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

Julie C. Nichols General

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

Julie C. Nichols General

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

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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% …

CFPB summarizes compliance rules for lenders

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HousingWire – The Ticker The Consumer Financial Protection Bureau released three guides, outlining the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and the Truth in Lending act Thursday. The final rule of HOEPA was created to address abusive practices in refinancing and home-equity mortgage loans with high interest rates or high fees. The new final rule …

Nevada lawmakers push for local Homeowner Bill of Rights

Julie C. Nichols General

HousingWire – Kerri Ann Panchuk The California Homeowner Bill of Rights shifted how foreclosure attorneys, banks and homeowners view the default process in the state. Now lawmakers in the neighboring state of Nevada are backing a bill that would create foreclosure mediation requirements for distressed homeowners while setting up civil penalties for banks that fail to follow outlined default procedures. …

People with high incomes benefit from MI deduction

Julie C. Nichols General

Wall Street Journal – Neil Shah One lesson we learned from the housing-market collapse is if you encourage Americans to borrow — by making home-mortgage interest tax deductible — people will borrow more, maybe too much for their own good. But who exactly tends to take advantage of this tax benefit? In a report released Tuesday, the Pew Charitable Trusts …

Borrowers see glitches as big banks sell off mortgage rights

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Charlotte Observer – Aaron Dunn Millions of homeowners, in Charlotte and around the country, have received an unexpected message from their banks: Goodbye. After years of collecting mortgage payments from as many people as they could, big U.S. banks such as Bank of America and Wells Fargo are scaling back. As servicing mortgages grows less lucrative, they’re selling the rights …