Home / News (page 1523)

News

BofA Reaches Repurchase Claims Agreement with Fannie Mae

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. BofA simultaneously announced its intent to sell the servicing rights of 2 million mortgage loans to specialty servicers.

Read More »

Survey: Consumers Grow in Optimism Toward Home Prices

Consumers continued to show increased optimism toward home price, rental price, and mortgage rate expectations, a sign that home purchase activity may see a boost in the coming months, according to results from Fannie Mae's latest National Housing Survey. The average 12-month home price change expectation jumped from 1.7 percent in November to 2.6 percent in December, the highest level since the survey's inception in 2010. To compare, the average price change expectation a year earlier was only 0.8 percent. The share of respondents who believe home prices will rise over the next year also reached its highest recorded level, increasing 6 percentage points to 43 percent.

Read More »

Ten Banks Reach $8.5B Deal with Regulators in Foreclosure Settlement

Ten major mortgage servicers reached an agreement with federal regulators to pay more than $8.5 billion over alleged foreclosure abuses, the Federal Reserve announced in a release Monday. The agreement replaces the Independent Foreclosure Review process with a new framework allowing eligible borrowers to receive compensation more quickly. Of the $8.5 billion, $3.3 billion will go toward direct payments to eligible borrowers and $5.2 billion will be used to assist borrowers in other ways, such as through loan modifications.

Read More »

RealtyTrac: 20 Metros Where Foreclosure Listings Should Rise in 2013

Foreclosure inventory may be decreasing, but certain metros showed high levels of foreclosure activity in 2012, which means they might also be places where foreclosure listings-short sales or REOs--could increase, according to an article from RealtyTrac. After assessing foreclosure activity across the country, the foreclosure data provider released a list of 20 metros where for-sale foreclosures are expected to rise in 2013. Among the list of 20 metros, eight were based in Florida.

Read More »

Commentary: From Fiscal Cliff to Fiscal Mudslide

It may not have been a fiscal cliff, but how about a fiscal mudslide? The deal reached by Vice President Joe Biden and Senate Minority Leader Mitch McConnell and forced down the throats of House Republicans (without involving their leader, Speaker John Boehner) wound up to be a glorified version of kicking the can down the road--a short road, as the next ""crisis"" comes in just two months, when the nation runs up against the debt ceiling. Too many words have already been written about the crises manufactured by setting arbitrary deadlines.

Read More »

Force-Placed Insurance Suit Against Citibank, MidFirst Proceeds

A federal judge in New York has allowed a class action lawsuit against Citibank and MidFirst Bank over force-placed insurance practices to proceed, according to a release from lawfirms representing plaintiffs in the case. The plaintiffs are accusing Citibank and MidFirst Bank of maintaining a policy and practice of force-placing flood insurance above the amounts required by the borrowers' mortgage contracts and federal law. In an emailed statement, a spokesperson with Citibank said, ""We abide by federal guidelines in allowing designated customers time to purchase their own flood insurance before we are required to purchase it on their behalf.""

Read More »

Fitch: Price Growth Not Driven by Fundamentals

Despite the steady increase in home prices in 2012, Fitch Ratings says it ""remains cautious"" in its outlook on home values. According to a report from the ratings agency, home prices have risen ""at their greatest pace since 2005,"" but in certain markets, technical factors rather than ""fundamentals"" acted as the driving force behind the price gains over the past few quarters. Fitch explained technical factors such as low mortgage rates, the tight supply of existing homes for sale, and weak levels of new home construction are leading to affordability and driving demand while ""offsetting weak fundamentals.""

Read More »

CoreLogic Reviews 2012 Natural Disasters and Their Impact on Homes

Natural disasters have broad impacts on communities and economies, starting with physical damage and trickling down to businesses and investors. Each year, CoreLogic releases a Natural Hazard Risk Summary and Analysis, reviewing the most significant natural disasters of the year. Destruction from Hurricane Sandy could cost as much as $50 billion, and in just the state of New Jersey, an estimated 72,000 homes were damaged, according to CoreLogic.

Read More »

Rents Continue to Rise, Albeit Slightly Slower

Rents continue to rise but at a slightly less accelerated pace, according to Carrolton, Texas-based RealPage, a software provider for rental communities. After rents for new leases rose 4.8 percent in 2011, rents rose 3 percent in 2012. While lower than the previous year's rate, the increase in 2012 remained above the average of 2.5 percent seen over the past 20 years. Apartment rents did experience some decline during the recession, falling 4 percent, but they have now been on the rise for three years, according to RealPage.

Read More »