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While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is challenging, Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers ""abandon efforts for a one-size-fits-all approach."" Duke first let community bankers know the federal regulatory agencies agreed to postpone the requirements that were set to go into effect at the start of next year. She also said in most cases, evidence supports community bankers' claims that their lending practices did not lead to the financial crises. For example, for community banks, their serious delinquency rate for subprime loans did not go much over 4 percent.

The value of mortgage servicing rights (MSRs) may be changing, and the market for acquiring MSRs may be heating up. This market phenomenon is the result of the proposed Basel III capital rules applicable to banks. For non-banks, the Basel III rules may seem irrelevant, but that could be a mistake. The Basel III rules could change how MSRs are priced, who owns the MSRs, and ultimately which servicers handle servicing for the loans that relate to the MSRs.

Fannie Mae and Freddie Mac updated their disaster relief policies for borrowers impacted by Hurricane Sandy. The policies apply to properties in eligible disaster areas and are specifically for borrowers who have mortgages secured by one of the GSEs. One of the announced policies allows servicers to grant 90-day foreclosure sale and 90-day eviction suspensions. Services are also authorized to extend forbearance and repayment plans for up to 12 months for certain borrowers.

The price difference between a foreclosure and non-distressed sale is getting smaller, according to new analysis from Zillow. In September, the nationwide discount for bank-owned properties compared to non-foreclosures was 7.7 percent, Zillow reported. In September 2011, the foreclosure discount averaged 9.1 percent and in August 2009, foreclosure discounts peaked at 23.7 percent. Year-over-year, foreclosure discounts decreased in 76.9 percent of the metros analyzed, and all the metros showed a decrease from their peak.

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns, which it acquired in 2008. According to the filing, JPMorgan ""has reached an agreement in principle with the staff of the SEC to resolve"" claims under investigation by the regulatory agency. The agreement is subject to SEC and court approval.

Bank of America announced a partnership with Auction.com to introduce a pilot program for short sales. The pilot aims to assist homeowners and agents with generating offer activity. Through Auction.com, marketing efforts will be broadened to reach more potential buyers.

The National Association of Federal Credit Unions expressed its opposition to the Consumer Financial Protection Bureau's proposed rule on mortgage application and settlement disclosures. The association asserted Tuesday in a letter to the federal agency that the rule places undue regulatory burdens on credit unions and will likely cause some institutions to leave the mortgage market altogether.

Fannie Mae has experienced significant improvements in recent months. The GSE reported a $1.8 billion net income for the third quarter of this year, a notable improvement over the $5.1 billion loss reported in the same quarter last year. Fannie Mae's third quarter report states the entity will not require a draw from Treasury this quarter. Fannie Mae also incurred a net income of $9.7 billion over the first three quarters of this year, leading the GSE to expect an annual net income for the first time since 2006.

Even though President Obama and Governor Romney were criticized for evading housing issues when running for president, Clear Capital asserts the ""sprint"" in housing still spoke positively for Obama and assisted him in his recent re-election. But, now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery, and this will happen by collaborating with the industry to reduce regulatory uncertainty, according to a Clear Capital report.

It's been a tumultuous couple of weeks for Americans, but mortgage rates have been rock-steady. Freddie Mac reported mixed rate movements for the week ending November 8, but any budges made were small. The average rate for a 30-year fixed-rate mortgage (FRM) for the week was 3.40 percent (0.7 point), up slightly from 3.39 percent in the previous week's survey. The 15-year fixed average fell, meanwhile, dropping to 2.69 percent (0.7 point) from 2.70 percent previously.