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Daily Dose

Bank of America Settles with FHFA for $9.3B

Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud. According to announcements made by all parties involved, under the agreement, BofA will make an aggregate payment of approximately $9.33 billion, $3.2 billion of which will go toward the repurchase of certain RMBS at fair market value.

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National Credit Default Rates Fall in February

Data released by S&P Dow Jones Indices and Experian found that national credit default rates during the month of February declined. The S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, found that the national composite rate was 1.30 in February, down from 1.34 in January.

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What is Causing the Decline in Short Sales?

Short Sales

Consequences stemming from the expiration of the Mortgage Forgiveness Debt Relief Act may be surfacing, according to a perspective piece written by CoreLogic’s Kathryn Dobbyn. The piece found that throughout 2012 and into 2013, short sales had been steadily declining, partly due to rising home prices.

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Employment Cuts Reflect Changes in Mortgage Industry

Although employment is being reduced, the need for certain types of talent is more critical than ever, according to Rick Glass, founder of R.T. Glass & Associates, one of the mortgage banking industry's leaders in executive search since 1993.

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Regulations Pose “Continued Operational Problems”

Speaking at the fifth annual Five Star Government Forum on Tuesday, Christopher Whalen presented on the topic, "Government's Role in Restoring a Healthy Mortgage Market." Whalen's presentation focused on the effects of government regulations on the housing industry.

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DeMarco Steps Down as Senior Deputy Director of the FHFA

Edward DeMarco

Former acting director and current senior deputy director Edward DeMarco announced his intent to part ways with the Federal Housing Finance Agency at the end of April. After serving the agency for nearly six years, Demarco confirmed his plans to depart in a letter to current agency director Mel Watt.

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FHFA’s HPI Up .5 Percent in January

January, 2014 experienced an increase in house prices, which rose by .5 percent on a seasonally adjusted basis from the previous month. According to the Federal Housing Finance Agency (FHFA) House Price Index (HPI), for the year beginning January, 2013 to January 2014, the HPI increased by 7.4 percent. Prices have increased for 23 of the last 24 months, beginning in February, 2012.

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S&P/Case-Shiller Index Shows Improvement in January

The S&P/Case-Shiller Home Price Indices, released Tuesday, showed a 0.8 percent seasonally adjusted month-over-month improvement in January, topping the 0.7 percent gain forecast in a poll of economist conducted by Reuters. On an unadjusted basis, the 20-city composite index posted its third monthly decline at -0.1 percent. The 10-city index ticked up a negligible amount, meanwhile.

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Audit Reveals Lack of Quality Control for Pre-Foreclosure Property Inspections

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released a report detailing the results of an audit performed on pre-foreclosure property inspections. The audit was conducted after the FHFAOIG learned of fraudulent property inspections reports submitted to the FHFA, Fannie Mae, and Freddie Mac by a contractor resulted in $12.7 million in payouts.

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Illinois Posts Decrease in Home Sales; Increase in Price

A new report issued by the Illinois Association of Realtors (IAR) found a decrease in home sales and an increase in median price in February. The IAR noted that median prices increased 6.9 percent, while home sales decreased by 6.2 percent last month.

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