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Fannie Mae’s CEO Lauds ‘New Realism’ of Better Underwriting
By: Carrie Bay Fannie Mae is building the “strongest book of business we’ve seen in the last decade,” the GSE’s president and CEO, Michael Williams, proclaimed to a group of industry professionals this week. While tighter underwriting standards may mean fewer consumers are able to get loans and banks are holding credit close to their […]
Continue reading...Report: 75% of Nation’s Top Metros Post Foreclosure Increases
29. July 2010
By: Carrie Bay A new report published by RealtyTrac Thursday shows that 75 percent of the nation’s largest metro areas posted increases in foreclosure activity during the first half of 2010. RealtyTrac says it’s seeing early signs that foreclosures may have peaked in some hard-hit markets, but with three-quarters of the nation’s most populated metros […]
Continue reading...U.S. Homeownership Rate Falls to Lowest Level Since 1999
28. July 2010
By: Carrie Bay The nation’s foreclosure crisis and economic pressures, such as rising unemployment, continue to batter the U.S. housing market, as evidenced by the latest figures from the Census Bureau on homeownership rates. Data released by the federal agency Tuesday shows that the U.S. homeownership rate dropped to 66.9 percent during the second quarter […]
Continue reading...Home Prices Tumble in Most Distressed Property Categories in June
27. July 2010
By: Carrie Bay A drop in homebuyer activity following the contract deadline for the federal tax credit incentive helped trigger a noticeable decline in home prices between May and June, according to an industry study released Monday by the research firm Campbell Surveys. The company’s latest market analysis found that home prices fell in three […]
Continue reading...Habitat for Humanity Looks to Rehabilitate Foreclosed Homes
26. July 2010
By: Carrie Bay Habitat for Humanity International and the National Community Stabilization Trust have announced a new national partnership to help turn foreclosed and abandoned houses into affordable Habitat for Humanity homes. Through the Stabilization Trust’s national Property Acquisition Program, the two-year partnership will give Habitat affiliates the opportunity to purchase foreclosed and abandoned properties […]
Continue reading...Dodd-Frank Legislation Extends Protecting Tenants at Foreclosure Act
23. July 2010
By: Carrie Bay Renters who find themselves indirect victims of foreclosure were not forgotten in the financial reform legislation signed by President Obama on Wednesday. The Dodd-Frank Wall Street Reform and Consumer Protections Act will extend the Protecting Tenants at Foreclosure Act (PTFA) through the end of 2014. PFTA provides renters whose landlords have lost […]
Continue reading...Barclays Argues Treasury Report on HAMP Redefaults is Misleading
22. July 2010
By: Carrie Bay Earlier this week, the Treasury Department released its monthly progress report on the government’s Home Affordable Modification Program (HAMP). Included in the Treasury’s latest installment is a new section detailing the performance of loans permanently modified through the HAMP initiative. In commentary published Wednesday, analysts at the research firm Barclays Capital took […]
Continue reading...FDIC Sells Pool of AmTrust Nonperformers for 37 Cents on the Dollar
21. July 2010
By: Carrie Bay A three-party consortium of opportunists has purchased a stake in an $898 million pool of nonperforming residential loans that the FDIC seized from AmTrust Bank when it went under last December. The procurers – which include mortgage servicer Residential Credit Solutions, hedge fund CarVal Investors, and the Royal Bank of Scotland’s RBS […]
Continue reading...Goldman Sachs Pays $550M to Settle SEC Fraud Suit
20. July 2010
By: Carrie Bay Goldman Sachs & Co. has agreed to pay more than half a billion dollars to settle federal charges that the Wall Street broker-dealer misled investors to sink money into a product backed by dicey subprime mortgages just as the housing market was beginning to collapse. In a civil suit brought by the […]
Continue reading...Mortgage Rates Mostly Flat This Week, Still Lingering Near Record Lows
19. July 2010
By: Brittany Dunn Very little activity was seen in the realm of mortgage rates this week, as the historical lows observed in weeks past held fairly steady, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac’s weekly survey, 30-year fixed-rate mortgages averaged 4.57 percent with an average 0.7 point for the week ending July […]
Continue reading...Banks Repossess 4,000 South Florida Homes Per Month
16. July 2010
By: Carrie Bay Banks took back an average of 4,000 South Florida properties each month during the first half of 2010, according to a new report from the locally based real estate consultancy Condo Vultures LLC. The region’s repos represent an 83 percent year-over-year increase for the tri-county area of Miami-Dade, Broward, and Palm Beach. […]
Continue reading...Hudson & Marshall to Auction Nearly 250 Foreclosed Homes This Week
14. July 2010
By: Brittany Dunn In an effort to give investors and first-time homebuyers an opportunity to purchase a variety of homes at significant discounts, Hudson & Marshall of Texas, Inc., (H&M) is auctioning nearly 250 bank-owned homes this week in cities throughout Indiana, Illinois, Minnesota, and Wisconsin. “Foreclosures remain in high demand among buyers looking for […]
Continue reading...HUD to Sell REO Properties at Discounted Rates to NSP Grantees
13. July 2010
By: Brittany Dunn A new initiative announced Monday by HUD will give state and local governments and nonprofit organizations participating in the department’s Neighborhood Stabilization Program (NSP) preference to acquire homes from its inventory of foreclosed properties at discounted rates. Touted as the “First Look” initiative, this temporary program will align NSP and Federal Housing […]
Continue reading...Cleveland Fed Examines Link Between Foreclosure and Unemployment
12. July 2010
By: Rachel Daniels According to an article released by the Federal Reserve Bank of Cleveland this week, much can be gleamed by studying the historic link between foreclosure and unemployment rates—including the fact that according to past patterns, we can expect the current high foreclosure rate to persist for some time. The article abstract., penned […]
Continue reading...SBA Offers Government Guarantees on Securitized Mortgages
8. July 2010
By: Carrie Bay The U.S. Small Business Administration (SBA) recently announced the first nine loan pool originators authorized by the agency to assemble and sell pools of 504 program first mortgage loans. The federal agency called this “a major step to jump-starting a secondary market” that will make financing more accessible for small businesses. The […]
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30. July 2010
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