from a seller's market to a buyer's market. This transition means that it is easier for buyers to purchase a home compared to any other time so far this year.

Rep. Brad Sherman (D-California) questioned Cordray on the CFPB's much anticipated TILA-RESPA Integrated Disclosure (TRID) rule, which is scheduled to go into effect on Saturday, October 3, and has left those in the mortgage industry scrambling to be compliant in time with that date despite a two-month postponement from the rule's original effective date of August 1.

Though more than a quarter of REO sales were cash transactions in June, REO sales made up only about 6 percent of total home sales during the month. During the peak month of January 2011 for cash sales, REO properties made up about 23.8 percent of all home sales.

The latest ACIS transaction transfers much of the remaining credit risk associated with the first actual loss STACR offering from April 2015 (STACR Series 2015 DNA1), and it transfers combined maximum limit of up to about $132.5 million in losses on single-family mortgage loans acquired by Freddie Mac in Q4 2012.

Three federal courts have ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS), dismissing borrowers' suits to quiet title and affirming MERS' authority to assign the mortgage lien, according to an announcement from MERSCORP Holdings.

In a report titled "Single-Family Rentals: A New Approach to Affordable Housing" by Center Creek Capital Founder Dan Magder and Urban Institute Director of Housing Finance Policy Laurie Goodman released Monday, the authors say SFR should be considered by policymakers as an integral part an affordable housing strategy because of volume, location, neighborhood impact, and affordability.