News

Just how important is disclosure to American borrowers? Very important, if the figures from a recent Harris Interactive survey mean anything. MortgageMarvel.com commissioned a survey of 2,214 American adults 18 years or older to learn that one full-quarter of Americans take disclosure into account when considering their next home loan. After disclosure, 20 percent of survey respondents ranked anonymity as their second most-valued quality in the lending process.

The percentage of first-mortgages 30 days or more past due saw a double digit year-over-year decline, according to a report from Equifax. First-mortgage delinquency rates dropped 15 percent in July 2012 from July 2011. In addition, first mortgage severe derogatory rates, which are mainly loans transitioning to REO status, declined 17 percent year-over-year.

A surplus of REO inventory from financial institutions, demand for single-family rentals, tight lending standards - these are just a few reasons interest has developed for securities backed by cash flows from single-family rental properties. While interest has formed for good reasons, there are still risks involved. In a recent report, Moody's Investors Service highlighted two key factors that can be used to determine credit risk for such transactions: Performance of an operator or manager and the variability of the cash flow from rentals and property dispositions.

Homeowners and officials in held a town meeting Thursday in Akron, Ohio, to discuss the impact of the housing crisis on their communities. The event, called #MyHomeMyVote, was designed to put the housing crisis and voters' concerns at the forefront of the wave of issues surrounding this year's election season.

Massachusetts attorney general Martha Coakley issued a letter Thursday to Fannie Mae, Freddie Mac, and their conservator, FHFA, reminding the agency and mortgage giants that they are required to offer reasonable loan modifications in the state and urging flexibility on principal reductions. In a letter addressed to FHFA acting director Edward DeMarco, Coakley outlines a law recently passed in Massachusetts that requires creditors to ""make commercially reasonable efforts to achieve a commercially reasonable loan modification.""

The Federal Reserve Bank of New York announced an important milestone Thursday the final sale of its remaining securities from the 2008 AIG bailout. The final sales from Maiden Lane III, one of the struggling mortgage-related portfolios the Fed usurped in 2008, brought the Fed's total profit from AIG securities to $6.6 billion. The final sales from Maiden Lane III, one of the struggling mortgage-related portfolios the Fed usurped in 2008, brought the Fed's total profit from AIG securities to $6.

Fifth Third Bank outshined all other servicers in Fannie Mae's Servicer Total Achievement and Rewards (STAR) Program in 2011. The bank came closer than any other bank to receiving four out of five available stars for performance in foreclosure prevention. A five star rating ""represents superior performance wherein the servicer is meeting or exceeding Fannie Mae's targets,"" according to Fannie Mae.

Earlier this week, FHFA, Fannie Mae, and Freddie Mac revealed new short sale guidelines to take effect November 1 of this year. The new guidelines are expected to make short sales easier to process and will open up the foreclosure alternative to borrowers not in default if they have certain hardships. While Fitch Ratings views these new rules as a plus for the housing market in the long term, the ratings agency said, ""in the short term, the new guidelines could increase losses on some existing bank home equity or second lien portfolios.""

USRES, Inc., and its wholly owned subsidiary, RES.NET, announced the addition of Angela Hurst to its executive team.

After seeing some of the worst of the housing crash, Florida is continuing its steady bounce back, Florida Realtors reported Wednesday. According to the group, the Sunshine State saw increases in pending sales, closed sales, and median prices in July, while inventory of homes and condos for sale dropped.