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Fannie Mae Rolls Out Tool to Improve Foreclosure Prevention Efforts

After being developed and tested over the past three years, Fannie Mae announced the broad release of a tool that helps to streamline foreclosure prevention efforts. Leslie Peeler, SVP of Fannie Mae's national servicing organization, explained that while adoption of the tool is voluntary for servicers, it will be required at some point in the near future.

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Low Mortgage Rates Reinforce Strength of February HARP Refis

Refinances through the government's Home Affordable Refinance Program (HARP) remained strong as mortgage rates stayed near record-low levels, according to the Federal Housing Finance Agency's (FHFA) most recent refinance report. In February, 97,738 Fannie Mae and Freddie Mac loans were refinanced under the program, bringing the total to 2.3 million since HARP's April 2009 inception. Underwater borrowers also continued to represent a large share total HARP refinance volume. Year-to-date through February, borrowers with LTVs beyond 105 percent accounted for nearly half of all HARP refinances.

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March Home Prices Accelerate, Post Biggest Annual Gain in 7 Years

Year-over-year home price gains in March landed in double-digit territory, according to CoreLogic's Home Price Index (HPI) report. Home prices-when including distressed sales--rose by 10.5 percent in March compared to the year before, marking the biggest annual gain since March 2006, the data provider reported. CoreLogic's pending HPI projects prices in April will show a 9.6 percent annual gain and rise by 1.3 percent month-over-month.

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Hiring Drops 4.3% in March, BLS Reports

Hiring fell 4.3 percent in March, the same month in which payroll job growth plunged, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS). Data from the report indicated there were 11.2 unemployed construction workers for every available job in March, up from 9.0 in February. By industry, the number of unemployed persons per job opening also increased in the manufacturing and information sectors.

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Flagstar to Pay $110M to Settle MBIA Securities Suit

Flagstar Bancorp, Inc., and MBIA Inc. announced a settlement between the two companies related to transactions on securities that flopped during the housing crisis. Under the terms of the agreement, Flagstar will pay MBIA $110.0 million, an amount ""consistent with [MBIA's] recovery expectations,"" CEO Jay Brown said. Flagstar does not expect any significant financial impact as a result. According to a statement from the company, MBIA will use the cash received to pay a portion of its secured loan from National Public Finance Guarantee Corp.

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Mortgage Credit Eases as Demand Increases in Q2

The percentage of banks reporting stronger demand for mortgage loans rose in the second quarter, the Federal Reserve reported Monday, with more banks easing lending standards. Those results, revealed in the Fed's Senior Loan Officers Opinion Survey, are consistent with reports that mortgage loans are becoming easier to obtain. While the results suggest a trend in lending standards, they could be misleading: A bank which has tightened standards as much as possible may not necessarily ease them.

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Seven in Kansas Charged with Mortgage Fraud

Seven people based in Wichita, Kansas were charged for their alleged roles in a mortgage fraud scheme that involved the use of straw buyers and sellers, as well as false loan applications and documents submitted to lenders, U.S. Attorney Garry Grissom announced.

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FHFA Directs GSEs to Limit Purchases to QM Loans

The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau's (CFPB) criteria for ""qualified mortgage"" loans. In a release, FHFA said that beginning January 10, 2014, the GSEs will no longer purchase loans subject to CFPB's ""ability to repay"" rule if those loans are not fully amortizing, have terms of longer than 30 years, or include points and fees in excess of 3 percent.

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NAHB: List of Improving Markets Falls Further as Price Gains Soften

According to NAHB, the number of housing markets showing ""sustained improvement"" fell to 258 from April's 273. The index, put together by NAHB and First American Title, tracks housing permits, employment, and home prices in markets across the country. ""While seasonal trends in home prices resulted in an overall decline in the IMI this month, the index remains at a very strong level and continues to represent markets in every state,"" remarked NAHB chief economist David Crowe.

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Bill to Expedite Florida Foreclosures Passes House, Senate

A bill introduced in January to speed up Florida's foreclosure process passed both the House and the Senate and made its way to Gov. Rick Scott's desk Friday. H.B. 87, introduced by Rep. Kathleen Passidomo (R-Naples) would require lenders to prove they have the appropriate paperwork showing they have the right to foreclose on a property before entering the foreclosure process. Supporters of the bill champion its efforts to speed up the state's lengthy judicial foreclosure process, while outspoken opponents claim it infringes on homeowners' rights.

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