Democrats Push Fannie Mae Regulator to Forgive Mortgage Debt
A former Fannie Mae employee has told Congressional staff that executives at the mortgage-finance company canceled the launch of a pilot program to cut loan balances for troubled homeowners due to ?philosophical? disagreements in 2010….(read more)
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Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages
Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe….(read more)
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Ally’s ResCap Said to Seek Buyers for Prearranged Bankruptcy
Ally Financial Inc.’s mortgage unit is talking to buyout firms including Fortress Investment Group LLC and Cerberus Capital Management LP about selling itself through a pre-packaged bankruptcy, according to people with knowledge of the matter….(read more)
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Bad Home Loans Top $72 Billion in ‘Colossal Failure’: Mortgages
Costs from faulty mortgages and shoddy foreclosures have topped $72 billion at the biggest U.S. banks as they near a settlement of a 50-state probe into the industry’s practices….(read more)
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Are American Homeowners Locked into Their Houses? The Impact of Housing Market Conditions on State-to-State Migration
U.S. policymakers are concerned that negative home equity arising from the severe housing market decline may be constraining geographic mobility and consequently serving as a factor in the nation's persistently high unemployment rate. Indeed, the widespread drop in house prices since 2007 has increased the share of homeowners who are underwater on their mortgages. At [...]
New York Fed Sells $6.2 Billion in Face Amount of Maiden Lane II LLC Assets
New York Fed Sells $6.2 Billion in Face Amount of Maiden Lane II LLC Assets…(read more)
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Home Builders Applaud Menendez Bill to Restore the Flow of Credit for Home Building
Press Release…(read more)
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NAR: Explaining the Housing Market to Potential Clients, Part 2 (of 3)
Price – A Key Issue Note: for part one in this series, click here > Introduction This is the second of three articles discussing how NAR data can be used by Realtors® in conjunction with local market data to provide the buyer with an overall improved understanding of the housing markets. Again, the national news [...]
As Mortgage Refinancings Surge, Banks Struggle
As Mortgage Refinancings Surge, Banks Struggle<br/>http://www.cnbc.com//id/46312785…(read more)
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ABA Testifies on Need to Increase Accountability at CFPB
Washington, February 8, 2012 — The American Bankers Association testified today before the House Subcommittee on Financial Institutions and Consumer Credit, addressing measures that would increase accountability at the Consumer Financial Protection Bureau and ensure privileged information will not be unintentionally disclosed. ABA Chief Operating Officer Michael J. Hunter testified on several key pieces of [...]
Annual foreclosure inventory drops 8%: CoreLogic
WASHINGTON (MarketWatch) – The number of homes in the foreclosure inventory stood at 1.4 million at the end of 2011, down 8.4% from a year earlier, according to a report from data firm CoreLogic Inc. released on Wednesday. The 2011 level represents 3.4% of all homes with a mortgage. For the month of December, the [...]
Banks to slam wide reach of Dodd Frank swap rules
WASHINGTON (Reuters) – Foreign and U.S. banks plan to warn lawmakers on Wednesday that broad application of U.S. swaps rules could undermine U.S. competitiveness abroad, increase the cost of hedging……(read more)
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QE3 remains on the table, Fed’s Williams says
WASHINGTON (MarketWatch) – The Federal Reserve may need to launch another round of asset purchases with printed money, commonly known as quantitative easing, if the economy loses momentum or if inflation remains well below 2%, said John Williams, the president of the San Francisco Federal Reserve Bank, on Wednesday. Williams said buying more mortgage-backed securities [...]
Difference In Banks’ Reported LIBOR Diverging Again
Click to enlarge: The Wall Street Journal ? Rate Probe Keys On Traders Investigators in a world-wide probe of how crucial interest rates are set are focusing on a small number of traders suspected of trying to influence other bank employees to manipulate the rates, according to people familiar with the situation. The move is [...]
Eyes on dissident states as US mortgage deal nears
Feb 7 (Reuters) – Announcement of a broad mortgage settlement with major banks, that would bring relief to distressed U.S. homeowners, could come as early as Thursday, two people familiar with the matter said. Negotiators said the federal-state mortgage servicing settlement already has the backing of over 40 states and the final number will depend [...]
Bank of America Plaza Goes for $235 Million in Auction Sale
Bank of America Plaza, the tallest tower in the U.S. Southeast, was sold at a public auction today on the steps of the Fulton County Courthouse after landlord BentleyForbes missed mortgage payments….(read more)
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BofA Said to Put Off Refinance Clients as U.S. Spurs Demand
Bank of America Corp., facing increased demand for mortgage refinancing amid government efforts to help struggling homeowners, is telling some customers to wait 90 days, said two people with knowledge of the policy….(read more)
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Five Banks Bid for AIG Mortgage-Backed Securities
Five Banks Bid for AIG Mortgage-Backed Securities<br/>http://www.cnbc.com//id/46052503…(read more)
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Faulty Loans Top $72 Billion as Banks Seek Legal Deal: Mortgages
Costs from faulty mortgages and shoddy foreclosures have topped $72 billion at the biggest U.S. banks as they near a settlement of a 50-state probe into the industry’s practices….(read more)
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Sweden Opens Door to Rules Forcing Banks to Curb Mortgage Rates
Sweden may be looking into new bank legislation that would prevent lenders from charging home owners too much on their mortgages….(read more)
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Mortgage applications jump on refi demand: MBA
NEW YORK (Reuters) – Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday….(read more)
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Treasurys fall; 30-year yields up to 3-month high
NEW YORK (MarketWatch) — Treasury prices slipped on Wednesday, pushing 30-year yields to their highest since October, as reports led traders to believe that a final deal on austerity measures for Greece may be agreed upon during the session, supporting stocks and the euro and reducing interest in the relative safe-haven status of U.S. debt. [...]
CRL Response to Wall Street Journal Editorial (1/31/12) on Payday Lending
Your editorial, "Bashing Payday Lenders; Obama targets another industry that serves low-income Americans," is wrong on every point….(read more)
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NAR: International vs U.S. Housing Affordability
In a recent report, "The 8th Annual Demographia International Housing Affordability Survey", which referenced NAR's housing data, the authors look at housing affordability in 325 metropolitan markets in Australia, Canada, Hong Kong, Ireland, New Zealand, the United Kingdom and the United States. The survey showed that housing affordability is highest among U.S. markets. Following the [...]
NHC: Ethan Handelman enters the digital boxing ring
by Blake Warenik, National Housing Conference and Center for Housing Policy Our own Ethan Handelman is fighting for help for homeowners struggling in the wake of the burst housing bubble. His is one of several perspectives in the U.S. News and World Report's Debate Club, Should the government help homeowners with underwater mortgages? Debate Club [...]
