News

U.S. Housing Renewal is a newly formed organization, created to help struggling Americans reclaim homeownership and help American financial institutions strengthen their balance sheets. The Nashville-based group combines public and private funds for the purpose of purchasing non-performing housing assets from financial institutions and transforming these properties into two-year lease-to-own situations for families who have either lost their homes or have been unable to purchase in the current financial environment.

Mortgage financier Freddie Mac announced on Wednesday that its board of directors has named John A. Koskinen as the company’s interim CEO and Robert R. Glauber as its interim non-executive chairman.

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 6, 2009. MBA’s study, which covers approximately 50 percent of all U.S. retail residential mortgage applications, showed that mortgage loan application volume increased 11.

Irvine, California-based Mavent Inc., a provider of automated regulatory compliance software and solutions to the mortgage industry, has unveiled a new automated compliance engine (ACE) that reviews loans for compliance and eligibility under the Obama administration’s Making Home Affordable program.

The Financial Industry Regulatory Authority (FINRA) is proposing a major expansion of its Trade Compliance and Reporting Engine (TRACE) to include debt issued by the GSEs, federal government agencies, and government corporations, as well as primary market transactions in new issues.

McLean, Virginia-based mortgage financier Freddie Mac released its 2008 financial results on Wednesday. For the full-year 2008, the GSE reported a net loss of $50.1 billion, or $34.60 per diluted common share.

As inventories of foreclosed homes swell, home builders across the country, particularly in the Sun Belt states hit hardest by the housing crisis, are pitted against REO properties for sales. Steve Ruffner, president of the Southern California division of new home builder KB Home, recently told the Wall Street Journal:http://online.

Denver’s Integrated Asset Services, LLC (IAS) released its latest IAS360 House Price Index on Tuesday, which IAS says is evidence of a continued tailspin for the U.S. housing market. The company reported that nationally, the industry experienced a staggering 3.

The Ohio Legislature has introduced several bills aimed at fighting the foreclosure crisis in the state. Ohio has one of the highest foreclosure rates in the country. Residential foreclosures in the Buckeye State were ranked the 10th highest in the nation in RealtyTrac’s latest market report, with one in every 452 homes receiving a foreclosure filing in January.

President Barack Obama has announced the nomination of three senior advisers for key positions within the U.S. Treasury Department. Hand-picked for assistant secretary positions are David Cohen, to lead the administration’s fight against terrorist financing; Alan Krueger, to steer economic policy; and Kim Wallace, to oversee legislative affairs.