Speaking as a guest presenter at the Rotary Club of Atlanta on Monday, Fannie Mae President and CEO Timothy Mayopoulos warned against any type of reform where housing finance is concerned, telling the audience that “the (current) system works,” according to a report from the Atlanta Business Chronicle.
Read More »Obama to Speak About Housing on Thursday in Phoenix
President Barack Obama is scheduled to speak about the U.S. housing market at Central High School in Phoenix, Arizona, according to multiple reports. Neither the president nor the White House has publicly announced exactly what he will speak about with regards to the housing market on Thursday.
Read More »Michigan Lender Becomes Latest Institution To Settle Over Faulty Mortgages
It is not just the larger lenders that are under the microscope, however; a recent multi-million dollar settlement between a lender and the U.S. Attorney for the Eastern District of Michigan showed that the smaller lenders cannot escape intense scrutiny from industry regulators.
Read More »Kentucky Man Pleads Guilty to Fraud, Bribing Executives at TARP Applicant Bank
A Kentucky man has pleaded guilty for his role in a massive tax scheme and for bribing executives at a Troubled Asset Relief Program (TARP) applicant bank, according to an announcement from Christy Romero, Special Inspector General for TARP (SIGTARP).
Read More »U.S. Supreme Court to Hear Arguments On ‘Disparate Impact’ Rule on January 21
The U.S. Supreme Court is scheduled to hear arguments on January 21 on whether or not "disparate impact" claims are allowed under the Fair Housing Act of 1968. The case scheduled to be heard later this month, Texas Department of Housing and Community Affairs, et al., v. The Inclusive Community Project, Inc., centers on claims that the Texas state housing department's fixed criteria for approving tax credits for low-income housing developers resulted in the approval of such credits for a larger percentage of developers in areas more heavily populated by minorities than in areas more populated by whites.
Read More »REITs Post Big Gains in 2014
The Financial Times Stock Exchange Real Estate Investment Trusts (REIT) Index reported a total return of 27.15 percent in 2014, outpacing that of the Dow Jones Industrial Average, Standard & Poor 500, and NASDAQ, according to a report from Trepp. In an 11-month period from the end of 2013 to November 2014, the REIT market cap expanded from $670 billion to $890 billion.
Read More »Labor Market Improvements Support Economists’ Predictions for Housing Recovery
Employment statistics released earlier in the week by the U.S. Bureau of Labor Statistics (BLS) fall right in line with analysts' recent predictions that the housing market will make a comeback in 2015. According to the BLS November 2014 Metropolitan Area Employment and Unemployment report, unemployment rates declined year-over-year in 341 out of 372 metro areas in the U.S., while 12 areas reported jobless rates of at least 10 percent and 147 metros posted jobless rates of less than 5 percent.
Read More »U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit
Royal Bank of Scotland (RBS) may have to pay additional penalties to settle claims that it sold faulty U.S. mortgage-backed securities in the years leading up to the housing market crash, according to a report from Reuters.
Read More »New York-Based Lender Settles with U.S. for $36 Million Over Mortgage Fraud Claims
The U.S. has settled a civil mortgage lawsuit against Golden First Mortgage Corp. that accused the mortgage company and its owner, David Movtady, of defrauding a government mortgage program, according to an announcement from U.S. Attorney for the Southern District of New York Preet Bharara.
Read More »Fannie Mae’s Mortgage Portfolio Plummets; Book of Business Ticks Upward
Fannie Mae's gross mortgage portfolio took a huge downward turn in November, while the mortgage giant's Book of Business inched upward, according to Fannie Mae's November 2014 Monthly Summary released earlier this week. The balance of the gross mortgage portfolio dropped from $4.36 billion in October down to $4.24 billion in November, marking the 52nd time in the last 53 months Fannie Mae's portfolio declined month-over-month.
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