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FHFA Announces HARP Milestone

In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of 3 million refinances under the Home Affordable Refinance Program (HARP)."Three million HARP refinances is an important accomplishment and represents real help to families and communities still struggling as a result of the mortgage crisis," said FHFA Director Mel Watt.

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Consumers Expect Brighter Economy, Slower Home Price Gains

It appears more consumers have taken notice of reports of slowing home price gains. The share of consumers in Fannie Mae's January National Housing Survey who said they expect home prices to increase in the next year fell 6 percentage points to 43 percent, while the share expecting prices to stay the same increased 7 percentage points to 45 percent. The average 12-month home price change expectation was 2.0 percent.

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$2.7B Ocwen-Wells Fargo Deal Halted Indefinitely

Ocwen Financial Corporation announced Thursday that plans to purchase the mortgage servicing rights of a portfolio worth $39 billion from Wells Fargo Bank have been halted by the New York Department of Financial Services (NY DFS). The Atlanta-based business serves as a financial services holding company. The transaction has been halted indefinitely, and any timeline for the completion of the deal remains undecided.

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NAHB Leading Market Index Edges Higher in February

The National Association of Home Builders released new figures from their Leading Markets Index (LMI), revealing 58 out of approximately 350 metro areas have either returned to or exceeded their last normal levels of economic and housing activity. The index’s nationwide score registered at .87, meaning economic and housing activity is running at 87 percent of normal levels.

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Report: GSEs Purchased Risky Loans Despite Red Flags

2015 HUD

About four years after the Federal Housing Finance Agency (FHFA) directed the GSEs to develop a uniform collateral data portal, the Office of the Inspector General of the Federal Housing Finance Agency (FHFA OIG) finds the portal is not being used to its potential, and the GSEs continue to purchase loans with red flags.

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