News

Saying the U.S. housing recovery has a long road ahead, the president of Fannie Mae indicated Wednesday that the government-sponsored mortgage giant will accelerate its funding in sales of loan-backed assets in an attempt to give lending a shot in the arm.

Industry trade organizations continue to step up and voice their concerns over the government's Home Affordable Modification Program (HAMP) servicing guidelines. [

Real estate data site PropertyShark.com has been named to the TIME.com Top 50 Websites of 2009.

Government regulators are poised to shutter Guaranty Financial Group Inc. on the heels of last week's takeover of Colonial Bank, feeding concerns about a new widespread collapse in the banking system and the Federal Deposit Insurance Corporation's ability to handle it.

Although the global recession is diminishing, the period of above-average growth, characteristic of normal recoveries, may be short-lived or nonexistent, the chief economist for the International Monetary Fund warned Wednesday.

Irvine, California's Real Estate Disposition Corp. (REDC) announced last week that it generated $24.9 million in sales in its just-completed national online foreclosure auction.

In spite of recent positive signs in the housing market, the National Association of Home Builders announced a series of cost-cutting measures to help it cope with the downturn.

Think of it as Craigslist, only for loans.

Home sales rose in 39 states last quarter and median prices rose 4 percent, offering hope for the residential market's immediate future, according to an industry report released Wednesday.

Ginnie Mae, the guarantor of mortgage-backed securities, tapped Bank of America to service about $25 billion in Federal Housing Administration receivables seized from mortgage firm Taylor, Bean & Whitaker last week, according to media reports.