Citi, Fannie Mae Announce $968M Repurchase Agreement

Julie C. Nichols General

The M Report – Tory Barringer Citigroup and Fannie Mae announced Monday an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012. According to release from Citi, the agreement covers 3.7 million residential first mortgage loans sold to Fannie Mae. Citi is not released from liability regarding servicing …

Hot Texas markets draw homebuilders

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HousingWire – Megan Hopkins It seems the Dallas-Fort Worth area housing market is luring many national homebuilders to the area. At least that’s what Phil Crone, executive officer at the Dallas Builders Association, claimed Monday. "Obviously home builders are going to flock to where the population growth and, more specifically, job growth is," Crone said. "And the job growth is …

Data shows rising rates not slowing housing recovery

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Market Intelligence Center – Michael Fowlkes The state of the housing market has been improving over the last year, due in part to historically low interest rates. There is a lot of concern that the housing recovery could begin to weaken once interest rates move higher, but recent data shows that isn’t happening yet, despite a recent increase in rates. …

Senate Group Introduces Bill to Dissolve GSEs

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The M Report – Tory Barringer A bipartisan group of senators introduced on Tuesday legislation to replace Fannie Mae and Freddie Mac with a newly created agency. Citing the overwhelming presence of the GSEs in today’s mortgage marketplace, Sens. Bob Corker (R-Tennessee) and Mark Warner (D-Virginia) unveiled a new piece of legislation designed to wind down the enterprises and rebuild …

Tight credit weighs on homeownership rate

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HousingWire – Brena Swanson Despite the housing recovery continuing to gain momentum, millions of homeowners are still underwater on their mortgages or owe more money than their homes are worth, according to a report released today by the Joint Center for Housing Studies of Harvard University. And while housing continues to mend, homeownership rates continue to slide. "Even as historically …

Dodd-Frank impact on loan availability remains a concern

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HousingWire – Megan Hopkins The qualified mortgage rule’s full impact on home lending remains somewhat of a mystery, but lawmakers and industry professionals debated the rule’s potential influence on the home lending market during a House Subcommittee hearing Tuesday. Industry experts testified in front of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, sharing fears about certain …

The Nation's Housing: FHA interest rule under fire

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Tampa Bay Times – Kenneth R. Harney Pressured by consumer protection regulators, the Federal Housing Administration is expected to end one of its most controversial practices: Charging borrowers interest on their home mortgages for weeks after they’ve paid off the balance. Though FHA officials declined to discuss the matter, the agency will have to eliminate its policy of collecting a …

U.S. Household Worth Tops Pre-Recession Peak for First Time

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Bloomberg – Michelle Jamrisko Household wealth in the U.S. jumped to a record in the first quarter, exceeding its pre-recession peak for the first time, bolstered by gains in the stock and housing markets that are helping Americans mend finances. Net worth for households and non-profit groups increased by $3 trillion from January through March, or 4.5 percent from the …

House letter could spark severe FHA reform debate

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HousingWire.com – Christina Mlynksi A House Oversight and Government Reform Committee letter to the Federal Housing Administration questioning the possibility of future losses in times of severe distress is likely to reignite the FHA reform debate on Capitol Hill, analysts claim. The letter was sent to FHA Commissioner Carol Galante, regarding a previously unreleased estimate of the FHA’s solvency under …

CFPB reveals exam procedures set to govern new mortgage rules

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HousingWire.com – Bryan Kay The Consumer Financial Protection Bureau unveiled the latest updates to the exam procedures it will use to scrutinize financial institutions and mortgage companies when new market regulations go into effect next January. The government regulatory body said the move is aimed at providing the entities subject to the rules with ample opportunity to comply. Many of …