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Bipartisan Group Proposes Formula for Sustainable Homeownership

Although some argue the push for homeownership was the root cause leading to the housing downturn, a report from the Bipartisan Policy Center's (BPC) Housing Commission argued it was actually a wide range of factors that converged to create the crisis and offered its own formula for encouraging sustainable homeownership for those with modest incomes. With past mistakes in mind, the commission argued sustainable homeownership should be encouraged among lower-income borrowers and can be achieved through broad availability of prime, fixed-rate mortgage financing and adjustable-rate mortgages with clear terms and limits on adjustments and maximum payments.

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Mortgage Daily Ranks Top Servicers

Top Servicers

Wells Fargo kept its place as the largest servicer in the fourth quarter, according to a ranking from Mortgage Daily, while Ocwen made its way to No. 6, a spot previously held by Residential Capital in the third quarter.

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Survey Profiles Population of Single-Family Renters

The fast-growing population of single-family renters is more likely to dwell in their home for longer periods of time compared to multifamily occupants, which suggests demand for single-family rentals offers greater stability than the multifamily market, according to a new survey from Premier Property Management Group. In a survey of renters conducted by ORC International, 26 percent of single-family renters said they were more likely to stay in their current home five or more years compared to 22 percent of apartment dwellers. Single-family renters were also characterized as earning more income, but are more likely to have a bigger household.

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Lack of Inventory, Not Shadow Inventory, Is the Real Concern

DS News took some time to chat with Daren Blomquist, VP of RealtyTrac, to get a reading on the current state of the foreclosure market and what is expected to come. Although foreclosures served to strip homes of their value during the housing crisis, Blomquist says foreclosures will be seen as a welcome sign this year and act as a stimulus. While this may seem counterintuitive, Blomquist said, ""because of the severe lack of inventory available for sale, foreclosures could actually fill that inventory and provide more fuel to the fire that's been slowly building over the past year as more sales occur.""

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Commentary: Minimal Minimum

President Obama unleashed a predictable firestorm when he proposed during the State of the Union address that the minimum wage be increased to $9.00 an hour from the current $7.25. The reactions were expected: conservative economists criticizing the suggestion while progressives either endorsed it outright or noted the proposal was less than the $9.50 minimum wage proposed by then-candidate Obama.

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Appeals Court Sides with MERS in Mortgage Assignment Case

A three-judge panel of the U.S. Court of Appeals for the Ninth Circuit has affirmed, without hearing, an order dismissing claims against Mortgage Electronic Registration Systems, Inc. (MERS), according to a release from MERSCORP Holdings. [IMAGE] The appellate ruling affirmed a decision issued by District Judge David Alan Ezra of the District Court for Hawaii.

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Report Recommends More Supervision for GSEs’ Multifamily Businesses

The Office of the Inspector General for the Federal Housing Finance Agency (FHFA-OIG) says in a new report that the agency needs to provide better guidance for investigators examining the GSEs' multifamily loan portfolios. Given the size of their investment and their dominant role in the secondary market, OIG says it is ""imperative"" for FHFA--as conservator of the GSEs--to supervise Fannie Mae and Freddie Mac's multifamily businesses and ensure underwriting standards are being upheld.

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Home Values Post Biggest Annual Increase Since 2006; Rent Gains Slow

Home values in January posted their biggest annual increase since July 2006, beating national gains in rent, according to a recent report from Zillow. The Zillow Home Value Index rose for the 15th straight month to $158,100 in January 2013. The improvement represents a 6.2 percent year-over-year gain and a 0.7 percent increase from December 2012. The winter season, however, slowed gains for the Zillow Rent Index, which was down 0.2 percent from December, but still 4.3 percent higher compared to a year ago.

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Firm Predicts Job Relocation Surge from Former Underwater Borrowers

Challenger, Gray & Christmas, a nationwide outplacement firm, is predicting a relocation surge in 2013 from job-seeking homeowners who are finally able to list their properties. As home prices improve, more homeowners have been lifted out of negative equity, and thus more free to sell their properties and relocate. ""One factor that has kept unemployment rates high has been the inability of underwater homeowners to relocate for employment opportunities. With home prices bouncing back, even those who may now simply break even on a home sale might consider moving to a region where jobs are more plentiful,"" said John A. Challenger, the firm's CEO.

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