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Banks' Projected MBS Losses Over $250B

According to new research by Standard & Poor’s released this week, $250 billion of securitized mortgages are presently in bankruptcy, foreclosure, or REO, and the company says the performance of private-label securities – those that banks keep on their books – are expected to decline even further.

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Michigan Cities Tackle Abandoned Homes

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

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House Committee Meets on Mortgage Reform

The House Financial Services Committee held its final hearing Thursday on mortgage reform. The committee plans to vote on the bill next week and send it to the full House for approval soon after. Committee leaders say the legislation is needed to prevent those practices that led to the nation’s mortgage meltdown and financial crisis from being repeated.

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Long-Term Rates Fall Below Short-Term

Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) on Thursday. For the week ending April 23, 2009, Freddie’s study shows that long-term interest rates are now lower than those for short-term mortgage products.

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Freddie Mac's CFO Found Dead

Freddie Mac’s acting CFO David Kellermann, 41, was found dead in his Vienna, Virginia home early Wednesday morning. According to Washington, D.C. television station WUSA, Kellermann’s wife told local police he committed suicide.

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Report: U.S. Home Prices Show Gains

The Federal Housing Finance Agency (FHFA) reported on Wednesday that U.S. home prices rose 0.7 percent from January to February, based on the purchase prices of homes owned or guaranteed by the GSEs. It’s the second month in a row that FHFA has recorded a national gain in residential real estate values.

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