“Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” Duncan said. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers."
Read More »Will the Elusive Interest Rate Hike Finally Happen in December?
A statement from the FOMC showed that household spending and business fixed investment rose at solid rates in recent months, while the housing market continued to improve.
Read More »Fed Reform, Mortgage Access Bills Under Threat of Veto from the White House
Now the White House is threatening to veto that bill as well as another piece of legislation that would allow loans in portfolio to qualify for an exemption under the Consumer Financial Protection Bureau (CFPB)'s qualified mortgage (QM) rule. Both bills passed in the House on Wednesday.
Read More »Delgado Applauds Passage of Ohio Foreclosure Fast Track Bill, Urges Senate to Act
The state of Ohio is taking steps to remedy the vacant and abandoned property crisis, however, and the rest of the country may follow suit. A bill that would reduce foreclosure timelines and therefore shorten the amount of time that residential properties remain vacant in Ohio passed by a unanimous 88-0 vote in the Ohio House of Representatives earlier this week.
Read More »CoreLogic Unveils Enhanced Home Equity Data Offerings
CoreLogic Inc., announced that the company has released its enhanced home equity data set to expand the information delivered through its two home equity data solutions: CoreLogic Loan Level Home Equity and TrueStandings Home Equity.
Read More »Fannie Mae’s Credit Risk Transfer Initiatives Approach the Half Trillion Dollar Mark
Fannie Mae’s credit risk transfer program, Connecticut Avenue Securities (CAS), has sold more than $12.4 billion in securities to private investors, which covers $438 billion worth of mortgage loans since the program’s inception in September 2013. Fannie Mae estimates by the end of 2015, it will have transferred a portion of the credit risk on approximately half a trillion dollars worth of single-family mortgages.
Read More »Borrower Outreach Events Proving Successful at Preventing Foreclosures
Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes. If a home retention solution cannot be worked out, often a non-foreclosure home forfeiture solution is offered such as a short sale or deed-in-lieu of foreclosure.
Read More »Many Consumers Still Weighed Down by Mortgage Debt
In 2014, mortgage debt was the third-highest form of debt among consumers, with 28 percent holding some form of housing-related debt, the report showed. The highest percentage of consumers have mortgage debt in their late 30s through their early 60s. For borrowers with mortgages, debt balances averaged $160,000 in 2014, up from $150,000 in 2010.
Read More »Exposure to Risk is Declining for Fannie Mae and Freddie Mac—But So Are Revenues
The GSEs’ exposure to credit risk from mortgages originated during the years of the housing bubble continues to be “significant but declining,” according to the FHFA’s Performance and Accountability Report for Fiscal Year 2015. But in addition to experiencing a decline in exposure to credit risk, the GSEs have also experienced significantly declining revenues.
Read More »Democratic Presidential Candidates Vow to Get Tough With Wall Street Banks
As the only democratic candidate without a super PAC, Sen. Sanders mentioned that he is not asking Wall Street or the billionaires for money. He then presented a plan from the past to reinvigorate the banking industry in America.
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