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House Republicans Propose Act to Save Housing Finance

With criticism for the Obama administration and the shortcomings of the Dodd Frank Act, the House of Representatives Financial Services Committee announced Thursday a new plan to fix housing finance and end the bailout for good. The Protecting American Taxpayers and Homeowners Act (PATH) aims to end the federal bailout of Fannie Mae and Freddie Mac within five years; increase competition in the housing finance market; and offer consumers more choices when shopping for mortgages.

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Wells Fargo, Chase Improve Earnings in Q2

Wells Fargo reported record net income of $5.5 billion for the second quarter, up from $5.2 billion in Q1 and $4.6 billion in Q2 2012. For the first six months of the year, net income was a record $10.7 billion compared to $8.9 billion last year. Credit performance was also improved, according to chief risk officer Mike Loughlin. Credit losses were $1.2 billion in Q2 2013, a decline of $1 billion year-over-year. Meanwhile, JPMorgan reported net income of $6.5 billion for Q2, beating last year's $5.0 billion but falling just short of the first quarter.

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Varolii Platform Helps Servicers Improve Borrower Communication

To help mortgage servicers stay compliant while delivering exceptional customer service, Varolii Corporation offers the Varolii Interact Platform. The platform allows servicers to be more proactive in their communication efforts by initiating contact with distressed borrowers, soliciting feedback, and assessing borrower satisfaction.

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Underwater Homeowners More Likely to Relocate for Jobs

A report released Thursday by the Federal Reserve Bank of Cleveland answers the question, ""Are underwater homeowners less likely to move for employment?"" The researchers find that mobility did decline during the housing crisis, particularly in states with high levels of underwater homeowners. However, high underwater rates occurring alongside declining mobility rates does not necessarily signify a cause and effect relationship. In fact, the opposite appears to be true. ""Our results show that individuals with low equity actually move more than those with high equity,"" the researchers said.

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Summit Mitigation Services Adopts RIO Genesis Platform

Summit Mitigation Services, a national short sale and debt negotiation company, will use the RIO Genesis platform to manage all of its transactions, RIO Software Solutions announced. RIO Software Solutions also revealed the release of the ""Easy"" button. With just one mouse click, agents and brokers on the RIO Genesis platform can engage Summit Mitigation Services to process short sale transactions on their behalf.

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Survey: 57.5% of Housing Units in U.S. Are Owner-Occupied

Out of the over 132.4 million housing units in the United States, about 57.5 percent are owner-occupied, while 10 percent are vacant, according to data from the 2011 American Housing Survey released by released Thursday by the Census Bureau and HUD. The survey, which is the most comprehensive housing survey in the United States, revealed another 29.3 percent are occupied by renters. Seasonal units represented the smallest share, at 3.1 percent.

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Fixed Rates Surge on Strong Employment Report

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.51 percent (0.8 point) for the week ending July 11, up from 4.29 percent last week and almost a full percentage point higher than the same week last year (3.56 percent). The 15-year FRM averaged 3.53 percent (0.8 point), up from 3.39 percent previously. Meanwhile, Bankrate.com's weekly national survey saw mortgage rates rising to their highest level in the last two years. The 30-year fixed averaged 4.66 percent this week.

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Study Examines Buyer, Seller Satisfaction with Real Estate Companies

Repeat buyers and sellers averaged a higher score when measuring customer satisfaction compared to first-time homebuyers, according to a study from J.D. Power. For the year, repeat homebuyers averaged a score of 817 out of 1,000, while the score for repeat sellers was 803. On the other hand, the score for first-time buyers and sellers was 797. The study also found first-time homebuyers have been more active this year, representing 49 percent of buyers in 2013 compared to 40 percent in 2012.

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First-Time Jobless Claims Jump to Two-Month High

First-time claims for unemployment insurance jumped a surprising 16,000 to 360,000 for week ending July 6, the highest level since mid-May, the Labor Department Thursday. Economists expected the number of claims to drop to 337,000 from the 343,000 originally reported for the week ended June 29. The number of filings for that week was revised up to 344,000.

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