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 …

Senators Draft Plan to Abolish Fannie Mae, Shrink Backstop

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Bloomberg – Clea Benson A bipartisan group of U.S. senators is putting the final touches on a bill that would liquidate Fannie Mae and Freddie Mac (FMCC) and replace them with a government reinsurer of mortgage securities behind private capital. The legislation, written by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner with input from other senators, is likely …

Rising rates: Reason to worry or sign of strength?

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Las Vegas Review-Journal – AP Writer Matthew Craft The trends sound ominous. Mortgages get more expensive and both big companies and the federal government pay more to borrow. The stock market dips on suspicions that the Federal Reserve could start pulling its support for the economy this year. The thing is, these current trends fall under the heading "good news." …

Survey: 41% of Young Americans Interested in Buying a Home

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M Report – Tory Barringer A new poll commissioned by Mortgage Marvel shows younger Americans are as interested as ever in buying a home this year—but whether or not their finances can take it is another matter. According to an online survey conducted by Harris Interactive, 41 percent of Americans aged 18-34 display an interest in buying a home (46 …

Obama administration extends Making Home Affordable Program until 2015

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HousingWire – Christina Mlynksi The Department of Housing and Urban Development teamed up with the Treasury Department on Thursday to announce an extension of the Obama administration’s Making Home Affordable Program through Dec. 31, 2015. The new deadline was determined in coordination with the Federal Housing Finance Agency to align with extended deadlines for the Home Affordable Refinance Program and …

Mortgage rates jump to highest mark in a year

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The Washington Post – J.D. Harrison Mortgage rates surged again this past week, completing a consistently steep ascent in May, according to data released Thursday by Freddie Mac. The 30-year fixed-rate average jumped to 3.81 percent with an average 0.8 point, its highest mark in the past year. May began with the 30-year hovering at 3.35 percent, well below last …