Far fewer mortgage borrowers ‘deeply underwater’
“A growing number of mortgage borrowers are keeping their heads above water, according to a report from RealtyTrac.”
Mortgage Rates React to Light News Week
“This week saw conflicting reports of interest rate movements, despite markets having little news with which to react.”
Labor market data suggest economy strengthening
“(Reuters) – The number of Americans filing new claims for unemployment benefits last week fell and planned layoffs hit a 13-1/2 year low in December, adding to a range of data that have suggested the economy is gaining steam.”
Bill would boost disclosures in corporate settlements with U.S.
“WASHINGTON — Concerned that targets of federal investigations are getting off lightly, two senators proposed legislation requiring the government to disclose all the details about settlements that allow companies to duck trials on allegations of wrongdoing.”
JPMorgan, UBS Said to Be Among Banks in Mortgage Probe
“JPMorgan Chase & Co. (JPM) and UBS AG (UBSN) are among banks that received federal requests for information about trades in mortgage-backed securities after the financial crisis, two people briefed on the matter said.”
Brown Proposes Record $106.8 Billion California Budget
“California Governor Jerry Brown proposed a record $106.8 billion budget as state coffers brim with the biggest surplus in more than a decade, setting up a fight with fellow Democrats who want more spending.”
Home Equity Gains Spur the Economy as Owners Buy Cars: Mortgages
“Americans flush with cash as they regain equity in their homes are spending more after years of pinching pennies.”
New ECOA rule means collateral valuation pipelines may be leaking
“The Consumer Financial Protection Bureau’s Equal Credit Opportunities Act valuations rule, which goes into effect Jan. 18, mandates that all borrowers confirm statements prior to receiving an electronic copy of any appraisal report.”
The wrong vote on this Senate bill will cost billions
“A key vote on a bill that would put on hold key flood insurance rate hikes was delayed Wednesday, but the bill should be back up for a vote next week.”
UNDERWATER MORTGAGES: Equity on the rise in Inland homes
“Fewer foreclosures were deeply underwater on home equity in December, and the percentage of mortgaged homes in the Inland region with negative equity fell to 23 percent, a new report from real estate information service RealtyTrac revealed.”
REAL ESTATE: Lending basics restored in 2014
“The new consumer protections for homeowners take effect on Friday, Jan. 10.”
Shadow Inventory Lowest Since August 2008
“The industry’s shadow inventory of homes with mortgages 90 or more days delinquent, in foreclosure, or held as REO by mortgage servicers but not currently listed on multiple listing services (MLSs)—also known as pending supply—stood at 1.7 million as of October 2013, according to CoreLogic.”
Nation’s No. 3 Credit Union Adopts Mortgage Harmony’s ‘Rate Reset’
“Mortgage Harmony Corp., the provider of Loan Retention Software (LRS) and the HarmonyLoan product, announced that its Rate Reset Protection software has been added to online applications on select mortgage products from Pentagon Federal Credit Union (PenFed), the country’s third largest credit union.”
Freddie Mac Multifamily Prices First Securities Offering This Year, K-714
“MCLEAN, VA–(Marketwired – Jan 10, 2014) – Freddie Mac (OTCQB: FMCC) recently priced a new offering of Structured Pass-Through Certificates (“K Certificates”), which are multifamily mortgage-backed securities. The approximately $1 billion issuance of K Certificates (“K-714 Certificates”) is expected to settle on or about January 28, 2014.”
What Does Your Mortgage Really Cost?
“The government has just come out with a new form designed to explain how much a mortgage really costs. It took two years of study, revision and editing to perfect the Consumer Financial Protection Bureau’s new “loan estimate” form, paperwork designed to help consumers make better mortgage choices and hopefully avoid higher loan costs and needless foreclosures.”
Jobs report blues: Did the Fed screw up?
“FORTUNE — The Fed has been too cheery about the economy before, and Friday’s jobs report may prompt many to wonder if the central bank screwed up again.”
What the new mortgage rules mean for you
“New mortgage lending rules are going into effect Friday that aim to put an end to the worst mortgage lending abuses of the past.”
Wall Street Predicts $50 Billion Bill to Settle U.S. Mortgage Suits
“Wall Street could pay nearly $50 billion to buy peace from federal authorities who are taking aim at the banks over their role in the mortgage crisis, according to interviews and a confidential analysis of the industry’s potential legal exposure.”
FHFA delays inevitable g-fee hike
“Just before Rep. Mel Watt, D-N.C., was officially sworn in as director of the Federal Housing Finance Agency, the agency said it would increase guarantee fees.”
Phoenix housing recovery stalls
“The Phoenix housing market continues to see home price gains, but those jumps are not as steep as before since the state is now dealing with an exodus of investors.”
5 big promises the White House is making now about housing
“The Secretary of Housing and Urban Development joined the education and agriculture secretaries Thursday in a press conference to elaborate on what will be involved in President Obama’s new “promise zone” initiative.”
“WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $16.3 million in grants to help public housing residents to gain access to education, job training and employment. HUD’s Public Housing Family Self-Sufficiency Program (PH-FSS)helpspublic housing authorities across the country to hire or retain more than 300 program coordinators who will work directly with families to connect them to the supportive services that meet their individual needs and to become gainfully employed.”
“Americans tend to shun generational transfers in wealth especially when they are unwarranted and not based on individual merit. Heck, revolutions were fought with much bloodletting to rid the heavy chains of an aristocratic class that handed down the baton of wealth to future heirs. The question of baby boomers and real estate is an important one because you have one generation with much of their wealth tied up in one asset class while younger generations struggle to get by. In California, Prop 13 has been the subject of much debate and was at the hub of a rallying cry back in 1978 for tax reform, a rally many baby boomers remember (the older baby boomers were already in their early 30s at this point). One issue that constantly comes up with Prop 13 is that you don’t want grandma thrown out to roam around the streets of L.A. Of course, this assumption is that most people stay put in one home for 30-years (this is factually not the case). People move. A lot. The figures for California highlight a mobile class which flies in the face of Prop 13 justifications since properties are typically reassessed when they transfer hands.”
Home buyers and sellers buckle up
“This will be a year of adjustment for the San Fernando Valley’s housing market.”