Mortgage Delinquency Rates Increase, But Foreclosure Inventory Rate Down Sharply

Julie C. Nichols General

Mortgage Bankers Association – Matt Robinson The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.25 percent of all loans outstanding at the end of the first quarter of 2013, an increase of 16 basis points from the previous quarter, but down 15 basis points from one year ago, according to the …

Housing costs cripple more working households

Julie C. Nichols General

Bloomberg.com – Camden R. Fine When you’re paying more than 50 percent of your income on housing, there’s not much room for anything else. That burden concerned two housing experts from the Center for Housing Policy, who recently released a report indicating that in the recent past, nearly 25 percent of working Americans were struggling under heavy housing burdens. The …

New Regulations Are Strangling Community Banks

Julie C. Nichols General

Bloomberg.com – Camden R. Fine The wave of new banking regulations that Congress created to deter and punish Wall Street’s misdeeds is landing with much greater impact on the U.S.’s almost 7,000 community banks than on the too-big-to-fail lenders. Community banks didn’t cause the financial crisis; they played by the rules. Because of their time-tested business model, one based on …

Loan officers, banks tighten FICO standards

Julie C. Nichols General

HousingWire – Brena Swanson Obtaining a mortgage with a FICO score in the 620 range is more difficult in today’s lending environment, the Federal Reserve concluded in its April survey of loan officers and bank lenders. The Federal Reserve polled a little under 100 banks and found 32 of respondents are less likely to approve a borrower with a FICO …

MBA: Fed will taper off QE this fall, stop purchases by 2014

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HousingWire – Christina Mlynski Market observers believe the Fed’s continued monthly commitment to acquiring $40 billion in agency mortgage-backed securities has served its purpose, with housing data showing clear signs of improvement. Now that existing home sales and new home sales are rising alongside falling foreclosure inventories, Fed watchers are anxiously awaiting for the central bank to take its foot …

Five Housing and Mortgage Trends this Spring

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Bankrate.com – Polyana de Costa 5 Housing and Mortgage Trends in Spring 2013 Homeowners who endured years of declining home values will discover that the game has changed in their favor. With low mortgage rates and home prices gaining momentum, an increasing number of buyers are expected to shop for homes this spring. The good news for sellers: The inventory …

MBA Issues Discussion Paper on Road to GSE Reform

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MBA Newslink – Mike Sorohan The Mortgage Bankers Association yesterday issued a Discussion Paper outlining creation of a common mortgage-backed security for Fannie Mae and Freddie Mac, saying it would enhance liquidity, reduce costs to taxpayers and lay the groundwork for a more competitive and efficient secondary market. The paper, Key Steps on the Road to GSE Reform, said aligning …

Charting a new course: Nationstar acquires Greenlight Financial Services

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HousingWire – Kerri Ann Panchuk Mortgage servicer Nationstar posted a first-quarter profit of $62.6 million and announced the strategic acquisition of the Greenlight Financial Services mortgage origination business. The move shows the servicing giant modeling other larger firms in the mortgage space by buffering its servicing business with an originations platform. Nationstar ($37.74 0%) acquired Greenlight Financial Services for $75 …

Fannie Mae: Homebuilding jobs far from normal

Julie C. Nichols General

HousingWire – Megan Hopkins Residential construction jobs faced a 41% drop between 2006 and 2011. With homebuilding predicted to return to normal by 2016, housing starts may double over the next four years, Fannie Mae said. This return to normalcy also implies an improvement in residential construction employment. But many are wondering how many jobs will come out of this …

FHFA to cherry pick loans Fannie, Freddie can purchase

Julie C. Nichols General

Housingwire – Kerri Ann Panchuk The Federal Housing Finance Agency is pulling back on the loans that Fannie Mae and Freddie Mac can purchase, noting that beginning Jan. 10, 2014, the enterprises will no longer purchase a mortgage if its not fully amortizing, has a loan term longer than 30 years or includes points and fees in excess of 3% …