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‘Mortgage Choice Act of 2013’ Passes House Vote

Introduced last year by a bipartisan group of representatives led by Rep. Bill Huizenga (R-Michigan), H.R. 3211 (the "Mortgage Choice Act of 2013") would amend the Truth in Lending Act (TILA) to exempt fees from affiliated title companies from counting toward the 3 percent point and fee threshold established in the Qualified Mortgage (QM) rule implemented earlier this year. It would also clarify the treatment of insurance and taxes held in escrow.

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Is there a Housing Bubble Ready to Burst?

While many analysts are celebrating the slow and steady recovery of the housing market, an article by the borrower advice website LoanLove offers a different view of the current state of the United States housing market. The article cites economists who believe the current housing market recovery stretching back 18 months is not a true sign of the market's economic outlook. Rather, the recovery is built on shaky ground that could collapse.

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CFPB Director Gives Report to Senate Banking Committee

CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, and Urban Affairs Tuesday morning to give the Semi-Annual Report of the Consumer Financial Protection Bureau. At the hearing, a myriad of topics were discussed, including mortgages, student loans, as well as proposed data collection efforts for the National Mortgage Database.

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Fitch: Slow RMBS Prepayments Lengthens Default Term Risk

A new report from Fitch Ratings found that U.S. prime jumbo residential mortgage-backed securities (RMBS) issued since the start of 2010 are unlikely to see a "meaningful increase in prepayments, even if interest rates stay low." The company believes that the lack of prepayments will result in an increased average life of the mortgages in these trusts, further increasing the period of default risk.

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Foreclosure Filings Fall in May by 5%

Foreclosure filings were reported on roughly 110,000 U.S. properties in May, a 5 percent decrease from April, according to RealtyTrac's latest U.S. Foreclosure Market Report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were down 26 percent year-over-year in May to the lowest level since December 2006.

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Survey: Consumers Expect Home Prices to Increase

The Federal Reserve Bank of New York released its latest Survey of Consumer Expectations for June 2014. The survey found that consumer's expect home prices to increase in every region except one—the South—where a slight decrease is expected.

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HUD Reaches Settlement with Seattle Apartment Complex

The U.S. Department of Housing and Urban Development (HUD) announced a recent agreement with the owner, builder, architect, and manager of a Seattle apartment complex. The settlement resolved issues stemming from allegations of discrimination against people with disabilities by failing to design and construct the 56-unit complex in a way that meets accessibility requirements of the Fair Housing Act.

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Economic Conditions Top Concern in Fannie Mae Survey

In its latest monthly National Housing Survey, Fannie Mae found 57 percent of Americans still believe the economy is on the wrong track, flat from April's survey. Meanwhile, 38 percent said the economy is on the right path, up from 35 percent in the last survey but still down from last year's highs.

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Fitch: RMBS Delinquency Not Indicative of Trend

The highest delinquency to date of any post-crisis residential mortgage-backed securities (RMBS) doesn't indicate any trend of future delinquencies, according to an analysis by Fitch Ratings. The delinquency, according to the company, came about due to a transfer of servicing, and doesn't point to any widespread post-crisis late payment increases.

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