Aspen Grove Solutions (AGS), a provider of property centric technology solutions to the financial and mortgage services industry, has announced that the company is adding Brookstone Management, LLC to their list of clients. A national repair contractor headquartered in New ...
Read More »Ask the Economist: The Fed Raising Rates Will Likely Not Immediately Affect Housing
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Curt Long, Chief Economist with the National Association of Federal Credit Unions (NAFCU).
Read More »Democratic Lawmakers Warn of Risks Posed by Repeal of Dodd-Frank Provision
The investigation conducted by the two lawmakers found that repealing Section 716 of Dodd-Frank allows banks to keep nearly $10 trillion in swaps trades on the books that would be “pushed out” to entities that are not insured with taxpayer funds, if not for the Dodd-Frank rollback. Section 716 was intended to prevent taxpayer bailouts of federally-insured banks with risky swap holdings.
Read More »Investors Must Consider Prices, Job Market, and Yield When Seeking SFR Properties
The data, which examined 55 of the largest metro areas across the country to determine the best markets for single-family home investors looking at median price, average gross rental yields, year-over-year job growth, and home affordability, showed that the top investment market is Charlotte, North Carolina due to its strong job growth.
Read More »Minneapolis Fed Names New President and CEO
The Federal Reserve Bank of Minneapolis announced today that Neel Kashkari has been named the company’s 13th president and chief executive officer, effective January 1, 2016. Current President and CEO Narayana Kocherlakota will end his tenure on December 31, concluding a five -ear run as head of the Federal Reserve Bank of Minneapolis.
Read More »FHFA Expands Neighborhood Stabilization Initiative to 18 Metros
The FHFA said that beginning December 1, 2015, local community organizations will be able to review and purchase foreclosed properties owned by Fannie Mae and Freddie Mac in the newly added 18 metro areas before they hit the public market.
Read More »Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans
Fannie Mae announced the winners in its third NPL sale on Tuesday, and on Monday Freddie Mac announced its eighth NPL transaction of 2015. Both transactions total approximately $1.2 billion in unpaid principal balance (UPB).
Read More »Foreclosure Completions Skyrocket While Inventory Plummets
The number of completed foreclosures surged from 37,000 in August up to 55,000 in September, an increase of 49.5 percent, largely due to an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Michigan, where Detroit is the county seat, according to CoreLogic. By comparison, foreclosure completions averaged about 21,000 per month in the pre-recession years from 2000 to 2006.
Read More »CFPB Plays Defense Against PHH Corp.’s Appeal of $109 Million Penalty
The Consumer Financial Protection Bureau is defending itself against a $109 million penalty the Bureau handed down to PHH Corp. for allegedly accepting kickbacks from mortgage insurers.
Read More »GSEs Announce Lowest Ever Interest Rate on Standard Mortgage Modifications
According to similar releases from the GSEs, starting on November 13, 2015, Fannie Mae will lower its standard modification interest rate from 4 percent to 3.875 percent. Meanwhile, Freddie Mac will lower its standard modification interest rate by the same amount beginning on November 5, 2015.
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